Wisconsin Bankruptcy Trends

Wisconsin Bankruptcy Trends

Wisconsin Bankruptcy Trends

If you are a Wisconsin bankruptcy attorney practicing law in the state of Wisconsin then you might be surprised to see the personal bankruptcy rate steadily climbing. This can mean a number of different things to a Wisconsin bankruptcy attorney. First and foremost, it canimpact the amount of cases that a Wisconsin bankruptcy attorney handles. He or she may have to manipulate the infrastructure of their office staff in order to accommodate rising personal bankruptcy rates. In 2007, there were approximately 15,609 total personal bankruptcy cases filed in the state of Wisconsin. Of that 15,609, about 75% were filed under a chapter 7 while the remaining 25% were filed under a chapter 13. By comparison, that number had increased a little in 2008 from 15,609 to 21,121. By comparison, that number had increased a little in 2008 from 15,609 to approximately 21,121. The number under a chapter 7 also increased from 75% to 78%, while the number of people who filed for chapter 13 bankruptcyprotection decreased slightly from 25% to 23%. By contrast in 2009, there were approximately 27,405 total personal bankruptcy cases filed in the state of Wisconsin. Still the growth of chapter 7 filings continued to increase up to 81% while only 19% of Wisconsin filers filed under a chapter 13 last year. With the way the economy is going now it is uncertain if things will change. In addition to the bankruptcy rates, a wise Wisconsin bankruptcy attorney will also want to pay special attention to the unemployment rate of a given area. For the state of Wisconsin, as of January 2010, the current unemployment rate is a modest 8.7%. This is not alarming at all and may even be considered moderately comforting when viewed in comparison with the national unemployment rate of 10%. Extremely high unemployment rates can be particularly disturbing and unsettling when it comes to predicting the flow of personal bankruptcy cases. When the unemployment rate rises then chances are that area's personal bankruptcy rate is also likely to increase.

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