Helbing Law Office Logo by Timothy Helbing located in Appleton, WI serving chapter 7 and chapter 13 bankruptcy

Wisconsin debtors looking for relief, consider Chapter 128

Overwhelming debt is a problem that many people in Wisconsin and in the rest of the United States are trying to cope with. Debtors may be aware that there are a number of ways in which they can obtain debt relief. However, more often than not, they are confused regarding which debt relief option to choose for their particular situation. Those debtors should understand that in addition to Chapter 7 and Chapter 13 bankruptcy, which falls under federal bankruptcy laws, they can also file for debt relief through Wisconsin’s Chapter 128.

Debtors who are familiar with Chapter 128 would understand that, unlike Chapter 7 or Chapter 13 bankruptcies, Chapter 128 is not considered bankruptcy although it has certain characteristics that are similar to a Chapter 13 bankruptcy filing. To be precise, Chapter 128 allows debtors to consolidate their debts into a single repayment plan that has to be completed over a three-year period. It is an effective method of debt relief because a variety of secured and unsecured debts such as medical debt, credit card debt, mortgage payments and unpaid rent and utility bills can be resolved while stopping creditor harassment.

It is important for Appleton residents to be aware that Chapter 128 is perfectly suited for those people whose debts are not very high. At the same time, they should remember that in the event of a Chapter 128 filing, debts will not be reduced or discharged at the end of the repayment period, which is fixed at three years. However, the advantage is that the debtors have the choice of what they want to include in the repayment plan and, at the same time, prevent their credit score from being affected.

Our law firm understands that making a decision regarding the best debt-relief option is often difficult for a debtor, primarily because the debtor is often not fully aware of the rules and regulations. Therefore, the first step that the person should take is to understand how Chapter 128 works. For that, debtors may find our webpage helpful. The information on the page will educate debtors and enable them to make the best possible decision regarding choosing a debt relief method that best suits their situation.

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