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Chapter 7 leads as debt solution for Wisconsin residents in 2015

As some of our more frequent readers are already aware, we established this blog to keep Milwaukee residents informed about the financial climate in our area and across the state of Wisconsin. Nearly a decade ago, that climate was very poor due to the housing market crash and the Great Recession. But now, the financial climate in our state -- as well as across the nation -- is doing much better.

We can see that by looking at the rate of bankruptcy filings. As we explained last week in a post, bankruptcy filings are down in the eastern part of Wisconsin and are at a seven-year low. Though this perfectly illustrates the improvement in our state's economy, the data we presented in last week's post also shows something else and it is that Wisconsinites seem to prefer Chapter 7 bankruptcy as a debt relief option.

To some of our more frequent readers, this statement may not seem surprising. After all, Chapter 7 bankruptcy is incredibly beneficial to people who have large amounts of debt and have either lost their job or have limited income in which to pay back that debt. In this respect, Chapter 7 bankruptcy can be a more helpful form of debt relief than other forms of bankruptcy because it wipes away nearly all debt, giving the filer a chance to start their life over again.

Even though Chapter 7 bankruptcy seems to have been the preferred method of expunging debt for many Wisconsinites in the first half of the year, it's important to point out that this may not be the best option for everyone. Some residents may not want to lose their home to Chapter 7 liquidation. Others may simply need to restructure their debt in order to avoid nasty collection calls and further damage to their credit score.

As we have said before on our blog, it's always a good idea to talk to a bankruptcy lawyer before making any choices regarding debt relief. Because of a lawyer's experience handling bankruptcy cases and their understanding of the law, they can help guide you toward the best option for you. In some cases, this may mean filing for Chapter 7. In others though, it may mean other options. You won't know though until you talk to an attorney.

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