If you are having trouble paying your bills, you are not alone. The financial crisis accompanying the COVID-19 pandemic has had a negative impact on millions of people across the country. Here in Milwaukee, many are struggling to make ends meet in these uncertain times.
At Hanson & Payne, we are fielding a lot of calls from Milwaukee area residents who have questions about their debt relief options. And we would like to stress that yes, options is plural. There are several paths forward for debtors who are struggling, and we do our best to help our clients find the best one for them.
Pandemic Specific Programs
It’s virtually impossible to detail them here because lawmakers and lenders keep changing the rules, but there are a variety of debt relief options open to people who can trace their financial difficulties back to the pandemic. Our firm is keeping up to date on these programs and policies, as are reputable credit counselors.
Meeting With A Credit Counselor
Something that won’t directly reduce your debt, but may help you manage it better is meeting with a credit counselor. Credit counselors are trained to help people struggling to pay their debts create a budget and assess their overall financial health.
Getting advice from a neutral third party that really understands the ins and outs of personal finance may be all you need to get things back under control. Or it may be the first step in a longer process since meeting with a credit counselor is required if you want to file for bankruptcy.
Because of this, the bankruptcy court keeps a list of approved credit counselors on its website. We recommend sticking to this list if you are looking for a credit counselor because there are a lot of scam artists out there who pose as credit counselors, but do little more than drain you of whatever money you have left. If you need assistance sorting through the court’s list, or would like a recommendation, our firm would be happy to point you in the right direction.
Debt negotiation may be a good option for you if you are delinquent on your payments, or if your creditors are threatening to file a collection lawsuit against you. Creditors are often willing to reduce your monthly payments, extend your repayment period, or even forgive some of your debt if you are upfront with them about the difficulty you are having. They know that giving you some flexibility may keep you from filing bankruptcy.
Creditors do not like it when their debtors file for bankruptcy because it means they will get repaid pennies on the dollar, if at all. Since our firm handles bankruptcies, getting contacted by us on your behalf sends a signal to your debtors that cutting a deal may be the only way they get paid back.
The most drastic debt relief option is filing for bankruptcy. Filing for bankruptcy can help you wipe your financial slate clean and get you the fresh start you need to rebuild your life. Our firm can help you decide which type of bankruptcy is right for you, then guide you through the process.
Debt Relief For Milwaukee Area Residents
Determining what debt relief option is best for you is not something you have to do on your own. The attorneys at Hanson & Payne have years of experience helping Milwaukee area residents turn their financial lives around. As the pandemic-caused financial crisis worsens, you can count on us to guide you and advise you.