Most of us can remember the poor economy at the end of the last decade. According to U.S. Bankruptcy Court records, bankruptcies peaked at nearly 30,000 filings in 2010. However, it appears that the economy might be on the upswing after all. Since 2010, the number of filings has been steadily decreasing.
Wisconsin appears to have filed the least number of bankruptcies in 2017 than in the last 10 years. In 2016, bankruptcy records revealed that 16,835 bankruptcies were filed in Wisconsin. In 2017, the number was down to 16,769.
The majority of bankruptcies filed in Wisconsin were Chapter 7. With these bankruptcies, most people can wipe their slate clean and start over. Unsecured debts are usually discharged and other debts negotiated. Of course, in the long run, this allows people to begin contributing to the rebuilding of the economy. Once they have no more debt, they are able to afford to buy again — helping retail markets grow.
In addition to bankruptcies dropping in Wisconsin, employment seems to be moving in the right direction. The unemployment rate in the state was at a low 3 percent in December. It has been 3 percent before, but never lower, so it’s possible it may set the record for Wisconsin if job growth continues.
This is all good news for Wisconsin, but for those who are still having trouble recouping their losses from those bad economic times, don’t give up. Financial problems can be overcome. Consider options for getting out of debt and back on your feet again. Bankruptcy is just one of those options. A bankruptcy attorney can explain how to go about filing and what the benefits would be.
Source: The News & Observer, “Wisconsin bankruptcy filings in 2017 lowest in 10 years,” Associated Press, Feb. 18, 2018
