Wisconsin Bankruptcy Filings on the Rise

October 07, 2010

Bankruptcy filings continue to rise in Wisconsin, up 16 percent in the first half of 2010 over 2009. Last year, bankruptcies soared as well, up 30 percent over the previous year.

WHBL radio reports that more than 16,000 Wisconsinites filed for bankruptcy protection in the first half of this year. In the same period last year, just under 14,000 filed.

Wisconsin's bankruptcy rate is now rising faster than the national level, which was up 14 percent from January to June.

The vast majority of the filings (82 percent) were filed under Chapter 7, the liquidation form of bankruptcy. The remainder filed a Chapter 13 reorganization bankruptcy.

Chapter 7 Bankruptcy Basics

A Chapter 7 bankruptcy helps stop wage garnishments, halt lawsuits and creditor harassment while also discharging debts, including the following:
- Medical bills
- Credit card debt
- Personal loans
- Utility bill debt
- Back rent
- Debt owed on repossessed vehicles

Chapter 13 Bankruptcy Basics

For some people, a Chapter 13 bankruptcy makes more sense. Employed people who own a house or car that they want to keep typically choose this form of legal protection. A Chapter 13 bankruptcy can often stop a foreclosure or repossession while allowing people in debt to catch up on their bills.

People who file for Chapter 13 bankruptcy file a plan with the court to repay unsecured debt, typically for substantially less than what was originally owed.

Making the Correct Choice

An experienced Milwaukee, Wisconsin bankruptcy attorney can help you choose which form of bankruptcy will protect you and your family and help you get back on the road to financial well-being. Contact a bankruptcy lawyer for an assessment of your financial circumstances and discuss which option may be the best choice for you and your family based on your circumstances.

Article provided by Debt Advisors, S.C.
Visit us at www.mydebtadvisors.com