Sub:
#1Chapter 128
Replied on
11-23-2009, 09:18 AM
I filed a chapter 128 in wisconsin last week on the 16th of November. How long does it take for them to get the ball rolling and start collecting money from you? Anyone know?
What I am reading on net about ch 128 it says that the program may take about a week to commence (depending on the case) and the debtor would have 3 years to repay his/her loans.
Ch 128 is debt consolidation and ch 13 merged into one. It is unlike bankruptcy yet allows the debtor to free himself from the debt burden by making single payment to the creditors. This is typically available to consumers of Wisconsin.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.