Personal and business bankruptcy filings have experienced a significant decline since June 2022. Since June 30, 2022, bankruptcy filings have dropped 17.7 percent in twelve months. Let's consider this and take a deeper look at the numbers. There were 280,634 bankruptcy cases recorded in the year ending June 2022, compared to a much higher 462,309 cases in the year previous. These numbers are released by the Administrative Office of the U.S. Courts at the end of the most recent fiscal year. While it's intriguing to look at nationwide trends, we at Riverwest Law Firm are a Wisconsin-based firm dedicated to serving the needs of businesses and families, primarily in Wisconsin. Therefore, we find it vital to dive into the bankruptcy statistics of Wisconsin and Milwaukee.
If you ever need an experienced and reliable attorney for a bankruptcy filing, Riverwest Law Firm is ready to help guide you through the process.
A Closer Look at Wisconsin
Looking at the state of Wisconsin, from June 2021 to June 2022, 8,049 bankruptcy cases were filed throughout this period, marking a substantial decrease of 23.2% compared to the previous year, when 10,508 bankruptcy cases were registered. Interestingly, out of the bankruptcy cases filed in Wisconsin over the past year, only 161 pertained to business bankruptcies, while the large majority, comprising 7,888 cases, were non-business-related, including personal and farm bankruptcies.
What's Happening in the Milwaukee Area
Milwaukee County has led the pack with the number of bankruptcy cases filed, with a steep 2,841 cases registered over the past year. This number accounts for 35.3% of all cases filed throughout the state.
Breaking down these cases - 22 were related to businesses, while the other 2,819 were filed by individuals seeking relief from personal debt burdens. Even when adjusting for population density, the bankruptcy data for Milwaukee County remains eye-catching. However, when we view the numbers throughout the entire region, the numbers become somewhat less intense. Here's a look at the bankruptcy cases filed in other counties in the Milwaukee area over the past year.
- Racine – 309 cases
- Ozaukee – 77 cases
- Waukesha – 382 cases
- Sheboygan – 129 cases
These numbers showcase that the Milwaukee area contributed to 3,738 cases or 46.4% of the state's 8,049 bankruptcies.
Wisconsin's Bankruptcy Landscape
The Administrative Office of the Courts states, "Bankruptcy filings have shown a steady decline since their peak in 2010, a trend that has only accelerated since the onset of the pandemic in early 2020, despite initial disruptions caused by Covid to the economy"—looking back at our previous bankruptcy data, we can confirm that this trend holds in Wisconsin as well.
While bankruptcy statistics in Wisconsin are declining, staying informed and seeking professional help when necessary is essential. Riverwest Law Firm is here to assist you.
What We Do
At Riverwest Law Firm, our dedicated team will always be on the lookout for bankruptcy trends across the nation and the Milwaukee area. In addition to providing the most updated information, we are committed to providing our clients with the best service possible.
If you need advice regarding bankruptcy or representation in an ongoing case, do not hesitate to connect with our team of seasoned attorneys.
We are a full-service bankruptcy law firm trusted by our clients to navigate their cases in a comfortable setting with precision and care. Schedule a meeting today, and let us guide you through these challenging times. As you work through your financial circumstances, it's crucial to remember that legal support can make all the difference.
Our trusted lawyers create a comfortable atmosphere for their clients, making them the ideal choice for businesses and individuals seeking expert guidance through complex legal processes. Contact us today at (414) 404-4607 for a free consultation! We look forward to serving you.