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    mwarren's Avatar
    mwarren Posts: 1, Reputation: 1
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    #1

    Apr 30, 2008, 07:58 AM
    Wisconsin law
    In Wisconsin there is a chapter 7 13 also is there a 126 or is it 128
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Apr 30, 2008, 03:52 PM
    Quote Originally Posted by mwarren
    in wisconsin there is a chapter 7 13 also is there a 126 or is it 128

    Chapter 7/23 are NOT Wisconsin laws, they are part of the Federal Bankruptcy Code.

    I have no idea what 126 or 128 might be - could be Wisconsin law. I don't know. What do you think they cover?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #3

    Apr 30, 2008, 04:39 PM
    There are chapter 7 and 13 which is for individuals

    There is also chapter 11 ( business reorganization) and 12 bankruptcy for individual farms.

    I have no idea what a 126 or 128 is, unless those are numbers in the state code that perhaps deal with exemptions, but bankrutpcy laws are Federal laws with the state writing the exemption law
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    May 1, 2008, 04:50 AM
    Quote Originally Posted by mwarren
    in wisconsin there is a chapter 7 13 also is there a 126 or is it 128



    OK - found it! Chapter 126 is an Ag and Marketing Law - probably not what you're looking for. Chapter 128 is a State of Wisconsin Debt Consolidation Plan. I called an Attorney friend in Wisconsin and she said in her practice the people filing under 128 "usually" do not file for Bankruptcy because of assets which they don't want to forfeit.

    The info is (sorry, but I don't know how to post a site:

    "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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