 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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| Wisconsin |
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In 2005 Congress drastically changed the bankruptcy laws to curtail the number of consumer bankruptcy filings. With bankruptcy cases rising each year and American attitudes towards debt changing with each generation, legislators felt it was time to make filing bankruptcy more difficult and less attractive of a option for consumers. The most important change had to do with the fact that consumers who earn more the median income in Wisconsin (or whatever state they reside in) are no longer necessarily able to file whatever chapter bankruptcy they want. Instead they are obligated to “pass” the means test in order to qualify for Chapter 7 bankruptcy. Detailed below is information about Wisconsin’s median income figures as of 2006: 2-person families: 52,793 3-person families: 63,628 4-person families: 72,495 5-person families: 68,515 6-person families: 63,545 7-or-more-person families: 56,557 In the event that a consumer does not qualify for Chapter 7 due to the results of the means test, they can be required to file Chapter 13 bankruptcy instead. Under this type of bankruptcy, the debtor is required to pay off some or all of the debt over a period of three to five years from their monthly disposable income. Due to the stricter nature of bankruptcy, many people in Wisconsin are turning to debt reduction options like credit settlement and credit counseling. To learn more about these options or get a free consultation, submit a form today! You can also find some more relevant information about credit & debt issues in Wisconsin on these pages: Wisconsin Consumer Credit Counseling Services Wisconsin Bankruptcy Laws Wisconsin Debt Collection Bankruptcy Filing Figures In Wisconsin 2004: 26,668 2005: 37,420 2006: 11,010 Wisconsin saw more than three times as many bankruptcy cases filed in 2005 than 2006, signs that the new bankruptcy law implemented in October of 2005 is working out as planned. As a result more Wisconsin consumers are finding other ways to get out of debt without bankruptcy, whether that is through debt management or settling their credit cards. To learn more about services that can help you avoid bankruptcy and consolidate your credit cards, simply fill out a form today! |
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Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
If, however, a... |
The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |