Filing for bankruptcy is one way to eliminate debt that is eating up finances, but it isn’t always the best way. An experienced bankruptcy attorney at the law firm of Arndt Buswell & Thorn S.C. in Sparta and Bangor, Wisconsin, discusses some things to consider before seeking court-ordered debt relief. Since 1991, this firm has guided clients out of collections, through Chapter 7 and Chapter 13 bankruptcy proceedings, and to financial freedom.

Here are some questions to consider when you’re contemplating if you should file for bankruptcy:

What Kind Of Debt Do You Have?

Filing bankruptcy relieves most, but not all kinds of debt. Debts such as government-backed student loans, delinquent income taxes, and child support are not dischargeable in bankruptcy. However, debts such as consumer loans, credit card debt, and medical bills are dischargeable.  

Are You Expecting A Settlement Payment Or Inheritance Soon?

Individuals about to settle a personal injury case, workers’ compensation or disability insurance claims, or receive an inheritance may want to postpone filing bankruptcy. The bankruptcy trustee will want to use those assets to pay creditor claims. 

Do You Own Your Home & Other Real Estate?

Homeowners in debt can receive an exemption for their primary residence, and they generally can keep their homes. A debtor’s investment property or vacation home may be subject to claims by creditors.

Experienced bankruptcy attorneys at Arndt Buswell & Thorn S.C. explore and discuss all the options for debt relief with each client. The attorneys give wise counsel for solutions that fit a client’s needs and goals. If bankruptcy is the best solution, the firm advises which type of petition to file and ensures it’s prepared professionally. They work hard to protect each client’s assets throughout the process.  

Don’t let debt devour your financial future—contact Arndt Buswell & Thorn S.C. Call (608) 269-1200 to schedule a bankruptcy consultation in Sparta, or call (608) 486-2324 to arrange a meeting at the Bangor location. You can also visit their website for more information.