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A guide to filing Chapter 128 in Milwaukee

Chapter 128, which is also known as amortization of debt actions, allows Wisconsin residents who have a steady income to pay down their debts over a period of three years. The payments are made monthly and the period cannot extend past three years.

There is a big difference between Chapter 128 and Chapter 7; the person filing must make payments in Chapter 128 whereas no payments have to be made in Chapter 7 to have debt wiped out. When filing for Chapter 128, the debtor must pay all of his or her debts in full under the plan put in place.

A benefit of filing for Chapter 128 is that creditors cannot garnish your wages, garnish bank accounts or attempt to collect on the debt using any other method. This method does not protect you from a lawsuit being filed by the creditors and a judgment being issued against you in court. If the debt is not repaid using Chapter 128 or not repaid within the three year period, the creditors can resume their collection actions.

The following debts can be included in Chapter 128:

-- Late rent payments

-- Unpaid utility bills

-- Credit card debt

-- Medical bills

-- Payday loans

-- Accounts sent to collection agencies

-- Any other unsecured debt

It is possible for you to include secured debt such as mortgage payments and car loans, but only if the creditor agrees to this. All debts included in a Chapter 128 amortization plan must be paid off to fulfill the plan. So, adding large payments such as a car loan or a mortgage might not be a good idea.

To file for Chapter 128 in Milwaukee you must first complete three important forms and pay a filing fee of $35:

-- Petition to Amortize Debts

-- Affidavit of Debts

-- Order Appointing Trustee and Enjoining Creditors

Visit our site to learn more about Chapter 128 and how you can file for this type of bankruptcy in Milwaukee, Wisconsin, today.

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