Having bad credit is often a product of carrying too much debt or failing to pay debts as agreed. Many Illinois residents have found themselves not only struggling to meet their debt obligations but also keeping their credit ratings at decent levels. Some may be tempted to turn to credit repair services for help, but it is necessary for them to be careful about who they trust with their information.
When you think about bankruptcy, you probably think about all of the bad things you have heard about it. The truth is, bankruptcy is not necessarily a bad thing. It is a way for people to get out of debt and get their finances under control. This week, this column will focus specifically on Chapter 7 bankruptcy and who in Illinois can benefit from pursuing it.
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.
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.
When in need of debt relief, it is normal and important to ask questions about your options and what those options could mean for your future. You may not want to take certain actions now if doing so could negatively affect you down the line. For example, some Illinois residents believe that they can only file for Chapter 7 bankruptcy once in their lifetime, so it is not something they want to be quick to rush into. The truth is, it is possible to file this type of bankruptcy more than once, so if you need it now, do not be afraid to consider it.
You are in debt and you need relief fast. Your income is limited and you have assets but they do not have a lot of monetary value. While they may not be worth much, you still want to know if you will lose your assets if you pursue a Chapter 7 bankruptcy. Guess what? Thanks to exemptions offered in Illinois, you may be able to keep your property.
Does the thought of having debt cleared give one hope for the future? It certainly sounds good when one is struggling to make payments to creditors. A Chapter 7 bankruptcy can accomplish this, but one must qualify for this type of bankruptcy filing. How can Illinois residents find out if they qualify?
When Illinois residents are struggling to meet their financial obligations, they may actively seek out debt relief options that may be open to them. For some, Chapter 7 bankruptcy may be the best fit. Of course, before jumping on board and submitting a filing, it is good to know exactly what one is signing up for.
A man in another state recently made national headlines for heading back to work at the age of 87 in order to pay for his wife's ever-increasing medical bills. Sadly, he is not alone. Many older Americans in Illinois and elsewhere are re-entering the workforce due to medical and other debts. Some of them may find Chapter 7 bankruptcy a better option.
Numerous Illinois residents are struggling financially due to job loss or lack of sufficient income to pay their debts. In order to help their economic situations, some will turn to Chapter 7 bankruptcy to clear their debts and achieve a fresh start. While there are those who would advise against this due to the impact such a filing can have on one's credit score, a recent report suggests that filing for bankruptcy really is not the end of the world.