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Posted: Wed Aug 27, 2008 1:20 pm Subject: Wisconsin Chapter 128 |
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I was wondering if anyone has filed Chapter 128 in the state of Wisconsin for their payday loans. I was considering doing it and was wondering how it works?
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jeoestreich

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Shazzers
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Posted: Wed Aug 27, 2008 1:44 pm Subject: |
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I considered filing Chapter 128 a few years ago prior to my bankruptcy. I know there are a few members on this site who are currently in one and it's working great for them.
You can include your payday loans in a chapter 128. The trustee I spoke with just wanted a list of all my creditors I wanted to inlude in the plan and the amounts. She needed my income and she basically came up with a monthly payment amount. Even though it's not bankruptcy creditors must follow it and it will also stop garnishments and judgements.
Here is a bit of info I found.
| Quote: | About Chapter 128
WHAT IS 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. Also, Chapter 128 is the opposite of bankruptcy: you are repaying the debts.
ABOUT THE NEW BANKRUPTCY LAWS:
The Federal Government overhauled the bankruptcy laws, which went into effect October 17, 2005, making it much more difficult to file bankruptcy. This does not effect Chapter 128 proceedings and in fact may make it a much more attractive option to debtors: if you do not qualify for bankruptcy, you may be able to file a Chapter 128 instead.
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 is not in jeopardy.
You do not need to list all the debts you owe, unlike bankruptcy.
A very attractive alternative if you do not qualify under the new bankruptcy laws.
Stops garnishments.
Debt gets repaid.
Not listed in newspapers.
Interest on debts is uncollectible.
Easy and inexpensive to file.
May file more than once.
No Court appearances.
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_________________ ILLINOIS LICENSE SEARCH / CONSUMER CREDIT / GUIDE TO PAYDAY LOANS
http://www.idfpr.com/dfi/ccd/ccd_licensees.asp
ILLINOIS PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=IL
WISCONSIN PAYDAY LOAN LAWS
http://www.paydayloaninfo.org/state_detail.cfm?id=WI
WISCONSIN LICENSE SEARCH
http://www.wdfi.org/fi/lfs/licensee%5Flists/
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PinkLady
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Posted: Wed Aug 27, 2008 1:47 pm Subject: |
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Thanks. I have been looking into it for awhile and was just wondering a good lawyer. Do you know it affects your credit?
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jeoestreich

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Posted: Wed Aug 27, 2008 3:20 pm Subject: |
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Good luck . Let us know how it works out
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mobile0311


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Posted: Wed Aug 27, 2008 3:25 pm Subject: |
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Thanks! I am in the process of contacting an attorney. I just looked at all of my payday loans and I did not think I had that many but man do I. I hope I can get things set up so I can at least put a hard debit block on my account before next Friday (when everything comes out). I still have five checks out.
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jeoestreich

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Posted: Thu Aug 28, 2008 11:50 am Subject: |
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I'm one month in my Chapter 128, and it's been great--just wish I had more faith in it from the beginning and placed more creditors into the program! I did mine through an attorney out of Milwaukee, and it was all done online.
It's definitely worth looking into if you're in Wisconsin.
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saxy
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PinkLady
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Posted: Thu Aug 28, 2008 12:33 pm Subject: |
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Cool! I have emailed a couple lawyers. So now it is just a waiting game on when they are going to email me back.
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jeoestreich

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Posted: Thu Aug 28, 2008 1:21 pm Subject: Saxxy |
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Saxxy, do you have a link to the attorney you used?
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J-RodWi
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