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GIZMO !
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Bulletin Board |
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WAGE EARNER PLAN
In
1938 a federal law was passed known as the Wage Earner Plan. It is
administered by the same branch of our courts that handle bankruptcy. You must
be a wage-earner to use the law - that is the primary requirement. The Wage
Earner Plan does not in itself 'wipe out' debts, but a little-known proviso of
your filing requires that your creditors must appear to verify your indebtedness
to them. Statistics indicate that 40% fail to appear, in which case, those debts
are indeed 'wiped out'. In some cases 100% of the creditors fail to appear,
which enables you to wipe out ALL your debts without bankruptcy. If some of the
creditors do appear, then the court allows you to spread your payments out over
a three year period in smaller amounts so that you can afford to pay.
Once you file under the Wage Earner Plan, you stop bill collectors, lawsuits, judgements, assignments, seized bank accounts, and other actions against you. And to top it off, your credit rating is, in many cases, improved because you made an honest effort to work with the lending firms. Additionally, if the seller used deceptive trade practices to induce your purchase, your debt may be wiped out under the provisions of the Uniform Commercial Code. Under the Homestead Act, your residence can be exempted from levy to the extent determined by local law.
The
"Get-Off-My-Back" Wage Earner Plan! Using Federal Bankruptcy Act,
Chapter XIII - Wage Earner Plan, you can file for immediate relief form
unmerciful creditors and collection agencies. To be eligible, your monthly bills
must exceed your income, and your major income must be earned from a salary or
commission. You can file for the Wage Earner Relief Plan simply by contacting
your attorney or the U.S. District Court nearest you. Ask to speak to the person
who administers the plan.
Generally
within three days of filing, a restraining order will be issued to all of your
creditors. Which Will:
1)
Stop creditors, collection agencies, lenders, or anyone else who has been
notified from contacting or harassing you any further.
2)
Immediately stop all action against you that had been initiated by creditor.
(Note: For this relief plan to work, it must be accepted by a majority of your
creditors. If the majority agrees to the plan, all others must comply.
3)
Immediately stop interest and late charges from accumulating any further.