Lisle Legal Issues Blog

There are a lot of Illinois residents who are struggling to make it financially. Their debt obligations continue to grow, and few know the best way to address the problem -- such as seeking relief through a Chapter 7 bankruptcy, among other things. Recently, a debt relief company asked 2,000 adults what the current state of their finances are and what they would give up if it meant helping them get out of debt. Here is what they had to say.

According to the survey, more than half of the participants claimed to have credit card balances that they carry month to month. The large majority of participants, 72 percent, in fact, have less than $1,000 in savings to cover an emergency. Nearly half of those surveyed claim that it is the daily expenses that are killing them financially; though, plenty of people do carry student loans, auto loans and medical debt, which does not help their situations.

There are a lot of things in life that can affect one's mental health. Numerous people may not really think about it, but debt is one of those things. When money is tight, when creditors are calling, when it seems like there is no relief in sight, it can all take a toll on one's mental well-being. The results of a new study regarding this topic were just recently released, and the findings may be of interest to some Illinois residents.

The Social Service Research Centre, which is located at the National University of Singapore, decided to look at how reducing debt would improve a person's mental burden. Many people contribute debt to personal failings, but the simple truth is, so many things can cause a person to fall into debt and stay there. The problem with debt is that most people with it struggle to motivate themselves to get out of it. Why? Being in debt, according to the study, lowers a person's ability to make good decisions; it also has been shown to impair psychological functioning.

National holidays are plentiful, and it seems that more pop up every year. In March alone, there is National Pi Day, National Mom and Pop Business Day and National American Diabetes Association Alert Day -- among many others. Most people do not even know that all of these national holidays exist. There is one in particular that is relevant to this column that many Illinois residents have probably never heard of, and that is National Credit Card Reduction Day. 

According to a recently published article, this debt awareness holiday falls on March 21. It may have come and gone quickly and without notice, but it does exist. Why is this a thing? It is likely because most individuals and families in the United States are carrying a significant amount of credit card debt, and they need to learn how to tackle it.

Have a pet that is more than a pet but a member of the family? Many Illinois residents in this position want to make sure that these special family members are taken care of long after their owners pass away. Guess, what? Through the estate planning process, it is possible to ensure one's pet ends up in a good place and has what it  needs.

The idea of leaving assets to a pet is not new. It has become a topic of conversation, though, over the last few weeks when it was revealed that a famed designer supposedly left millions to his cat. Karl Lagerfeld was well-known to the fashion world. He died in February, leaving behind an estate valued at roughly $200 million. His cat is named a partial beneficiary of the estate.