Are you struggling with overwhelming debt and feeling like there's no way out? If you're a Wisconsin resident, Chapter 128 might be the solution you've been looking for. This state-specific law offers a unique approach to debt management, providing relief for those who are unable to repay their debts in full.
What is Chapter 128?
Chapter 128 is a Wisconsin statute that allows individuals to create a debt repayment plan under court supervision. Unlike bankruptcy, it doesn't involve the liquidation of assets. Instead, it provides a structured approach to managing debt and preventing creditors from taking further action.
Who Qualifies for Chapter 128?
To be eligible for Chapter 128, you must:
- Be a Wisconsin resident.
- Have unsecured debts. This typically includes credit card debt, medical bills, and personal loans.
- Have a steady income.
How Does Chapter 128 Work?
- Filing: You file a petition with the court, outlining your financial situation and proposed repayment plan.
- Court Approval: The court reviews your petition and, if approved, appoints a trustee to oversee the repayment process.
Benefits of Chapter 128
- Debt Consolidation: Combine multiple debts into a single, manageable payment.
- Interest Freeze: Stop the accumulation of interest on your debts.
- Creditor Protection: Prevent creditors from garnishing wages or seizing assets.
Is Chapter 128 Right for You?
While Chapter 128 can be a valuable tool for many Wisconsin residents, it's important to consult with a qualified attorney to determine if it's the best option for your specific situation. They can help you assess your eligibility, explain the process in detail, and provide guidance throughout the proceedings.
Remember, you don't have to struggle with debt alone. Chapter 128 offers a pathway to financial relief. If you're facing overwhelming debt, consider exploring this option to get back on track.
Would you like to know more about the specific requirements or process of filing for Chapter 128 in Wisconsin?
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.
