Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

No clear reason for fewer bankruptcies

A recent story from a newspaper in Maine notes that there has been a decline in the number of bankruptcy filings there. Because bankruptcy law is federal, many concerns regarding filing bankruptcy are the same, no matter where you live. The author notes that while the number of filings hasfallen in Maine, as they have in Wisconsin, there is no clear reason.

Most likely, multiple factors have all played a role, including better employment numbers, the Affordable Care Act and student loans. There are other possible reasons, such as mortgage lenders being more restrictive in their underwriting practice, which limits the risk of defaults and foreclosures and the need for individuals to file bankruptcy to protect their homes.

Another fallout from the 2008 financial crisis was that it made individuals more risk averse when taking on debt, such as credit cards. Student loans make up a large proportion of debt held by individuals, but because of the difficulty in obtaining a bankruptcy discharge, many with that debt burden are unlikely to file for bankruptcy because they may not be able to discharge much of their total indebtedness.

Sadly, for some, they may hear stories of how expensive it is to file a bankruptcy and never even investigate the matter, believing they could not afford it. While some aspects of bankruptcy have become more expensive, if you are suffering from debt that is crushing and overwhelming, you should check with a bankruptcy attorney to find out the actual cost structure for the type of bankruptcy that could help you the most.

If you are struggling with this type of debt, it is important to know that if you complete a Chapter 7 or a Chapter 13, you receive a genuine discharge from the debt, which may be your fastest path to financial recovery.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

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

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.