Being young and a recent college graduate with young children to provide for can be an extremely challenging time of life. Too many Illinois residents know the strain of trying to pay off student loans, pay for childcare and meet their other financial obligations. Many times, there seems to be too little money at the end of the month. Chapter 7 bankruptcy may help individuals in this position.
Illinois residents who are in debt know what it is like to constantly worry about their finances. It is no way to live, yet many people in this situation struggle to make the call that may end the stress and the financial worry. Filing for Chapter 7 bankruptcy is not for everyone, but there are those who will and have benefited from it even though others told them that would not be the case. Several people recently shared their debt and bankruptcy stories. Here is a quick rundown of what they had to say.
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.
Quite a few Illinois residents are currently struggling to make ends meet. Some have been in this position for a while, while, for others, the economic difficulties are relatively new. Health problems are believed to contribute to a lot of people's monetary issues. In fact, medical debt is said to be the main reason most people choose to file for Chapter 7 bankruptcy.
What do Illinois residents do when they do not have the funds they need to pay all of their expenses between paychecks? Many of them are likely to turn to family, friends and banks for assistance, while some choose to utilize the plastic in their wallets instead. Credit cards are often used to cover monthly expenses and other financial obligations. Unfortunately, this has caused numerous people to fall further into debt than they imagined possible. A Chapter 7 bankruptcy filing, if approved, can relieve them of this liability.
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.