Posts Tagged ‘Fresh Start’
Will I lose all of my property in bankruptcy? No, the bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if one was to lose all of their property in bankruptcy. The fact is that most people do not lose anything in their bankrutpcy. In Wisconsin you are allowed to keep most personal and household property, equity in your home up to $75,000 for a single person or $150,000 for a married couple, most equity in a car, most retirement plans, and many tools of the trade.
Many people may believe that bankruptcy is dishonest. That is not true! Most people truly want to pay their bills but sometimes things happen that make it impossible especially at this time. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harrassment, lawsuits, wage garnishment, foreclosure and other creditor actions. Bankruptcy allows a fresh start. Bankruptcy has been used by many of the nation’s largest companies along with famous people.
Many people who can pay their bills are faced with the dilemma of filing bankruptcy or choosing some form of debt consolidation. A debt consolidation program (sometimes called debt management) means working with a law firm or debt consolidation service who will arrange lower payments to your creditors. Once you start a debt consolidation program it is very likely that your creditors will stop harassing you by phone or mail. At Miller & Miller we handle debt consolidation. We take care of the paperwork with your creditors so you will not have to deal with your creditors directly. The advantages of debt consolidation is that it is not a bankruptcy. It is discreet, confidential and there is no information given to your employer, although a debt consolidation program will generally appear on your credit report. Unlike a bankruptcy where you lose all of your credit cards, a debt consolidation program may allow you to keep a credit card for future use.