The vast majority of Americans are in debt. While not all debt is bad, per se, being debt-free really is the goal and can help one carry much less stress on a day-to-day basis. For Illinois residents who find their financial situations looking pretty bleak, Chapter 13 or 7 bankruptcy filings may offer relief that is both needed and desired.

According to a recent report in USA Today, debt is a problem among all adult age groups. Comet, a company who follows the American debt crisis, claims that roughly 80 percent of all baby boomers, Generation Xers and millennials have debt. What kind of debt? Mortgages, auto loans, student loans, medical debts and credit card debts are the most common.

Getting into debt is easy; getting out, not so much. Some individuals may find budgeting will vastly improve their situations. Others, though, may need to take a more proactive approach to dealing with the issue — such as settling with creditors or pursuing bankruptcy. At the end of the day, every situation is different, and there is no one-size-fits all solution that works for everyone.

Illinois residents who are ready to free themselves from their debt prisons but need some help in getting it done can turn to a bankruptcy law attorney for assistance. Legal counsel can review one’s situation and help one pursue a Chapter 13 or 7 bankruptcy filing — if appropriate — or take advantage of other debt relief options. Financial freedom is possible; getting there just takes some work and sometimes a little legal maneuvering. 

Source: USA Today, “It’s official: Most Americans are currently in debt“, Marie Backman, Feb. 17, 2018