The total number of bankruptcies filed in the state of Wisconsin in 2011 was lower than the total number of bankruptcies filed in 2010. Experts say this is the first statewide decrease in bankruptcy filings in Wisconsin in 6 years.
Bankruptcies decreased by about 10 percent, with approximately 27,000 bankruptcies filed in the state last year. Chapter 7 bankruptcy was the most popular type of bankruptcy in Wisconsin, accounting for almost 80 percent of the state’s total bankruptcy petitions.
Chapter 7 bankruptcy allows unsecured debts like credit card debt to be eliminated, and provides liquidation exemptions for certain types of property. In addition, by filing for Chapter 7 bankruptcy, one is able to improve their credit score.
To learn more about filing for Chapter 7 bankruptcy in Milwaukee, contact the Milwaukee Chapter 7 bankruptcy attorneys of DeLadurantey Law Office, LLC by calling 414-377-0518 today.