Realizing that your financial situation is almost impossible to live with and is difficult to get under control is a harsh reality for some people. Medical bills, credit card debt, mortgage payments, student loan debt and other debt can add up to amounts that seem insurmountable.

For some people, filing for bankruptcy is the only way they feel they can get out of debt. Since the enacting of a law in 2005 that makes debtors who can pay for more of their debts, bankruptcy hasn’t been less attractive to some people. That seems to be true in Wisconsin because the state doesn’t rank in the top five states when it comes to bankruptcy filings.

In 2013, slightly less than 1 million bankruptcies were filed in the United States. That is down 13 percent from the previous year. Of those filings, only 44,111 were business filings, which is down 24 percent from 2012.

The bankruptcy filing rate is at the lowest level since 2007. Predictions are that the bankruptcy filings will continue to fall because of low interest rates and the cost of filing for bankruptcy. Despite this falling rate, bankruptcy continues to be an effective method for debt relief.

If you are facing mounting debts and need to look into the possibility of filing for bankruptcy, an experienced Wisconsin bankruptcy attorney may be able to help you determine if you are eligible for debt reorganization through bankruptcy. You can also find out how filing for bankruptcy will affect you, as well as what your responsibilities will be throughout the bankruptcy process, by speaking to one of these legal professionals.

Source: 
The Business Journal, “Bankruptcy filings lowest since 2007; Tennessee biggest deadbeat state” Kent Hoover, Jan. 06, 2014