Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Bankruptcy filings down in Wisconsin

This week, the Milwaukee Journal Sentinel reported that bankruptcy filings in the state fell by 8 percent in 2014, likely thanks to the improving economy.

There were 20,774 bankruptcy petitions filed with the U.S. Bankruptcy Court in Wisconsin last year -- which was down from 22,630 in 2013 -- and it was the fourth year in a row bankruptcies in the state have been on the decline.

Bankruptcy filings peaked in 2010, during the Great Recession, when close to 30,000 petitions were filed, but the state’s highest year ever for insolvencies came in 2005 when 38,000 file for bankruptcy.

Bankruptcy attorneys told the Journal Sentinel that most people who filed for Chapter 7 bankruptcy, the most popular type of personal bankruptcy, did so because of debt relating to a catastrophic health event, job loss or divorce.

Our own James Miller, who was interviewed for the piece, added that the firm has also noticed an increase in Wisconsin residents who are forced to declare bankruptcy because of overwhelming debt owed to payday lenders and auto title lenders.

As we have described in past posts, payday loans and auto title loans can get people into serious trouble quickly because of the triple-digit percentage interest rates that often apply.

While the optimistic reason for the decline in bankruptcy filings is that the economy has improved and fewer Americans are facing serious debt problems, there is also a less-optimistic possibility that was addressed in the Journal Sentinel article.

Because people can only file for Chapter 7 bankruptcy once every eight years, it is possible that there are still many Americans struggling with debt problems but these individuals don't have the option for file for bankruptcy because they already did so within the past eight years.

It is recommended that anyone facing overwhelming debt -- whether you have filed for bankruptcy in the past or not -- should speak with an experienced bankruptcy lawyer for advice.

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
735 West Wisconsin Avenue
Suite 600
Milwaukee, WI 53233

Phone: 414-326-9231
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map