Economy Improves, Bankruptcies Decline
As the U.S. economy continues to improve, fewer individuals are filing for bankruptcy. The total number of bankruptcies filed in the United States has declined by more than 660,000 since 2011, and the number of individuals filing has dropped by 48 percent. Bankruptcy can put you back on the road to financial freedom and offer you some protections along the way, but it’s not for everyone. Still, bankruptcy remains an important option for individuals who are drowning in debt because of bad decisions or just plain bad luck. If you are struggling in the Chicago area with debts that you simply cannot pay, discuss your financial circumstances as quickly as possible with an experienced Chicago bankruptcy lawyer.
Before bankruptcy becomes the only available option, individuals and families should reach out to their creditors to ask about a structured repayment plan. In many cases, an experienced bankruptcy lawyer can represent you and negotiate with creditors on your behalf. However, when the debts are too large or the creditors refuse to negotiate, bankruptcy can offer financial protection when you need it most. Bankruptcy may permit you to:
– Discharge most but probably not all of your debts.
– Stop a foreclosure. Bankruptcy, however, does not eliminate a mortgage.
– Stop the repossession of your vehicle.
– Stop harassment, wage garnishment, and other actions by creditors.
– Stop a cutoff of utility services.
In an Illinois bankruptcy, exemptions will allow you to keep some of your important property, and you are provided with considerable legal rights and protections. Certain pensions, public benefits, and the property of a business partnership are exempt. Bankruptcy isn’t necessarily your only option for satisfying mounting debts – you may have less drastic alternatives. In the Chicago area, if you’re thinking about bankruptcy, don’t take any action before consulting with an experienced Chicago bankruptcy lawyer, and if you’re struggling with debts right now, make the call today.
