Legal Question in Credit and Debt Law in Wisconsin

Although many attorneys handle Wisconsin chapter 128 voluntary receivership matters(which is sort of a State of Wisconsin version of bankruptcy) in local circuit courts, there are only limited circumstances where they approach being as useful to you as a traditional federal court bankruptcy. Although there may be others, one scenario which comes to mind where chapter 128 might help would be in the case of a person who has just finished a bankruptcy discharge and is not eligible to file another one for an unacceptably long period of time. The waiting periods applicable in bankruptcy courts between filings are not applicable to 128 proceedings, hence there may be immediate eligibility. Otherwise, there is no advantage to chapter 128 that I am aware of. Unlike bankruptcies, chapter 128's do not offer any discharge or debt. Unlike federal bankruptcies, they do not offer very much of a protective stay, other than stopping garnishments while you are paying as promised in an approved chapter 128. Only a limited number of creditors may be listed, and the debt is not discharged but rather must be paid in full. The costs are also generally similar to those of bankruptcy. Therefore, while I would be happy to file one for a client who retained me, I would not recommend the chapter 128 option except in the rarest of circumstances. My comments here are generalizations which are applicable to similar situations faced by many, not advice applicable to your case, and offered for public educational purposes only rather than as legal advice for you. You should therefore retain a lawyer in order to meet your own legal needs, or at least schedule a private consultation with one, since I am not currently your attorney and will not be taking any action on your case. Disclosure of confidential information in a public web forum is not recommended and is always subject to possible use against you later, in court. However, you are welcome to contact my Racine, WI office at 262-633-3090, see me on the web (www.jayknixonlaw.com) or email me at [email protected] with further questions. Web forum answers may contain attorney advertising materials.