Wisconsin Bankruptcy Help
Bankruptcy conjures up all kinds of images in people. Few of them however, look like your neighbor. In the last 10 years, almost 15 million people, families and individuals like your neighbors and your co-workers filed for bankruptcy protection. And it is protection. If you have never received a phone call from an obscene, screaming creditor at 9:30pm, you will find it hard to understand how some people LIKE their phone having been turned off for non-payment. The credit industry quickly states such behavior is strictly forbidden, (and it is illegal), but too often we hear of people sitting in their kitchen crying because of the abuse they were just subject to via a creditor phone call.
For the last 8 years the credit card industry and the CREDIT UNIONS have been trying to get legislation passed that would seriously restrict the availability of bankruptcy protection to the average family. Last year they got what they wanted, but it hasn't been all roses for them. What they are trying to protect is their cash cow. Example: If you have a credit card with a $2,000 balance and a 21% interest rate, do you know how long it will take to pay it off if all you can afford is the minimum payment? Guess....it is going to astound you...almost 24 years. All that time paying interest at 21%. A $4,000 balance will take longer to pay off than the average home...over 31 years.
If you are considering bankruptcy, the one thing you should know more than anything else, is that people survive it! And with the right help, live better.
Bankruptcy Reform Update
The changes have had some surprising results: above median chapter 13 filers do NOT have to pay all income towards plan! Charitible giving such as to a church are not allowed by the law in a Chapter 13! OOPPSS!
Tax transcripts can be obtained easily from the IRS by calling (800) 829-1040.