Drowning in debt? Wisconsin residents, there's a beacon of hope – Chapter 128. This little-known gem in Wisconsin's legal code offers an alternative to bankruptcy for those struggling to manage unsecured debts. So, if you're feeling overwhelmed by credit cards, medical bills, or payday loans, keep reading!
Chapter 128: A Debt Consolidation Lifeline
Think of Chapter 128 as a debt consolidation plan on steroids. It allows you to roll all your unsecured debts into one monthly payment for a court-ordered period of three years (36 months). Here's the beauty:
- Reduced Interest and Fees: Once you file, interest and late fees on your included debts typically stop accruing. This can save you a significant amount of money in the long run.
- Protection from Creditors: Chapter 128 offers protection from creditors' collection efforts like wage garnishment on the included debts. This gives you breathing room to focus on repayment.
- No Court Appearances (Usually): Unlike bankruptcy, Chapter 128 typically doesn't require you to appear in court. An attorney will handle the filing process for you.
Is Chapter 128 Right for You?
While Chapter 128 sounds fantastic, it's not a one-size-fits-all solution. Here are some things to consider:
- Debt Type: Chapter 128 only applies to unsecured debts like credit cards, medical bills, and personal loans. It won't help with secured debts like mortgages or car loans.
- Income and Expenses: You'll need to demonstrate you can afford the monthly payment plan. An attorney can help assess your eligibility.
- Alternatives: Chapter 13 bankruptcy might be a better option for larger debts or secured debts.
Considering Chapter 128? Consult a Wisconsin Debt Relief Attorney
The legalities surrounding debt consolidation can be complex. To determine if Chapter 128 is the right path for you, consulting with a qualified Wisconsin debt relief attorney is crucial. They can:
- Review your financial situation
- Explain the pros and cons of Chapter 128
- Help you navigate the filing process
Don't Let Debt Hold You Back
Taking charge of your finances can feel daunting, but you don't have to go it alone. Chapter 128 offers a powerful tool for Wisconsinites struggling with unsecured debt. By exploring your options with a debt relief attorney, you can find a path towards financial freedom and a brighter future.
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.
