​Bankruptcy is not an indicator of financial failure. In fact, according to the Institute for Financial Literacy, frequent causes of financial distress, which ultimately leader to bankruptcy, include unexpected expenses (56 percent), reduction in income (65 percent), job loss (43 percent) and illness/injury (31 percent). You should not feel ashamed about your financial situation, nor should bankruptcy be viewed as an admission of failure. For many, bankruptcy is the most appropriate option for achieving relief from overwhelming debt. Contact The Wibbenmeyer Law Firm, LLC today to schedule a free, no-risk consultation to understand your options and determine if you qualify for a bankruptcy. Take your first step to a fresh start.  The Wibbenmeyer Law Firm, LLC is conveniently located in St. Charles, Missouri. 636-724-3355 / www.bankruptcysolo.com. 

Debt consolidation it not an option to take lightly. Most do not know that it could end up costing you money in hidden fees and tax liability. More importantly, it could cost you your home or other valuable property.

You could lose your property. If you use property such as your home or vehicle as collateral for the debt consolidation loan, you could lose that property if you default on the loan payments. 

Beware of hidden costs. Although lower interest rates and monthly payments are appealing, a debt consolidation loan could end up costing you more money. Often, debt consolidation loans help you achieve a lower monthly payment and interest rate in exchange for extending the repayment period. If you stay in debt longer, you may end up paying more over the long term.

​Negative tax consequences. Depending on your financial condition, any money you save from debt relief services such as debt consolidation may be considered income by the IRS, which means you pay taxes on it. Credit card companies and other creditors may report settled debt to the IRS, which the IRS considers income.

Bankruptcy is an alternative that eliminates your debt and gets you on the fast track to financial recovery. Call us at 636-724-3355 or visit at www.bankruptcysolo.com to take your first step to a fresh start.

For some, your credit score will be minimally impacted. Because you are considering filing bankruptcy, it is likely that you already have repayment problems such as late payments, high balances and collection accounts. While a bankruptcy may remain on your credit report for up to ten years, but since bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and in a better position to obtain new credit.