Understanding Bankruptcy: Your Path to Financial Freedom
Considering bankruptcy? You're not alone. Every year, thousands of Wisconsin residents use bankruptcy to get the fresh start they need. At The Fields Group, we've helped people from all walks of life use bankruptcy to rebuild their financial future – and we can help you too.
How Bankruptcy Can Help
Bankruptcy is a powerful legal tool designed to give honest people a second chance when they're facing overwhelming debt. When you file for bankruptcy, you can:
- Immediately stop creditor harassment and collection calls
- Prevent or end wage garnishment and bank account freezes
- Eliminate many types of unsecured debt, including credit cards and medical bills
- Often keep your home and car
- Begin rebuilding your credit sooner than you might think
- Get immediate peace of mind
Understanding Your Bankruptcy Options
We specialize in both major types of personal bankruptcy:
**Chapter 7 Bankruptcy** provides a fresh start by eliminating most unsecured debts in just 3-4 months. It's ideal for those who meet the income requirements and want to start fresh. Most people can keep all their property through available exemptions.
**Chapter 13 Bankruptcy** creates a manageable 3-5 year repayment plan that lets you catch up on missed payments while protecting your assets. It's perfect if you have a steady income and want to save your home from foreclosure or catch up on car payments.
Common Bankruptcy Myths Debunked
There's a lot of misinformation about bankruptcy out there. Let's set the record straight:
**Myth: "I'll lose everything I own"**
Reality: Most people who file bankruptcy keep all their property through exemptions.
Wisconsin law specifically protects many of your important assets.
**Myth: "I'll never get credit again"**
Reality: Many people qualify for new credit cards within a year and mortgages within 2-3
years of bankruptcy. Your credit can actually recover faster through bankruptcy than
through years of struggling with debt.
**Myth: "Everyone will know I filed"**
Reality: While bankruptcy is technically public record, most people never know unless
you tell them. Your employer typically won't find out, and we never share your
information.
**Myth: "Only irresponsible people file bankruptcy"**
Reality: Most bankruptcies are caused by medical bills, job loss, divorce, or other
circumstances beyond anyone's control. It's a legal right protected by federal law.
Preparing for Your Free Phone Consultation
To make the most of your free consultation, try to have the following information handy:
- Rough estimates of how much you owe and to whom
- Your approximate household income
- Types of debt you have (credit cards, medical bills, personal loans, etc.)
- Any urgent issues (foreclosure, garnishment, lawsuits)
- Questions you'd like to ask
Don't worry if you don't have everything – we can still have a productive discussion about your options.
Your Fresh Start Begins Here
While bankruptcy isn't the right choice for everyone, it provides many people with the fresh start they need. We'll help you understand if it's right for your situation during our free, confidential phone consultation. And if bankruptcy isn’t the right choice, we have other options for you to consider.
Take the First Step Today
Don't let debt control your life any longer. Schedule your free phone consultation by calling (414) 763-3200 or filling out our online form.
Remember: Bankruptcy is not a sign of failure – it's a legal tool for taking control of your financial future. Let us help you understand your options and find your path to financial freedom today.