Illinois Chapter 7: Consumer Debt Continues to Rise

Illinois Chapter 7: Consumer Debt Continues to Rise

Debt, most people have it in some form or other. There are those Illinois residents who are comfortable taking on more debt and have the means to pay it back, and then there are those who take on the debt because they have no other option — they have to survive somehow. Those in the latter position may help themselves and their financial positions by seeking some form of debt relief. Chapter 7 bankruptcy, for qualifying petitioners, can offer the assistance desired.

According to a recently published article, consumer debt in the United States, as of May 2019, is sitting around $4.1 trillion. May saw approximately a 5% rise in consumer debt compared to the previous month. Is this a good or bad thing?

There are those who believe that this is a good thing; it means that the economy is strong. Others, however, see it for what it is for most people, a bad thing. The sad reality of the situation is, many people taking on debt every month lack the funds to cover their expenses. They turn to their credit cards and loans just to make ends meet. They end up adding debt and not being able to pay it back.

Illinois residents who find themselves only going deeper into debt every month rather than improving their financial situations may have a few relief options open to them. Chapter 7 bankruptcy is just one of them. Those who would like to tackle their debt once and for all and get back on the road to financial freedom can turn to legal counsel who will be able to assist them in doing just that.


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