Real Debt Solution “Wisconsin”

by Steven on February 8, 2012

Are you searching for a Real Debt Solution in Wisconsin? Have you heard all the commercials from lawyers and debt consolidation companies promising to get you out of debt?

With all of the rip offs that are going on right now you probably don’t know where to turn for a real debt solution in Wisconsin.

Let take a look at some of the real debt solutions in Wisconsin.

1. Bankruptcy – you can file a Chapter 7 bankruptcy which is a full liquidation of your assets. You can keep certain assets such as furniture, vehicles and other personal items up to a certain amount. Chapter 13 is a form of bankruptcy that allows you time to restructure your debt and pay your creditors back over a 36 month period of time. The direct benefit of both of these real debt solution options is that they offer instant relief from your creditors.

All debt collection actions must stop from the first day that you file bankruptcy. A draw back to this real debt solution in Wisconsin is that it will remain on your credit for 7 years but that can actually work in your favor because it allows you time to get your spending behavior under control for a period of time usually 1 to 2 years before creditors will lend you money again.

The creditors also know because you used the real debt solution option of bankruptcy you can’t file again for 10 years so they know you can rack up debt and file right away to get out of debt.

2. Debt Settlement – you can use this as a real debt solution option in Wisconsin also. Debt Settlement companies have been popping up all over the country promising to settle your debt at a discount. Yes this is a real debt solution option in Wisconsin but you need to understand that the debt settlement companies cannot make the creditors settle. They can only offer settlements.

Debt Settlement companies will usually charge a fee for settling your accounts and they mostly want high debt amounts in the $5,000 and up range. Because there are so many debt settlement companies offering there services as a real debt solution option in Wisconsin you should do your homework before selecting a company.

3. Debt Elimination Plan – yes you can budget your way out of debt. This is a real debt solution option in Wisconsin that is mostly over-looked because most people don’t believe they can do it themselves. This is the most powerful real debt solution in Wisconsin because its a behavior modification. Regardless of which real debt solution option you decide to use you’ll ultimately need to use a debt elimination plan or debt maintenance plan for the rest of your life.

Here are the 7 Steps to getting your financial house in order…

1. Stabilizing your household situation – you’ll never be able to pay off any debt if you can’t ensure that you and your family has a roof over your head, food on the table, utilities paid and transportation to and from work.

2. Set-up a budget – you’ll never understand how to management your money unless you know to the dollar what’s coming in and what’s going out.

3. Put together a debt elimination plan – when you have a budget you can put together a strategy to pay off your debt faster because you see what’s in front of you.

4. Establish an emergency fund – this is very important because most people use a credit card for an emergency fund and that’s a problem. If you have cash on hand more than likely you’ll rarely have emergencies and if you do have one you won’t have to go into debt to take care of it. I recommend at least $500 to $1,000 accessible cash with no penalties if used. While getting out of debt.

5. Review for acceleration of your debt elimination plan – once you have the other steps on paper there are several options that will open up for settlement offers on credit cards, automobiles, payday loans, etc.

6. Action + Action + Belief + Concentration = Tremendous Results – nothing will happen without you taking definite action with belief you can accomplish your goals and a high level of concentration to keep you focused on your goals.

7. Start saving for life experiences…Fun, Retirement, Generational Wealth

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