For the fifth year in a row, chapter 13 bankruptcy filings increased in 2010. There were a total of 438,913 chapter 13 filings last year, up by 8 percent from filings in 2009. In 2006, only 617,660 bankruptcy petitions were filed for all types of bankruptcy protection.
Chapter 13 bankruptcy allows an individual to reorganize their finances under the supervision of a court. In addition, chapter 13 bankruptcy can protect people from having their homes foreclosed while they are working on restructuring and paying off debts.
Only chapter 7 bankruptcy filings beat out chapter 13 filings in number. 1.1 million chapter 7 bankruptcies were filed in 2010.
If you or someone you know is considering filing for bankruptcy and has questions about the chapter 13 filing process, contact the Milwaukee Chapter 13 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more.