There is Bankruptcy Help in Milwaukee and Waukesha
       By: Nick Messe
Posted: 2009-11-05 05:31:00
Milwaukee has a proud history of industriousness and self-sufficiency. This is due in part to the influx of many German settlers who came to the area after the Revolutions of 1848 that took place in many parts of Germany and Austria. Just about 1 million Germans settled in America in the following decade. Aside from Milwaukee, these German settlers formed large communities in Cincinnati and St. Louis as well.After the Civil War immigrants from Europe continued to pour into Milwaukee - in particular Polish people from the predominantly German areas of Poland. For a variety of reasons the makeup of the citizenry in Milwaukee have been more open to socialist ideas than most other cities in the U.S. In fact Milwaukee had three socialist mayors in the 1900s, something that no other American city has done.These hard working, independent minded, yet socially conscious people built a diversified economy based on agriculture, manufacturing and service-based industries. In fact 22% of Milwaukee's workers are still involved in manufacturing, and an astounding 27% are involved in the health care industry. At one time four of the worlds largest beer brewing companies were headquartered in Milwaukee. Today that is down to just one - the Miller Brewing Company.In spite of this diversified economy the current economic recession has hit the Milwaukee area fairly hard. Between September 2008 and September 2009 the unemployment rate went from 4.7% to 8.5% representing almost 50,000 unemployed workers.Along with unemployment, reduced credit and general hard times it is inevitable that there will be many people with serious debt problems. Thousands of ordinary Milwaukee residents will not be able to make their monthly mortgage and car loan payments, not to mention pay down their credit card balances. One result will be a greater number of bankruptcies in Milwaukee.Bankruptcy Alternatives - Bankruptcy is usually a last resort for those who have no other choice to clear up debt and move on to a new chapter in their lives. There are different kinds of bankruptcy. The two most common are Chapter 7 and Chapter 13. Chapter 7 bankruptcy usually involves the liquidation of assets, and a lawyer might be able to insure that items like a car needed for work or a home is not taken away. Chapter 13 bankruptcy is different because it involves the usage of future income to pay off any debts and is therefore more like a court supervised program of debt consolidation..With Chapter 13 bankruptcy, all of your possessions will remain yours, nothing will be taken away. This is important for people with children, who do not want to have to move or live without a car. Often, the debt can be settled without interest so this can be a big relief for those who just cannot afford it. With the help of the courts and your Milwaukee bankruptcy lawyer, you will be able to work out a payment plan that is manageable for you, and you will still be able to live modestly within your means.Payments will be easier on you if you do not have to pay the ever-increasing spiral of interest that creditors just keep piling on. If you make all of your payments on time, you will be able to get rid of your debt and move on to a fresh start. Once you are debt free or at a manageable place, it is wise to use this experience to turn over a new leaf and start to manage your money more wisely. You'll not want to confront the need to file bankruptcy again.Most people who have a regular income are able to file for Chapter 13 bankruptcy. This is the most important aspect of this filing, because if one does not have a regular income, there will be no foundation to build a plan on. Even if you are running your own business, you will most likely be able to file for Chapter 13 bankruptcy. This is subject to some restrictions in different parts of the country depending on the amount of money you owe.You will usually be required to have credit counseling before you can qualify for Chapter 13 bankruptcy, except in some emergency situations. This is because you should know what you are getting into, and you should have exhausted all of your other options before filing. Bankruptcy is no easy way out, and it should definitely not be treated as such. That is why it's important to have an experienced Milwaukee or Waukesha lawyer handling your case.Remember, all of your plans will be useless if you do not keep up and honor the details of your restructuring plan. Set a goal to make each and every one of your payments in a timely manner. Chances are, if you make all of your due dates, you will be able to have your plan discharged by the court. That's why it is so important to take responsibility for your new budget, and always live within your means.
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