More Wisconsinites file for bankruptcy
Bankruptcy filings increased 38 percent in Wisconsin during the third quarter, compared to the same time last year.
And, bankruptcy attorneys say they don't expect the increasing number of people declaring insolvency to subside any time soon.
Through Sept. 30, there were 15,978 bankruptcy petitions in the state, up from 11,584 at the same time in 2007.
More than three of every four was a Chapter 7 bankruptcy filing, which allows the petitioner to wipe out credit card and medical bills.
Claire Ann Resop is a trustee on the panel that reviews bankruptcy in the Western District of Wisconsin. Resop says she's seen a troubling trend — more elderly people are filing for bankruptcy. She says some people living on Social Security and a small pension can't afford to repay unsecured credit card debt.
Nov 1, 2008 at 8:24 p.m.
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Woodsman: I agree and hope Americans will decide to lose the plastic.
Nov 1, 2008 at 12:04 a.m.
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Times have been rough through the years,but i have never owed a credit card co. one penny,if i couldn't afford it,i didn't need it,period!! Only plastic i want in my pocket is my drivers lis. Another reason this country is in such a pickle.
Oct 31, 2008 at 9:26 p.m.
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File away, we have spent more than we make and that is a shame, but then again so has wall street and Washington d.c.
Oct 31, 2008 at 4:56 p.m.
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If I work at the plant, and I decide to relocate, I will have a house to sell. If it doesn't, then I'm either stuck with making payments on it when I'm not even there anymore, or rent it out and face a whole other area of risk. I didn't think that psychonurse was asking for a pity-party--mearly stating a fact.
Oct 31, 2008 at 3:37 p.m.
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If you are filing bankruptcy and you work at the plant, it isn't because they closed it. The workers are afforded 90% of their pay for the next 2 years. If you are not able to live off of the 90%, it wasn't GM's decision to close the plants fault. Two years from now if there is a spike, you could correlate the plant closing as causation.
Oct 31, 2008 at 2:46 p.m.
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These things are happening because of the plant closing and houses not selling for those of us having to make the move. This is a scary time and its only going to get worse!
Oct 31, 2008 at 2:23 p.m.
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Make it 15,980 as K. Andreah Briarmoon will be adding 2 more to the total in the month of November.
Oct 31, 2008 at 1:16 p.m.
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I don't doubt that higher fuel and grocery prices have pushed many borrowers over the limit. The ultimate problem is nearly a decade of forced reliance on credit including home equity and credit cards. Many people find that what is "manageable" when they have a certain amount of income very quickly becomes unmanageable when some of that income goes away, or their interest rates rise.
Oct 31, 2008 at 12:48 p.m.
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I would be willing to put money on the fact that a lot of people are using unsecured credit cards just to be able to put gas in their vehicles due to the outrageous gas prices. Maybe if the price of fuel will stay down, some of these statistics will change.
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