Many individuals and families in Illinois and elsewhere across the country know -- either anecdotally or from painful personal experience -- that medical debt is a prime catalyst driving further financial difficulties.
There are not too many incontrovertible truths. Death and taxes, perhaps. Experienced bankruptcy law practitioners in Illinois and elsewhere would likely agree that another - one that can lead to serious financial difficulty - is unexpected medical debt.
Foreclosure on a home isn't the goal most people in Illinois have in mind when they sign for their mortgage. If you happened to enter into that contract with a spouse from whom you are now divorced, the possibility of something like that happening may be more distant from your mind.
There's a song that goes, "In the good old summertime…." These are the months that kids relish and teachers describe as the reasons they chose the profession. Because it happens to be a time of greater family travel, it is also a time when the risk is higher of your credit card information being stolen through a skimming device.
We have said before that Illinois individuals can find themselves in dire financial trouble through no fault of their own. If there is anything fresh in everyone's mind since the last Great Recession, it is that our conditions can change in no time flat. Bankruptcy in the form of either Chapter 7 or Chapter 13 filings are the means by which the government makes it possible for people and businesses to keep their heads above water, find relief and get back on solid footing.