What is a Chapter 128 in Wisconsin?

Chapter 128 covers unsecured debts such as credit cards, payday loans, speeding tickets, medical bills, late utility bills and rent payments. With the help of a trustee, the debtor makes a repayment plan by totaling the debts plus the trustee’s fees and dividing by 36 to get a monthly repayment amount.

What does amortization of debt wage earner mean?

A debt amortization proceeding under 128.21 is a court supervised, trustee administered. debt repayment plan that pays 100% of scheduled debts over no more than three years, available to wage earners who are unable to meet their current obligations, but who can. afford the payments under such a plan.

Who is the chapter 128 trustee in Wisconsin?

Chapter 128 is a voluntary debt consolidation plan through the Wisconsin Circuit Court system.

What is a chapter 128?

Chapter 128 is a voluntary debt consolidation plan through the Wisconsin Circuit Court system. It is not a consumer credit counseling plan and it is not bankruptcy. CHAPTER 128 vs. BANKRUPTCY. There are two major differences: Bankruptcy is Federal. Chapter 128 is strictly a State of Wisconsin plan.

What are the advantages of Wisconsin Chapter 128?

The following is a partial list of the advantages of a Chapter 128: Is unique to the State of Wisconsin and is open to all Wisconsin residents. Unlike bankruptcy, you are not required to list assets and property not in jeopardy. You do not need to list all the debts you owe, unlike bankruptcy.

When was Wisconsin’s Chapter 128 Bankruptcy Act created?

Although it is not technically proper to refer to these state-law debtor actions as a “Chapter 128,” this bankruptcy-sounding label is widely used for that purpose. Chapter 128 of the Wisconsin Statutes was established in 1937 and was modeled on selected provisions of the federal Bankruptcy Act of 1898, as amended through 1928.