Although the United States is now said to be out of the “Great Recession,” bankruptcy filings continue to rise nationwide. According to the U.S. Bankruptcy Court, “bankruptcy filings rose for the fourth consecutive year in 2010.” In fact, there was a 9.4 percent increase in national bankruptcy filings in the past year.
Wisconsin filing rates have followed the national trend as well. There were 29,989 bankruptcy filings in Wisconsin in 2010, which mirrors the national increase of 9.4 percent since 2009.
The country’s high unemployment rate has been a common cause of bankruptcies in the past four years. However, now as the economy continues to slowly recover, people are finding that their savings have been used up. Americans who have held a steady job, have always paid their bills on time and could not imagine being in the situation where they could lose their home are finding themselves in the predicament they feared. People’s savings have not been able to outlast our country’s lagging economy. As a result, savings and retirements funds are gone and many people are asking the now too common questions: What do I do now? How will I get by? How can I save my home?
Debt Relief Options are Available
Those in financial difficulty may feel hopeless and confused regarding how to seek help. It is important to know that there are debt relief options available. The best option for you will depend on your specific situation. For some, credit counseling services or a debt management plan may be the most beneficial. However, be aware that these types of services may not be able to help all consumers.
For many others, bankruptcy may give you the relief that you seek. To ensure you are choosing the best option for you and your family, speak to an attorney knowledgeable in debt relief matters. A trained professional can explain all the outcomes associated with your options, answer your questions and help you with any filings or proceedings.