Wisconsin Bankruptcy Filings Up 38%, Judge Says More To Come
By Jay Fleischman, New York Bankruptcy Lawyer on Nov 20, 2008 in General Bankruptcy Information
More than 12,000 bankruptcy cases have been filed in U.S. Bankruptcy Court in the Eastern District of Wisconsin this year, representing a 38 percent increase through October of last year.
In fact, filings have been coming in at a rate of nearly 30 a day.
But that’s not the real bad news.
According to Wisconsin bankruptcy Judge Margaret McGarity, there’s a much larger segment of the population that’s near retirement or beyond that’s filing. Judge McGarity estimates that there’s a time lag of 1 to 2 years between the financial catastrophe and the when someone files for bankruptcy in Wisconsin.
So let’s dissect that. People are retiring in Wisconsin at an increasing rate. With the reduction in income that accompanies retirement, people look to their retirement savings. Wall Street has been hacking away at those savings, reducing them by more each day. So that would create a catastrophe, at least in my book.
In other words, look for Wisconsin bankruptcy filings to continue to grow by leaps and bounds in the next few years.
Source: Chicago Tribune.
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