Greater Milwaukee, WI Bankruptcy Attorneys
Offering Alternative Debt Relief in Southeast Wisconsin
Chapter 128 Bankruptcy
Wisconsin law allows individuals to file a petition to pay creditors over time under a voluntary personal receivership. Chapter 128 of Wisconsin Statutes allows you to pay unsecured debt over three years and halts creditor harassment. The Chapter 128 Personal Receivership works well for those that have demanding creditors especially if they are faced with the threat of garnishment. Our Milwaukee debt relief attorneys will help determine whether the voluntary Chapter 128 Personal Receivership is your best option. We will help you stop garnishments and other collection actions and explore all of your options for dealing with debt and debt collection activities.
Some of the advantages of the Chapter 128 Personal Receivership include:
- You can pick and choose which creditors to list in the Chapter 128.
- You to do not have to appear in court.
- It does not matter if you have filed bankruptcy in the past.
- Chapter 128 can reduce the interest on high-interest bearing loans.
The debt relief attorneys at the Law Office of Rollie R. Hanson, S.C. will help you navigate the ins and outs of debt overload. An attorney will review your situation and give you professional feedback and explain your options in plain English. Chapter 128 only works for unsecured debt such as credit card debt, payday loans, medical bills and in some cases utility bills. Also, you must have enough income to afford to pay the debt over three years. If you are unable to service the debt under the Chapter 128, you may also consider a Chapter 13 bankruptcy.
Our office offers over 25 years of experience helping people in Wisconsin facing financial stress. Our attorneys are ready to help you establish your financial goals, find the best option for your situation and move forward with your life. At the Law Office of Rollie R. Hanson, S.C. we help families resolve their financial issues and get a fresh start. We represent people.
A debt negotiation or debt settlement is another alternative to filing a Chapter 7 or Chapter 13 bankruptcy. Debt settlement is an agreed upon workout between the creditor and debtor. It requires the debtor to pay the liability within a specific time frame. Debt settlement can present a challenge when you have a number of creditors. In some cases, it is possible to get your creditors to agree to reduce their claim if they are able to get monthly payments over a specific period of time. However, it does require you to settle with all of your creditors. If one or two creditors refuse to work with you on a debt settlement plan, you may not be able to resolve your financial situation through negotiation.
The Wisconsin debt settlement lawyers at the Law Office of Rollie R. Hanson, S.C. can help you sort out all of your issues analyze your financial situation and give you professional feedback. With over 25 years of experience, our attorneys offer straight, honest advice for a realistic solution.
Mortgage Loan Modification
In 2008, Congress passed the Troubled Asset Recovery Program (TARP) to help homeowners struggling with their mortgage payments. Congress and the Department of Treasury wanted the major banks to try to work with people when possible to keep them in their homes after government bailout for the banks. After that, the Department of Treasury developed the Home Affordable Modification Program (HAMP) and came to an agreement with the major lenders and servicers to give homeowners HAMP modifications when appropriate. The banks and their servicers also agreed to consider homeowners for non-HAMP or “in-house” loan modifications.
The loan modification calls for the bank to modify the terms of the loan and allow the homeowner an affordable mortgage payment when a foreclosure will result in the bank taking a greater loss than if the lender works with the borrower.
Under HAMP, the servicer must use a formula developed by the Department of Treasury based upon various values or factors such as the value of the home, the balance on the mortgage, unpaid mortgage payments, interest rate and the homeowner’s monthly income. The mortgage modification process may be an alternative to foreclosure or a Chapter 13 bankruptcy. The Milwaukee mortgage modification lawyers at the Law Office of Rollie R. Hanson, S.C. can provide assistance with the modification process and feedback to the homeowner in pursuing a loan modification.
Many homeowners have had a negative experience in applying for loan modifications. Certain mortgage servicers are known for requiring the homeowner to send in the paperwork and financial documents over and over again without getting a proper response or answer to the request for a loan modification. In some cases, the servicer’s representations and failure to follow through can provide a basis to fight a home foreclosure. Let our attorneys provide you with feedback and answers if you have had problems with your loan modification process.
Your Financial Crisis Can be Averted with Legal Help
When you have decisions to make on the best approach to resolving your debt situation, our Milwaukee debt relief attorneys can help determine the best strategy for you, and guide you in the pursuit of alternatives to bankruptcy. Contact our office in West Allis, WI for an initial consultation. You will meet with an attorney right way who will let you know your options and set you on the path to financial recovery. Clients facing unwieldy debts throughout southeastern Wisconsin have come to rely on our compassionate, effective, and affordable legal representation.