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Bankruptcies falling in Wisconsin; still behind national numbers

Bankruptcy
Bankruptcy

MADISON, WI (WTAQ) - Bankruptcies are down in Wisconsin this year, but not as much as they are nationally.

Almost 12,300 individuals and businesses filed for bankruptcy in Wisconsin’s federal courts from January through June. That’s 11 percent fewer than a year ago, while the national decrease was 14 percent.

Bankruptcy filings have dropped steadily since the end of the Great Recession in 2010.

Chapter 7 accounts for about three-fourths of all bankruptcies. That’s the one which wipes out credit card and medical debts.

Milwaukee attorney James Miller says more people are filing under Chapter 13, which sets up repayment plans for debtors which can help them keep their homes.

Milwaukee lawyer Robert Waud says he’s seeing fewer independent contractors and building trade workers filing for bankruptcy. He says they have must have gone back to work.

Madison bankruptcy lawyer Claire Ann Resop does not expect a large reduction in bankruptcies for the rest of the year. She says there are still not as many good-paying jobs as there used to be. 

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