Wisconsin state’s number of bankruptcy filings has fallen by 9.5% this year. But analysts say they are not jumping for joy yet, at least not until the jobless rate in the state falls significantly. The number of bankruptcy cases in US bankruptcy court in Wisconsin fell to 21,167 year on year, mostly coming from Chapter 7 bankruptcies, according to records.
According to figures from the American Bankruptcy Institute (ABI), the trend in Wisconsin follows that of the nation as a whole. Bankruptcy filings fell by about 10% nationally through the first three quarters of this year to a little more than 1 million.
Economists concur that the downward trend of bankruptcy filings comes just after the worst of the economy which happened about two years ago. Commenting on the national decrease in bankruptcy rate, Jay Mueller, a portfolio manager for Wells Fargo Advantage Funds in Menomonee Falls said, “I don’t think there is a lot to read into it other than to say there is a lag effect between a bad economy and bankruptcy filings.”
However, the number of bankruptcies among certain classes of consumers has not decreased in some states. For one thing, the number of small business owners filing for bankruptcy has not fallen. This has been the case in Milwaukee, for instance.
Small business owners selling specialized services and small luxury items seem to have continued to file for bankruptcy. Demand for specialized services such as repairing hydraulic pumps in off road vehicles and small luxury items that are not necessities like costume jewelry, flowers or boutique clothing appear to have drastically fallen. This has propped up bankruptcy figures among these classes of consumers.
Furthermore, filing for bankruptcy has become more socially acceptable and less of a stigma these days simply because so many people have done it. This has also prompted a continuous flow of bankruptcy filings.
Whether you are a business owner or a wage earner, bankruptcy may be your answer to starting afresh financially. Bankruptcy is your right and can offer you protection from your creditors and elimination of certain debts. If you are contemplating filing for bankruptcy, call us at (813) 200 4133 for a free consultation.
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Filed under Chapter 7 (Tampa) by on Oct 20th, 2011. Comment. 
The national bankruptcy rate rose 14% for the first 6 months of 2010, the highest since landmark legislation was enforced to curb abuse in bankruptcy cases in 2005. According to the American Bankruptcy Institute (ABI), the number of filings rose to 770,117, the highest year-on-year since the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) came into being aimed at reducing the number of Chapter 7 bankruptcies where debts can be wiped out without paying them.
However, month-on-month, the June statistics indicate a glimmer of hope. It is the third consecutive month where the bankruptcy rate has fallen. The number of bankruptcy filings in June came up to 127,000, down more than 7% compared to May. But this number is higher compared to June 2009 by more than 8%, according to the National Bankruptcy Research Center. The ABI expects another 1.6 million individuals and companies to file for bankruptcy before the year is out, according to its Executive Director, Samuel J. Gerdano.
Statistics in a report by Professor Ronald Mann of the Columbia Law School in Alaska show that among the states, Nevada recorded the highest bankruptcy filing rate of 16,000 filings for each one million households (this is more than double the national average of 6,800 filings per million) whereas South Carolina and Washington D.C. came in the least with less than 40% of the national average. The regions most hard hit by bankruptcies are the South East and South West of the country. While most states have increased in the number of bankruptcy filings, Tennessee and Alabama and some other Southern states have shown lower filings.
Even some people in public office have not been spared. Part-time mayor for Layton, a city of 67,000 residents, filed for bankruptcy in March this year after winning the election to a second term in November 2009. Steve Curtis, mayor of Layton, the largest city in Davis county, Utah lost his job due to downsizing. Curtis said that bankruptcy was something he tried very hard to avoid as it was something he felt was distasteful.
Yet Curtis intends to fulfill his duties as mayor as he had not broken any law and should not have to resign. Curtis added that he was very humbled to receive the support of many residents facing the same experience due to layoffs. He receives an annual salary of $21,800 and a monthly travel allowance of $800. In addition, he also receives a small stipend as a director of Wasatch Integrated Waste Management district that encompasses Layton’s landfill and burn plant.
No one is exempted from the effects of the economic crisis. It has driven countless people into debt. If you have been drowning in debt, consider bankruptcy as a way out. Many may not realize that bankruptcy actually protects you from your creditors and gives you the chance to discharge your debts. Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.
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Filed under Chapter 7 (Tampa) by on Sep 5th, 2010. Comment.
75% of all bankruptcy filings in the US Middle District of Florida are Chapter 7 bankruptcies made by individuals. This district covers major metro areas like Jacksonville, Orlando and Tampa and is where 10 million of Florida’s 18 million residents live. As for Chapter 13 bankruptcies, the situation is no different with individuals rather than companies forming the majority of those filing.
Chapter 7 bankruptcy is where the applicant liquidates his assets (other than those exempted by law) in order to pay whatever debts that can be covered by the sale of the assets. Thereafter, the rest of the debts are forgiven. On the other hand Chapter 13 bankruptcy is where the debtor is allowed by the court to reschedule the payments of his debts over a period of up to 5 years in order to fully pay them off.
The unemployment rate in Northeast Florida is about 12%. The state is beset with economic problems where people have lost jobs or experienced pay cuts and no longer have the option of raising money through refinancing their homes and neither do they have equity in their house.
On the other hand, businesses that file for bankruptcy do so under Chapter 11 of the bankruptcy code. Chapter 11 allows companies to reorganize their finances and operations to settle their debts with creditors. But businesses also have the option of liquidation under Chapter 7. Businesses that choose the option of liquidation do so to cut their losses, absolve their debts and relieve themselves of financial burdens as quickly as possible in light of the shaky economy since they cannot be sure of what the future holds for their businesses. Many of these companies have also run out of ways to obtain credit and the amount of their debts has risen to unmanageable levels while income has not increased.
