Debt plagues many people in Illinois and across the country. In fact, a good number of Americans feel that they will be forever in debt. They feel they have no way out. Truth is, Chapter 13, Chapter 7 and other debt relief options may be able to help them improve their financial situations.
Northwestern Mutual recently released the results of a study on this issue. After surveying over 2,000 people, the company found that roughly 13 percent of participants believe they will never break free of their debt. A 2017 study claims that 73 percent of consumers have debt when they die. The average amount of debt carried by consumers when they pass away is just over $61,000 — most of it being mortgage debt.
Credit card debt is a big issue in the United States. Many people count on their credit cards just to make it day to day. Unfortunately, quite a few people cannot pay them off in their lifetime. An estimated 68 percent of consumers who die with debt have credit card balances.
Living a life worried about debt is not living. It adds so much stress to a person’s life and it doesn’t have to. There may be a way to get rid of the debt or at least make the debt obligation more affordable. Chapter 13 or 7 bankruptcy or other debt relief options may help Illinois residents reach their goal of living a debt free life. An experienced bankruptcy attorney can review the details of one’s financial situation and assist one in pursuing the best relief method for one’s circumstances.