Chapter 128 Bankruptcy

A Lifeline When you Need One

Debt can be a serious cause for concern. It can impact lives and have an effect on everyday life. Bankruptcy may be the first thing that comes to your mind. Although bankruptcy may be necessary in certain cases, there are alternatives. If you’re a Wisconsin resident there is Chapter 128 or State Action 128 which could be a preferable bankruptcy alternative.

Chapter 128 bankruptcy or State Action 128 is a Wisconsin law allowing the minimization of debt without having to go through the traditional filing of bankruptcy. This statute gained importance since 2005 after it became difficult for people to file for bankruptcy. If you wish to take responsibility for your debts and want to figure out a way to settle them without filing for bankruptcy, Chapter 128 maybe the ideal way to go for you.

Key Features of Chapter 128

Chapter 128 allows individuals to work out a debt repayment plan with creditors. This paves the way for an opportunity to pay back unsecured debts under a monthly payment plan. You can take up to 3 years to pay off your debt. Worried about interest accruing on your debt? After you file, all interest accruals will be frozen. You can stop wage garnishments and avoid utility disconnections. Your filing will cease creditor calls and a protective order will require creditors to accept the conditions put forth in the Chapter 128 filing.

One of the differences between a bankruptcy and Chapter 128 is the time a filing stays on one’s credit report. A Chapter 7 or 13 stays for ten years whilst a 128 stays on for seven years. In addition, the filing of Chapter 128 is less expensive and less intrusive than a bankruptcy. Normally there is no court appearance and most of the matters can be handled through the mail.

Settling Your Debts

An important thing to note here is that debt settlement is an all-or-nothing option. You will need to be able to settle with your creditors, if you have many. Only settling with one or two may not work out for you.

To get the best out of your debt settlement undertaking, it is important to be able to have excellent negotiating power to come out with a plan that suits you. You may be able to save your home through a manageable and effective home loan modification. The Law Offices of Richard A. Check has the knowledge and debt negotiation acumen to get the best deal for you.

With the experience and know-how of the Law Offices of Richard A. Check you can feel at ease in discussing your particular circumstances. With seven locations across Milwaukee, Wisconsin, bankruptcy is our specialty and is all that we do. Our qualified attorneys are well acquainted with bankruptcy laws in Wisconsin. Our valuable advice and guidance will help you come out of your situation and start anew. We can assist you or someone you know with solutions that are well crafted and effective. Call us today and we can discuss how our expertise can help you start a new beginning.

Bankruptcy Attorney Milwaukee serving our clients in offices throughout the state of Wisconsin including the cities of Milwaukee, Racine, Manitowoc, Fond Du Lac, West Bend, Waukesha, New Berlin, West Bend, Pewaukee, Brookfield, Racine, Kenosha, Delafield, Menomonee Falls, Grafton, Germantown, Jackson, Racine, West Allis, and Wauwatosa, Oshkosh, Appleton, Neenah, Menasha, Fond Du Lac, Sheboygan, Madison, Green Bay as well as the following counties: Milwaukee County, Waukesha County, Washington County, Dodge County, Sheboygan County, Fond du Lac County, Ozaukee County, Winnebago County, Jefferson County, Brown County, Door County and Dane County.