Many, when faced with overwhelming debt, feel bankruptcy is the only option available to them. This doesn’t have to be the case though as one can choose to make use of Chapter 128 Debt Amortization. Often referred to as debt receivership or consolidation, this Debt Relief Milwaukee Wi plan allows the debtor to pay off unsecured creditors without worrying about wage garnishment. Bill collectors stop calling, utilities won’t be shut off and you have three years to satisfy your debts, if you don’t do it sooner. How does Chapter 128 Debt Relief differ from the programs offered by private debt consolidation companies?
When you choose to make use of a Chapter 128 Debt Relief Milwaukee Wi plan, you pay exactly what you owe on the day the plan begins. Many private companies work with credit card companies to negotiate lower interest rates or reduced monthly payments. With the Chapter 128 plan, the interest stops on the day the plan begins so debt can be paid off in a shorter period of time. There are many other benefits to making use of a plan of this type.
When a person chooses to file for Chapter 128, he or she won’t be required to declare all income, assets and debts as must be done in a bankruptcy filing. There is no need to file income tax returns, produce tax records, go to court or complete a mandatory credit counseling program. If a creditor finds he or she needs to file Chapter 128 immediately after completing one plan due to an unexpected medical or other emergency, this may be done also. With bankruptcy, there is a limit to how often bankruptcies can be filed.
Another major benefit of Chapter 128 is the process is much simpler which reduces the amount of stress the debtor is experiencing. This can be of benefit to his or her health. In addition, the Chapter 128 filing doesn’t have the negative impact on a person’s credit report that a bankruptcy does. Although the Chapter 128 may show up on the person’s credit history, it does show the person pays his or her bills rather than having them discharged.
Speak to a professional today about which option is right for you. As no two situations are identical, there is no one answer for everyone. The professional analyzes your situation before suggesting the best remedy, one that works for you.