The Wisconsin Plan of Reorganization is a legal strategy used by businesses or individuals in the state of Wisconsin to restructure their finances and operations in order to overcome financial distress and achieve long-term stability. This comprehensive plan focuses on developing a detailed roadmap for debt repayment, reorganizing internal structure, and implementing cost-saving measures to ensure financial viability. A Wisconsin Plan of Reorganization typically involves collaborating with creditors, shareholders, and other stakeholders to negotiate and create an agreement that addresses the financial challenges faced by the business or individual. The plan often includes provisions for debt restructuring, asset sales, refinancing, or other measures aimed at reducing liabilities and improving cash flow. There are several types of Wisconsin Plan of Reorganization, each tailored to the specific needs and circumstances of the entity seeking reorganization. Here are some notable types: 1. Personal Reorganization: Individuals facing overwhelming debts such as credit card bills, medical expenses, or mortgage payments may file for Chapter 128 protection, also known as the "Wisconsin Wage Earner's Plan." This type of plan allows individuals with regular incomes to restructure their debts and establish a payment plan with creditors, providing an opportunity to regain control over their financial situation. 2. Corporate Reorganization: Businesses experiencing financial difficulties can opt for a corporate reorganization under Chapter 128 as well. This type of plan enables businesses to negotiate with creditors, reorganize debt, and develop a repayment plan. It may involve selling non-essential assets, renegotiating contracts, or modifying the structure of the business to enhance profitability. 3. Chapter 11 Reorganization: Companies with significant debts or complex financial situations often pursue a Chapter 11 bankruptcy filing, which allows for reorganization under court supervision. This type of Wisconsin Plan of Reorganization gives businesses an opportunity to restructure operations, renegotiate debts, and develop a repayment plan that will enable them to continue operating while addressing financial challenges. Overall, the Wisconsin Plan of Reorganization serves as a viable solution for individuals and businesses in the state to regain financial stability in the face of mounting debts and financial distress. By utilizing various legal frameworks and negotiating with stakeholders, entities in Wisconsin can navigate through difficult times and create a roadmap towards a brighter financial future.
Wisconsin Plan of Reorganization
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How to fill out Wisconsin Plan Of Reorganization?
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FAQ
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
The debtor submits the petition, affidavit and repayment plan to the court in the county in which he or she lives and the court will issue a protective order preventing interest from accruing on the debts, wage garnishment or asset attachments by creditors and utility shut-offs.
What does it cost to file for bankruptcy in Wisconsin? Filing for Chapter 7 bankruptcy in 2023 is $335; Chapter 13 costs $310. These fees, the United States Courts, are typically filed with a clerk of court and are the same for individuals and married couples.
Wisconsin Chapter 128 is a program under Wisconsin state statutes that allows an individual residing in Wisconsin to consolidate their unsecured debts (i.e. credit cards, medical bill, utility bills, payday loans) into one monthly payment over a period of 36 months.
It is open to any resident of the State of Wisconsin. WHAT DOES IT COST? The filing fee is $31.50 in most counties (slightly higher in Milwaukee County). There will also be attorney's fees which are set by the attorney, not the trustee.
People often ask if a Chapter 128 is the same as a bankruptcy - it is NOT. In fact, it's not a form of bankruptcy or in any way related to a bankruptcy. It can't be reported to your credit as a bankruptcy, both during the pendency of the case or after you've successfully made all the payments.
Chapter 128 of the Wisconsin Statutes was enacted in 1937 and allows qualifying individuals to avoid filing for bankruptcy by paying off debts through a deliberate and scheduled repayment plan that is administered by a court-appointed trustee.