Monday 16 January 2012

Bankruptcies Down in Wisconsin

Posted at 11:47 AM

For the first time in six years, bankruptcy filings have decreased in Wisconsin.

The U.S. Bankruptcy Court shows nearly 27 thousand petitions were filed in the state last year, a 10 percent decline from 2010.

The vast majority of them were Chapter 7 bankruptcies, which wipes out credit card balances and medical and utility bills.

The Wisconsin numbers match national trends which saw bankruptcies off by 12 percent.

The American Bankruptcy Institute says consumers are getting rid of their debt without declaring bankruptcy and tighter credit standards are keeping people from piling up more debt.

 

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