A lot of people think that a lack of self-control is behind the debt crisis in this country. Yes, there are some individuals who need to learn to budget, but budgeting alone is not going to solve the real reason most people find themselves in a bad way financially. According to a recent report, health problems are responsible for a lot of consumer debt. Illinois residents who find this is true for them may be able to utilize Chapter 7 bankruptcy filings to better their situations.
Roughly two out of every three bankruptcies are said to stem from medical problems. When a person becomes sick, really sick, it is not just medical bills that are a concern. Some individuals find that they are unable to work temporarily or permanently. This results in a loss of income which makes it impossible for them to meet their financial obligations, such as mortgages, credit card debts, auto loans and other financial obligations. It also may increase their personal and medical expenses due to the loss of employer-provided insurance.