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Wisconsin Bankruptcy Cases Filed at a Record Level

Posted on Sep 12, 2010 in Bankruptcy, Bankruptcy Information

For the fiscal year ending June 30, 2010, almost 30,000 bankruptcy cases were filed in Wisconsin.  This is the largest number filed during the past 40 years, and probably even beyond that.  Of these cases, more than 96% of the cases were chapter 7 cases or chapter 13 cases.  This level of filing is 20% in excess of the already elevated level of cases filed in fiscal year 2009 ending June 30, 2009.

What does this mean?  Several factors:

  • The economy stinks – plants are closing throughout Wisconsin
  • High unemployment rates persist – still close to 10%
  • Mortgage foreclosures are running rampant – more foreclosures have been filed in Wisconsin than ever – mediation is effective only in Milwaukee and Dane Counties – other county courts seem intent  on shoving mortgage foreclosures through the courts as fast as possible without regard to homeowners’ rights
  • Collection of credit card and medical debt is more aggressive than ever – predatory collection firms

Remember, creditors have rights but debtors have remedies.  Bankruptcy is the most important remedy which you have as a debtor facing economic hardship. In particular, chapter 13 to save your home can still be very effective.  Bankruptcy is not shameful. It is your right.  It’s built into our United States Constitution, which these days is a matter of paramount concern to many people.  Check it out in Article 1 Section 8 Clause 4.

And Congress has granted people the right to file bankruptcy pursuant to its constitutional authority to do so.

So, if you need bankruptcy help, call David Leibowitz or Ryan Blay at Lakelaw:  262 694 7300.  We’ll help you exercise your constitutional right to a fresh start after bankruptcy.  Do it now.

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