In Illinois, homeownership is a milestone, a step signaling success and the achievement of the American dream. Because of that symbolic value, the prospect of foreclosures and its alternatives can be especially frightening. But fortunately, Illinoisans stuck in a scary financial situation can sometimes stop foreclosures.
No one knows what tomorrow will bring. One day the stock market is up; the next day it is down. One day a business is booming; a little while later the business has to close its doors. One day a person is healthy; another day they have a stroke requiring a lengthy stay in the hospital. These unpredictable reversals are just some of the reasons why Illinoisans file for bankruptcy.
Illinoisans find themselves under financial stress for a lot of reasons. Some suffer from medical debt; others are besieged with credit card debt. Whatever the reason for their debt, Illinoisans feeling squeezed may want to consider an option that could provide relief: bankruptcy.