An upcoming study from two professors affiliated with Harvard and Ohio University claims that personal bankruptcy has gravitated towards middle and upper middle class professionals rather than those in lower income brackets or others who simply throw money around irresponsibly.

Given falling real estate values and layoffs, the middle class can no longer expect that a college education and homeownership will automatically provide a firewall against financial downturns, the study authors suggest. According to the study, many Americans with college degrees found themselves overwhelmed by tuition payments, a flat jobs picture, and lost equity in their homes–while stable, higher paying jobs in certain sectors disappeared. The full study, which apparently bases its findings on what is said to be the more than 100,000 middle class families who went bankrupt each month during 2007, will be released in 2010 in book form.

Leaving statistics aside, all kinds of people in diverse circumstances in Wisconsin and around the nation have taken a huge hit during the current economic troubles. It really has been no picnic for anyone–whether you happen to fit the study profile or not. So regardless of how a particular researcher might define middle class, an individual bankruptcy in Wisconsin is tailored to help good, hardworking citizens from all walks of life get back on their feet and move forward. If you find yourself in difficult financial shape, setting up a meeting with a skilled debt consolidation lawyer may be a sensible idea. It can’t hurt to learn more about the bankruptcy laws in Wisconsin and figuring out your next move.