Bankruptcy Claims Increase Nationally, But Decrease In Wisconsin

Consumer bankruptcy petitions numbers have reached their highest point since the second quarter of 2009. Raising more than 4 percent for the first quarter of 2011, one can question if these numbers suggest more economic hardships for consumers.

In the second quarter of 2011, consumer bankruptcies reached 342 on the index, the same number reach in the second quarter of 2009. These numbers are baffling due to the opposite trend development in small business bankruptcies.

Contrary to national numbers, Wisconsin consumer bankruptcies are decreasing. Attorneys says its too soon to show optimism despite the low numbers, according to the Milwaukee Journal-Sentinel.

In the first half of 2011 in Wisconsin, bankruptcy filings fell 8.4 percent, about 80 percent of those filings were Chapter 7 filings, which erase debt from credit cards, medical expenses, and utility bills, according to the news source.

“I think what we’re seeing now are those who were able to survive the downturn - people who were self-employed, people who had higher paying jobs, were able to tap into retirement accounts and the use of credit card but make the minimum payments,” James Miller, of Miller & Miller in Milwaukee, told the news source.