A recent analysis from the National Bankruptcy Research Center shows that personal bankruptcies decreased in 2011. Last year, 1.35 million people in the U.S. filed for personal bankruptcy–a 12 percent decrease from the 1.5 million personal bankruptcies filed in 2010.
Based on this information, approximately 1 in every 175 Americans filed for Chapter 7 or Chapter 13 bankruptcy in 2011. 17 percent fewer Chapter 7 bankruptcies and 25 percent fewer Chapter 13 bankruptcies were filed in the U.S. last year.
Chapter 7 bankruptcy and Chapter 13 bankruptcy are the most frequently filed types of bankruptcy. Under Chapter 7 bankruptcy, individuals liquidate some of their assets to pay off their debts, and under Chapter 13 bankruptcy, filers create a repayment plan to repay creditors over a certain time period.
If you or someone you know has questions about filing for personal bankruptcy in Milwaukee, contact the Milwaukee personal bankruptcy lawyers of DeLadurantey Law Office, LLC by calling 414-377-0518 today.