Big Increase in First Quarter Wisconsin Bankruptcies
May 24, 2010 | Richard Check | 1 Comment
Wisconsin bankruptcies increased by 20 percent in the first quarter of this year, the Milwaukee Journal Sentinel reports. Consumers and businesses filed about 6,000 bankruptcy petitions under the bankruptcy laws in Wisconsin as compared with approximately 5,000 in January-March 2009. Most of these petitions were of the Chapter 7 variety; a Chapter 7 liquidation is the most common form of an individual bankruptcy in Wisconsin. According to the article, “Among those coming to see bankruptcy attorneys are laid-off workers or entrepreneurs who tried to survive by using credit cards to cover costs, hoping the economic downturn wouldn’t continue as long as it has.” Reaffirming some of our recent blog entries, the story also observes that “many small-business owners whose businesses have failed are declaring personal bankruptcy.”
The article notes that Wisconsin residents with good skills and expertise still can’t find work in a down economy despite their best job-hunting efforts: “Lawyers who handle bankruptcy cases said even though more analysts say the economy is turning around, it’s not happening fast enough to prevent people who’ve been fighting to stay afloat from declaring insolvency.”
If your personal and/or business financial affairs have reached the point of no return, a candid, confidential discussion with a debt consolidation lawyer may be extremely beneficial. A Wisconsin bankruptcy lawyer is a good person to have in your corner especially if you are currently unemployed and need debt relief in Wisconsin.
Comments
1 Comment so far
It’s really true – unemployment is the last thing to improve when the economy finally begins to mend. And there’s a lot of mending that needs to be done this time around.
The 20% increase in filings suggests to me that a lot of people have been holding on for as long as they could, but just couldn’t do it any longer.
Very sad.