Lawsuits
If a creditor obtains a money judgment against you, this means that your wages and bank accounts can be garnished or
that the court may direct the Sheriff to seize your property. Additionally, when the judgment is docketed, it becomes a lien on
your real estate. As a resident of Wisconsin, you enjoy a unique option when it comes to getting your debts under control. Chapter 128 allows you to organize your debt without filing bankruptcy. Chapter 128 is a provision under Wisconsin Statutes, not the federal bankruptcy code. Under a Chapter 128, or debt amortization plan, as it is often referred, an individual wage earner is allowed to select certain debts to include as part of a court supervised plan to be paid without interest over a term or up to 3 years. The debt must be paid in full, but it is paid back without interest. At the conclusion of the plan, the court issues an order determining that the debt has now been satisfied in full. There is no discharge. On the other hand the
person filing the Chapter 128 case is protected from wage garnishment by the creditor or creditors that are included as part of the repayment plan. Chapter 128 is a very effective tool for individuals who may be in a circumstance where they are not able to live up to the payments required by the creditor; but who could afford to pay if given more time. For instance, if an individual has taken out a payday or check cashing type loan, often times loan payments are scheduled weekly or bi-weekly and can include repayment terms or 500% to 750% interest! Under Chapter 128, that loan could be paid back under the court supervised plan without further addition of interest after the date of filing. This can amount to a huge savings for the
individual and peace of mind knowing that the individual’s wages are protected from execution or garnishment.
If the amount is too high to pay in a chapter 128 debt amortization plan, bankruptcy may be an alternative you should consider. Consolidate all your bills including mortgage arrears, car loans, income and real estate property taxes, credit cards, medical bills, utilities and high interest rate payday, student and other loans into one affordable monthly payment in chapter 13 or push the financial reset button and file straight chapter 7 bankruptcy to get a fresh start!
Contact us now to find out how we can help!
ESSERLAW LLC will be at the Shepherd Express’ Woman Up! Health and Lifestyle Expo presented by Aurora Health Care.
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