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What you need to know about bankruptcy and timing

| Oct 7, 2019 | Uncategorized |

There should be more to life than the constant struggle for financial freedom. Even if you go to work every day, you may not have enough resources to pay monthly bills. Further, a medical emergency or unplanned event may send you into a financial tailspin. Either way, you may need to explore options for putting your budget back on track. Filing for bankruptcy protection is one of them. 

According to a report from CNBC, nearly half of Americans cannot afford a $400 urgent expenditure. Reporting indicates that debt is to blame. That is, most people have too much debt to cover the cost of an emergency. Fortunately, climbing out from under a mountain of debt probably does not take as long as you may think. 

Many bankruptcy filings move quickly 

While complex bankruptcy filings may take longer, many conclude in just three or four months. Accordingly, you can probably address your personal debt situation before seasons change in Green Bay. Naturally, you can do certain things to ensure your filing progresses rapidly. For a Chapter 7 filing, for example, you may need to complete a credit counseling course. You also likely want to gather certain documents before beginning the bankruptcy process. 

Credit repair often happens fast

Credit damage is a common fear for individuals contemplating bankruptcy. While a bankruptcy filing stays on your credit report for a decade, the consequences of one tend to diminish rather rapidly. Because filers have to wait many years before discharging debts again, credit card companies often begin sending offers soon after bankruptcy filings. As such, you have opportunities to repair your credit in the months and years after declaring bankruptcy. 

Filing for Chapter 7 bankruptcy protection is not the right approach for everyone in Wisconsin. Still, if you struggle to pay your bills or worry about your financial future, considering bankruptcy is likely a good idea. Even better, because the process typically moves quickly, your debt situation may begin to improve sooner than you may expect.