Wisconsin consumers and their counterparts around the country clearly have a ways to go before the economy rebounds. Under the latest available statistics, one out of every nine Wisconsin homeowners (11%) is either behind on their mortgage payments or already in foreclosure through the end of September. The good news, if we can call it that, is that the ratio is one in seven (14%) on a nationwide basis. This sets a record-high benchmark for the ninth straight quarter. The Mortgage Bankers Association says that unfortunately the rate of Wisconsin bank foreclosures (and foreclosures everywhere) will probably get worse before it gets better.

In general, most people fall behind on their mortgages because they’ve lost their jobs through no fault of their own. But that doesn’t necessarily mean they will wind up being thrown out into the snow. Wisconsin apparently ranks 10th in the nation in the percentage of foreclosed home loans. However, under the bankruptcy laws in Wisconsin, certain key assets–including your home–can be protected. An experienced bankruptcy attorney can explain how you can save your home from the bank within a consumer bankruptcy or via some other appropriate legal option. So if you find yourself unable to afford your mortgage because of changed financial circumstances such as a layoff at your job, you should strongly consider discussing your situation with a qualified debt consolidation lawyer right away. The lawyer’s job is provide answers to all your Wisconsin bankruptcy questions, including exploring ways that you might be able to bring your loan current or perhaps modifying your loan agreement to lower your monthly payment. With professional assistance, including considering a personal bankruptcy in Milwaukee or elsewhere in Wisconsin, there is a path to debt relief. Ignoring notices from the bank that they are coming after your house is no solution.