One of the main things that people ask when considering bankruptcy, understandably, is how they can rebuild their credit after they file. In fact, many people are under the impression that filing for bankruptcy means you ruin your credit forever and that you'll never get a loan again.
Data recently released by the U.S. Bankruptcy Court for last year shows that Wisconsin continued to see a reduction in the number of bankruptcies filed in the state in 2018. The number of people pursuing this type of debt reduction starting trending downward once the economy started recovering in 2010 after the 2008 recession.
There is sometimes this assumption about bankruptcy that it happens to people who spend recklessly and make obvious mistakes. While you can certainly find these situations, the reality is that careful people also find themselves facing financial problems and bankruptcy. It can happen to anyone.
If you've lost a job or are drowning in medical bills, then calls coming in from collectors can be like salt in a wound. Their unrelenting nature may leave you searching for a solution to get them to stop. While bankruptcy can provide the type of relief that you're looking for, you may not know whether it's most appropriate to choose between Chapter 7 or Chapter 13.
Certain things have the potential to cause significant damage to a person’s finances. One of these is missing credit card payments. This is because of the consequences falling behind on such payments can trigger. These include: