Law Shield of Wisconsin, LLC, is a debt relief agency under federal law. We help people file for protection under the Bankruptcy Act, and we also help people file for protection from their creditors under Chapter 128 of the Wisconsin Statutes. To find out how to avoid "debt relief" scams that promise reduced debt, click here. To read the law on how you can freeze your debts in Wisconsin, and pay them off without interest with 36 monthly payments, click here.
Here’s How Law Shield Of Wisconsin, LLC, Can Help You Get Relief From $10,000.00 Of Debt For Less Than $75.00a Week.
This information is about debt relief under Chapter 128 of the Wisconsin Statutes. This information is not intended to be specific legal advice for your particular situation; it is intended to be general information about debt relief that is available under Chapter 128.
Under Chapter 128, a petition is filed in the circuit court located in your county, stating that you have debts you need relief from, that you have a regular source of income, and that the debts, if frozen, can be paid off over the next three years (36 months). Along with the petition, an order for the judge to sign is submitted. The attorney submits the petition and order on your behalf so that you do not have to make a court appearance.
If you have $7,000.00 of credit card debt on three credit cards that the credit card companies are charging 32% interest on, plus late payments, $2,000.00 in medical bills that are in collection, and a small claims judgment of $1,000.00 from a former landlord, you owe a total of $10,000.00. You are currently working.
Under a Chapter 128 plan, including the legal fees and the trustee’s fee, the monthly payment is $319.51. That works out to paying $74.30 a week to pay off $10,000.00 of debt, including all costs and fees.
The order names the trustee, freezes the debts, and prohibits the creditors from taking certain actions against you. The trustee is the official who notifies the creditors of the court’s order, determines the payment plan, collects the monthly payments from you, and pays the creditors. The trustee charges a fee that is set by law and included in the monthly payment.
At the end of 36 months, when the plan is complete, the creditors are paid in full.
If you want to know how to get started, call (414) 271-5656 or e-mail us today.
Federal Bankruptcy Law Can Shield You From Creditors. Law Shield Of Wisconsin, LLC, Can Show You How.
Congress passed the federal bankruptcy laws so that people can get a financial "fresh start" from burdensome debts. In 1934, in the case of Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934), the Supreme Court explained:
[The discharge in a bankruptcy action] gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.
The discharge, releases debtors from personal liability from certain debts and prevents creditors from acting against someone to collect the debt, including telephone calls, lawsuits and wage garnishments. The two basic types of bankruptcy are Chapter 7 and Chapter 13.
In a Chapter 7, a creditor with an unsecured claim gets paid in a Chapter 7 bankruptcy only if there is an asset and the creditor files a proof of claim with the bankruptcy court. In most Chapter 7 cases, the debtor receives a discharge, or release from personal liability for certain dischargeable debts within a few months after the bankruptcy petition is filed. In some cases, however, if the debtor's income exceeds certain thresholds, the debtor may not be eligible for Chapter 7 relief, and would only be able to file a Chapter 13.
Under a Chapter 13, a "plan" to repay creditors over time – usually three to five years is created and approved by the bankruptcy court. The debtor must complete the payments required under the plan before the discharge is received. The debtor, however, is protected from collection actions such as lawsuits, and garnishments while the plan is in effect. The discharge is also somewhat broader so that more debts are eliminated under Chapter 13 than under Chapter 7.
In a Chapter 13 plan, a foreclosure can be stopped so that the family home can be saved. Contact us to learn how we can help.
“The constitution of the United States is a law for rulers and people, equally in war and in peace, and covers with the shield of its protection all classes of men, at all times, and under all circumstances” David Davis