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The 128.21 action requires that the entire balance of the debt be paid off within the maximum repayment term of three years. Unsecured debts, those without pledged collateral, work best. Some examples are listed below:
- Credit Cards
- Payday Loans
- Medical Debts
- Debts placed at Collection Agencies
- Deficiency Balances (after repossession)
- Some Past Due Utility
- Wisconsin Income Tax
Some debts secured with collateral can be included, but with great caution. The Statute allows creditors to go after their collateral even if they are included in the restructured payment plan. Federal debts can’t be included.
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