Continuing an upward trend since 2007, bankruptcy filings in Wisconsin continued to climb in 2010. In fact, for the last decade, the number of bankruptcies filed last reached a level only second to the number of filings in 2005.

In 2005, the number of bankruptcies spiked with the impending implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act. The Wisconsin Law Journal quotes Bankruptcy Judge Margret Dee McGarity as saying, “The purpose of the Act was to make it harder to file bankruptcy and cut down on the number of bankruptcies filed.” So it makes sense that the number of filings would spike before an Act intended to make it more difficult to find debt relief takes effect.

After the Acts implementation, the number of bankruptcy filings in Wisconsin did decrease. According to the Administrative Office of the U.S. Court numbers, as reported by the Wisconsin Law Journal, the number of filings in both Bankruptcy Court districts in Wisconsin reached decade low numbers in 2007 – 9,947 filings in the Eastern District and 5,005 filings in the Western District. After 2007, however, filings in both districts began to increase, coinciding with a downturn in the economy.

According to the Administrative Office of the U.S. Courts numbers, as reported by the Wisconsin Law Journal, in 2010 the Eastern District of Wisconsin had 20,687 bankruptcy filings and the Western District had 9,541 filings.

National trends show that the number of filings in Wisconsin fits the norm. The Wisconsin Law Journal reports that bankruptcy filings across the country in 2010 increased 13.8 percent over 2009.

But without the impending passage of restrictive legislation, what could explain the increase in filings?

While each situation is different, the economic downturn seems to have been a major factor. With the crash of the housing market, many families found themselves with upside-down mortgages and payments on houses that they could no longer afford, and many families found themselves with at least one spouse out-of-work. All of these occurrences can pressure a family economically.

Most people want to be able to pay their bills and keep their promise to pay back what is owed. Sometimes, however, forces outside of our control put us in difficult situations. Bankruptcy is available for those in difficult situations and will allow you to get out from under a difficult situation. Bankruptcy can help you keep your home, your car and help you get back on a path to economic prosperity.

Our resourceful hub, My Debt Advisors, offers insights on various aspects. Did you know, for instance, how bankruptcy interacts with taxes? Or the treatment of social security benefits during bankruptcy? It’s also crucial to be informed about how your citizenship status might be impacted by bankruptcy. By familiarizing yourself with these facets, you can make informed decisions for your financial future.For more specific guidance, especially if you’re in the Wisconsin area, consider visiting our Downtown Milwaukee office, where our experts are ready to provide personalized assistance.

If you are facing mounting bills, foreclosure or other financial difficulties, speak with an experienced bankruptcy attorney to discuss your situation.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

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    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

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  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

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  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson