Wisconsin Bankruptcies On The Rise
Reports have indicated that in Eastern Wisconsin alone, bankruptcies rose by nearly thirteen percent. According to reports, this seems to be an indication and reflection of peoples’ worries regarding newer bankruptcy regulations that will make it more difficult to file for bankruptcy. Lawyers and even the public think that the pending law that is to affect bankruptcy eligibility has those with huge debts worried, and they are filing while they still have the chance.The new laws, scheduled to be enforced in October, will entail means testing for those that try and file for bankruptcy. Many more people will have to repay their debts to creditors, and the whole process will mean that those trying to file for bankruptcy and wipe their debts may end up still having to repay them, or at least partially repay them.
One lawyer stated: "I would say at least half of the clients who come to see me are aware that the laws are changing, and they want to know what the deadline is." Another official stated: "It's just that panic mode."
The new regulations regarding bankruptcy are designed to stop people that have run up debt abusing the system in order to get out of making repayments when they may actually be able to afford the repayments.
Topic Added September 14th, 2005
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