Bankruptcy Stats In The Upper Midwest. Am I Alone?
If you are considering filing a bankruptcy, you may wonder, “Am I alone?” Certainly not. As you can see from the statistics below, in just a one year period over 90,000 Chapter 7 consumer bankruptcy cases were filed in the Upper Midwest. The following is based on bankruptcy filings from April 1, 2019 to March 31, 2020 according to statista.com and from state population figures from worldpopulationreview.com.
STATE CH. 7 FILINGS (Non-Bus.) POPULATION CASES AS % OF POPULATION
Illinois 30,107 12,659,700 .00237
Michigan 22,599 10,045,000 .00225
Indiana 14,657 6,745,350 .00217
Wisconsin 11,228 5,851,750 .00192
Iowa 4,192 3,179,850 .00132
Minnesota 7,381 5,700,670 .00129
How does Wisconsin compare to other Upper Midwest states when it comes to filing for bankruptcy? Compared to other Upper Midwest states in our vicinity, Wisconsin is in the middle of the pack for non-business Chapter 7 bankruptcy filings as a percentage of the population. The number of Debtors is actually much higher because many of the cases include two debtors when they involve a married couple filing a joint case.