Despite the fact that the economy is strong with unemployment down and millions of jobs going unfulfilled, many who are working just don’t earn enough to make ends meet. For many, wages have remained flat for decades making it difficult to keep up as the cost of living has increased across the country.
Many Americans continue to turn to credit cards to bridge the gap, putting out one fire at a time as unexpected expenses pop up on top of everything else. With credit card debt cresting at $1 trillion at an average rate of 16.8 percent, it is no wonder that many Americans consider bankruptcy to get a fresh start despite their best efforts to keep up.
Chapter 7 bankruptcy offers many the opportunity to liquidate not only credit card debt, but also other unsecured debt such as medical bills, a problem many face with the increasing costs of care combined with high deductibles and pricey premiums. Eliminating or reducing debt can help individuals and families get back on track so they can move forward.
Although most people will try their level best to overcome debt through getting by on less and working more hours, for many, bankruptcy protection is the only way out of a difficult financial situation and that is precisely why bankruptcy laws exist. Bankruptcy by definition provides the relief many families need to get back on their feet.
The first step to solving a difficult problem is to get information. We encourage you to call our Peoria bankruptcy law offices to discuss chapter 7 or chapter 13 bankruptcy protection. Although bankruptcy is not the right strategy for every situation, when it is, it can be the solution to a difficult financial problem allowing families and individuals to move forward.
Charles Covey offers a free consultation to answer all your questions and misunderstandings that you have about bankruptcy. Illinois Bankruptcy attorney Charles Covey works for clients in Peoria and in the surrounding communities such as Pekin, Galesburg, Canton, and Washington.