Wisconsin Bankruptcy Filings Soared In 2005
Data has shown that bankruptcy filings rose steeply in Wisconsin in 2005, prior to changes in legislation that came into force in October of last year. The rush in filings came as residents of the state realized that the new legislation could make it extremely difficult for many of them to file after the date of enforcement, which meant increased difficulty in erasing accrued debts.Figures show that an increase in petitions for bankruptcy filings rose by over 40% before October 17th last year, which is when the new legislation regarding bankruptcies came into force. This was a new record, with 10,000 more filings than the previous record in 2003. It is thought that this latest record will stand for some time.
Marquette University law professor Ralph Anzivino stated: "You are not going to see anything like this again for a very long time. All the publicity about the bankruptcy code was that it was going to be a lot worse for debtors when the new law came in. Once you put that spin on it, everybody was going to rush to get filed under the old law."
Credit card companies, banks, and other lenders had been seeking such a change in legislation for many years. Under the new laws, those in debt cannot declare bankruptcy until they have received financial counseling.
Topic Added February 8th, 2006
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