Bankruptcy filings rose 32 percent in 2009 compared to 2008. According to statistics from the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.
The uptick in bankruptcy filings was largely a result of the economic recession. As the recession caused many individuals to lose their jobs and other sources of income, many individuals and families had trouble paying off their debts and were forced to file for bankruptcy.
If you or anyone you know has considered filing for bankruptcy, contact the Milwaukee Chapter 7 bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.