The number of bankruptcy filings in eastern Wisconsin have increased in the second quarter of the year.
According the U.S. Bankruptcy Court of the Eastern District of Wisconsin in Milwaukee, the number of new bankruptcy claims that were filed in the second quarter of 2012 reached 5,902, a 0.8% increase from the second quarter of 2011, during which there were 5,855 filings. However, this year's number is still 1.6% less than the second quarter of 2010.
The type of bankruptcy linked to the past year's increase in filings is Chapter 13 bankruptcy. The number of Chapter 13 filings increased from 1,208 in the second quarter of 2011 to 1,423 in the second quarter of 2012. This type of bankruptcy allows for a person to reorganize the debt that he or she has and pay it off through a repayment plan administered by a court-appointed bankruptcy trustee.
If you or a loved one is considering bankruptcy, contact the Wisconsin bankruptcy lawyers of the DeLadurantey Law Office, LLC, by calling 414-377-0518.