Bankrupcy On The Rise In Wisconsin

MADISON, Wis. (WTAQ) - The number of Wisconsinites filing for bankruptcy keeps growing. Just over 16 thousand bankruptcy petitions were filed in federal courts in the first half of this year.

That’s 16 percent more than the same period a year ago, when just under 14 thousand claimed bankruptcy. Eighty-two percent of the new cases were filed under Chapter-Seven which lets individuals wipe out consumer debts like medical bills and credit card balances.

The increase in Wisconsin bankruptcies was slightly higher than the national trend. The American Bankruptcy Institute said consumer filings rose 14 percent from January through June. The institute blames rising consumer debts, lower savings rates, high unemployment, and the recent housing slump.