It might seem to many people in and around Chicago that fewer homes are going into foreclosure these days. As the economy has improved, many people have been able to keep current on their payments and thus stay out of foreclosure. And while that is good news, it might not tell the whole story.
Whether you rely on this blog for personal finance tips or learned how to manage your money at an early age from your parents, chances are good that you know the basics of saving and spending. To achieve a base level of financial security, you need to avoid spending more than you earn, and save what you can after all of your expenses are paid.
The word "bankrupcty" tends to scare people. To many Lisle residents, the idea of bankruptcy might seem like the end of a process, and so putting it off as long as possible might seem like the best course of action. However, doing so only delays the possibility for debt relief and getting a fresh start under Chapter 13 or Chapter 7 bankruptcy protection.
It's no secret that the last few years have been quite difficult for Illinois residents in terms of their finances. Many people have had to make difficult decisions regarding which bills to pay and which to let slide; sometimes, in extreme circumstances, people might have to decide if paying for their prescription drugs is more important than having a hearty meal.