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Although filing for bankruptcy is typically a last resort, there are times when it’s the best possible alternative. At Arndt Buswell & Thorn S.C. in Sparta and Bangor, WI, skilled attorneys counsel their clients about ways to obtain legal relief from debt collections, foreclosures, and repossessions. Below, they discuss conditions ripe for bankruptcy.

3 Situations When You Should File for Bankruptcy

1. You Have Large Unsecured Debt & Little Cash

Are you using your credit cards to pay everyday expenses because you don’t have any money? You’re a candidate for bankruptcy. If you have large sums of unsecured debt including credit cards, personal loans, and hospital and medical bills and you don’t expect more, a Chapter 7 bankruptcy can wipe them out and give you a fresh start.

2. You Face a Wage Garnishment or Foreclosure

bankruptcyIf you have judgments for debts against you and get a notice that your wages are about to be garnished, filing bankruptcy stops it, and the debt may be discharged. You can file for bankruptcy under Chapter 13 if you have a steady source of income, and save your home from foreclosure, or a vehicle from repossession.

3. You Are Working Two Jobs & Paying High-Interest Rates

When you work two jobs and still can’t pay your bills, it’s time to file for bankruptcy. If you have fallen behind or have stopped making payments, it is likely creditors have jacked up your interest rates or turned you over to collections. Your credit rating is already low, and filing bankruptcy can improve your situation.

The attorneys at Arndt Buswell & Thorn S.C. in Wisconsin understand that deciding whether to file for bankruptcy is a complex matter. They listen to each client’s goals and concerns, so they can make the best possible recommendations. Seek help before your financial burdens become unbearable. Call (608) 269-1200 for the Sparta office or (608) 486-2324 for their Bangor location. Visit them online for information about their other practice areas, including business and family law.

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