Bankruptcy experts predict another 6 months of hard economic times which would continue to see a rise in the number of bankruptcy filings both individual and corporate.
Here are the statistics for the Middle District of Florida:
• Total bankruptcy filings rose by 18% during the first four months year on year and were 5 times the pace of 2006.
• Chapter 7 liquidation filings rose 21% over the year to 16,659. This was 7 times the rate of 2006.
• Chapter 13 individual repayment plans rose 7% to 5,293, 3 times the rate of 2006.
• Chapter 11 corporate reorganizations almost doubled over the year to 316 and were 9 times the rate of 2006.
• In the district’s Jacksonville division, overall bankruptcy filings rose almost 8% over last year on top of a first-quarter rise of 10%.
• Filings in the Jacksonville division rose to 3,822 in the first four months, the highest since 2005.
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Filed under Chapter 7 (Tampa) by on Aug 2nd, 2010. Comment.
In an amazing development, Ted Baer, who is the heir to the Brandeis Departmental stores has filed for Chapter 7 bankruptcy. Ted and his wife, Kathy Baer filed papers at the bankruptcy court on April 29. A few days after the filing, Baer’s mother passed away.
Ted Baer is the great grandson of J.L. Brandeis who founded the Brandeis Departmental stores. Baer’s father died in 2002. At one point of time, Baer was the owner of US Hockey league team, the Omaha Lancers until he sold off the team in 2004. The bankruptcy filed by Baer cited debts between $10 million and $50 million, one of the biggest Chapter 7 bankruptcies in the country.
Baer owes about 200 creditors, including Borsheims, Nebraska Furniture Mart and ConAgra. The Baer’s lawyer said that the bankruptcy involved the couple’s personal finances and not their family business holdings. The lawyer also stated that they chose to file for bankruptcy to avoid personal liability and that the business contributed to the couple’s personal financial problems.
The court imposed a deadline for the couple to disclose more details on their bankruptcy filing. At this point, the family still runs the Georgetown Club and Brandeis Catering.
Before filing this present Chapter 7 application, Baer had filed a Chapter 11 bankruptcy case on 2 of his other companies that owned and operated a bowling alley called Thunder Alley located in Elkhorn. The 2 companies in question are BowlNebraska and Husker Bowl. Baer closed down the bowling alley in June last year without warning and explanation. According to bankruptcy records, he had been behind in payments on several loans connected to the property there. But the bowling alley was re-opened by one of Baer’s former business partners, Steve Sempeck who started to lease the 86,000 square feet property after his own bowling alley burned down.
According to Sempeck, the precipitating cause of the Baers’ financial problems was the ailing economy. Register of Deeds Diane Battiato said the Baers started to default on their mortgage loans last summer about the time they closed down Thunder Alley. The Baers had three out of their four deeds of trust with defaults filed on them.
With his companies under Chapter 11 bankruptcy and his own personal finances under Chapter 7, Ted Baer faces an uphill task in working his way out of the debts he owes.
Filed under Chapter 7 (Tampa) by on May 23rd, 2010. Comment.
75% of all bankruptcy filings in the US Middle District of Florida are Chapter 7 bankruptcies made by individuals. This district covers major metro areas like Jacksonville, Orlando and Tampa and is where 10 million of Florida’s 18 million residents live. As for Chapter 13 bankruptcies, the situation is no different with individuals rather than companies forming the majority of those filing.
Chapter 7 bankruptcy is where the applicant liquidates his assets (other than those exempted by law) in order to pay whatever debts that can be covered by the sale of the assets. Thereafter, the rest of the debts are forgiven. On the other hand Chapter 13 bankruptcy is where the debtor is allowed by the court to reschedule the payments of his debts over a period of up to 5 years in order to fully pay them off.
The unemployment rate in Northeast Florida is about 12%. The state is beset with economic problems where people have lost jobs or experienced pay cuts and no longer have the option of raising money through refinancing their homes and neither do they have equity in their house.
On the other hand, businesses that file for bankruptcy do so under Chapter 11 of the bankruptcy code. Chapter 11 allows companies to reorganize their finances and operations to settle their debts with creditors. But businesses also have the option of liquidation under Chapter 7. Businesses that choose the option of liquidation do so to cut their losses, absolve their debts and relieve themselves of financial burdens as quickly as possible in light of the shaky economy since they cannot be sure of what the future holds for their businesses. Many of these companies have also run out of ways to obtain credit and the amount of their debts has risen to unmanageable levels while income has not increased.
Bankruptcy experts predict another 6 months of hard economic times which would continue to see a rise in the number of bankruptcy filings both individual and corporate.
Here are the statistics for the Middle District of Florida:
• Total bankruptcy filings rose by 18% during the first four months year on year and were 5 times the pace of 2006.
• Chapter 7 liquidation filings rose 21% over the year to 16,659. This was 7 times the rate of 2006.
• Chapter 13 individual repayment plans rose 7% to 5,293, 3 times the rate of 2006.
• Chapter 11 corporate reorganizations almost doubled over the year to 316 and were 9 times the rate of 2006.
• In the district’s Jacksonville division, overall bankruptcy filings rose almost 8% over last year on top of a first-quarter rise of 10%.
• Filings in the Jacksonville division rose to 3,822 in the first four months, the highest since 2005.
Filed under Chapter 7 (Tampa) by on May 18th, 2010. Comment.
