Bankruptcy filings skyrocketed back in 2008, when the economic crisis in the United States really took hold. After this high point, though, they started falling quickly. This happened by as soon as 2009; though the numbers in 2009 were significantly higher than they are now, and though the crisis was still looming in many industries, the filings had dropped off quite a bit from 2008.

By 2011, things had really fallen in a significant way, and the trends then changed. There were short periods where things move up a few percent, followed by similar periods of decline. A look at the charts shows that things have remained roughly level for the past four years, despite these little movements.

Nothing has come close to the high point that was seen in 2008. In fact, the rate of filing has not even reached mid-2010 levels in the years since.

Still, this by no means indicates that things are fine. In February of 2015, there were about 3,422 new bankruptcy filings every single day, all across the United States. This number is lower than what was seen in February of 2014, which had 3,804 filings as the daily average, but still shows that bankruptcy, though not as much of a problem as it used to be, is still very much a reality for many Americans in Wisconsin.

If you are in financial distress and you think that bankruptcy may give you the relief that you have been unable to find elsewhere, you need to know about all of the legal steps that have to be taken to file.

Source: Credit Slips, “Bankruptcy Filings Down Again 10.1% in February 2015,” Bob Lawless, accessed July 13, 2015