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Explaining the rules for Chapter 128 in Wisconsin

Filing for bankruptcy is a last ditch effort for thousands of people across the country every year and Wisconsin is no exception. Even as the economy continues to slowly improve, people are still struggling with debt and finding ways to pull out of it. An alternative to filing for bankruptcy in Milwaukee, Wisconsin, is Chapter 128.

Chapter 128 is very easy to file for in Wisconsin. All you need is a petition that announces you are filing for Chapter 128 and include an affidavit that lists the debts you want to reorganize. This type of filing covers all unsecured debts a person might have accrued during one's lifetime. This includes credit cards, speeding tickets, payday loans, medical bills, rent payments and late utility bills.

Secured debts are not accepted during Chapter 128 and these include car loans and mortgages. When filing the affidavit for Chapter 128, he or she must acknowledge that the debtor will make regular payments against the debt for at least three years.

When filing for Chapter 128, the debtor should enlist the help of a trustee. The debtor and the trustee will total the unsecured debt of the debtor, add in the trustee fees and then divide by 36 to come up with a monthly payment amount. This information is submitted to the court in the county where the debtor lives in Wisconsin. The court then issues a protective order that prevents interest from accruing or wage garnishment from happening while payments are being made.

All monthly payments are sent by the debtor to the trustee. If the repayment plan is not completed, the debtor could become subject to interest accrued during the three-year period. An incomplete repayment plan can also lead to collection agencies resuming their contact with the debtor.

The biggest different between a regular bankruptcy filing and Chapter 128 is that in Chapter 128, the debtor does not claim all of his or her assets, debts and income in the bankruptcy filing.

Visit our site today to learn more about Chapter 128 in Wisconsin and have all of your questions answered.

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