When dealing with the prospect of bankruptcy, people are forced to make crucial decisions that will have a large impact on their lives. According to the U.S. Courts, 936,795 Americans filed for bankruptcy in 2014. Approximately 310,051 of the cases filed that year were Chapter 13, which is the second most common form of bankruptcy next to Chapter 7. A bankruptcy attorney in McHenry knows that one of the main benefits of filing for Chapter 13 bankruptcy is that people are generally able to retain their homes. Read More
For Americans who are overwhelmed with financial debt, bankruptcy offers a way for people to gain a fresh financial start. Over one million Americans filed for bankruptcy in 2013, according to the U.S. Courts. While this option may not be ideal for every person suffering with extensive debt, it can transform the lives of others. Many people avoid filing for bankruptcy because of the negative effect that it will have on their credit score, a fact known by a bankruptcy attorney in Cook County.
When people think about bankruptcy filings, they commonly think about credit card debt, loans that can no longer be paid and frivolous spending habits, among other things. In some cases, these factors may contribute to people filing for bankruptcy in Illinois, and elsewhere. However, the Huffington Post reports that medical expenses are the number one reason why people file for personal bankruptcy. Read More