Wisconsin bankruptcy filings declined again in 2018

Data recently released by the U.S. Bankruptcy Court for last year shows that Wisconsin continued to see a reduction in the number of bankruptcies filed in the state in 2018. The number of people pursuing this type of debt reduction starting trending downward once the economy started recovering in 2010 after the 2008 recession.

Federal data shows that there were just 16,194 individuals filing for bankruptcy in 2018 in Oshkosh and across the state of Wisconsin. This marked a decrease of 3.4 percent over the number of filings in 2017 and a staggering 46 percent decline from what it was in 2010.

In case you’re wondering what’s led to a decrease in bankruptcy filings in Wisconsin, many financial analysts note that it has to do with a reduction in unemployment. While the number of people who found themselves jobless in 2009 and 2010 reached as high as 9 percent, by December of last year, that number had decreased to just 3 percent.

Some analysts argue that the decline in bankruptcy filings in Wisconsin shouldn’t send the message that people are better at managing their bills, though.

They note that many residents continue to struggle with rising credit card debt and how to pay costly medical bills. Others find themselves locked into paying high-interest car loans or predatory payday ones. Many individuals, they find, are just an accident, paycheck or divorce away from bankruptcy.

When you’re encumbered with debt, you may feel a variety of emotions such as misery, stress and a sense of failure. The truth is that you don’t have to feel that way any longer. A bankruptcy attorney can advise you on how this type of debt relief can help you put a stop to bill collector calls and ultimately get your finances back on track in the future.