According to Wisconsin’s WSAU News/Talk 550 AM 99.9 FM Radio Station, fewer bankruptcies have been filed in Wisconsin in 2013. However, percentage wise, the state’s decrease is less than the percentage decrease in bankruptcy filings nationwide.
From January through June 2013, over 12 thousand individuals and businesses filed petitions for bankruptcy in Wisconsin’s federal courts. This equated to an 11% decrease from 2012. Nationwide, for the same period, however, the decrease in bankruptcy filings was 14%. WSAU noted, however, that while bankruptcy filings decreased statewide, Eastern Wisconsin showed an increase in bankruptcy petitions filed from April to June 2013.
According to WAUC, though more people are filing Chapter 13 bankruptcies, a significant part of the decrease occurred because less people have filed Chapter 7 bankruptcies. In a Chapter 7 bankruptcy, most of the debtor’s debts are wiped out, leaving the debtor with a clean slate and a fresh financial start. In a Chapter 13 bankruptcy, the debtor’s debts are set up on a 3 – 5 year repayment plan.
For the second quarter of 2012, the U.S. Bankruptcy Court of the Eastern District of Wisconsin in Milwaukee reported that new bankruptcy filings increased 0.8% from the same time period in 2011, though the number of filings was still 1.6% less than the second quarter of 2010.
If you are interested in a debt negotiation or filing a bankruptcy claim, contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office, LLC focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy,” DeLadurantey Law Office, LLC serves the following location - Bayside, Brookfield, Cudahy, Franklin, Glendale, Greendale, Greenfield, Muskego, New Berlin, Oak Creek, Oconomowoc, Pewaukee, River Hills, South Milwaukee, St. Francis, Waukesha, Wauwatosa, West Alis, Whitefish Bay, and adjacent areas.