Wage Earner Plan is also known as Debt Organization. It is a method to solve the past due balance of debts by consolidating it into one account. The plan allows you to pay this consolidated debt in three until five years. You need to continue paying the current payment, but your burden now is lighter. It is because the past due balance is now split into a longer period and automatically result in smaller amount of installment.
This is a standard solution provided by Chapter 13 of Bankruptcy Law. You can file a petition yourself or ask help from bankruptcy attorney aurora il. Usually the petition is made when the creditor starts to take action for repossession of your assets such as house, car and other properties. This avenue allows you to keep the ownerships and even to take back the previously repossessed properties.
A free initial consultation with Rockford il bankruptcy attorney is a good start for you to understand more about Chapter 13. It includes the possibility to wipe out certain unsecured loan to give your smaller amount of debt. This procedure will make your life much easier and like having a good new start. Although not all debt could be wiped out and you have to make full payment, the additional time to pay back the past due balance will make your night sleep more comfortable. Imagine that after reviewing your income and expenses, the court can take decision to let you pay a very small amount for the past due balance. In some case it is amounting less than $1 or 10% of your total disposable income.