Many Illinois and Indiana residents take pride in their ability to effectively manage their finances. This is why when they face financial difficulties they often choose to try to fight their way out of their hole rather than seek financial relief. Although, personal bankruptcy may be able to provide these individuals with a way out by giving them the fresh financial start they need.
It is estimated that 733,000 individuals and businesses will seek bankruptcy protection this year. That's an increase of about 50,000 individuals and businesses who sought bankruptcy last year. This comes at a time when household debt is climbing, spurred by student loan debt, auto loans, mortgages and credit card debt. Unfortunately, though, many of these people wait too long to seek the protections offered by bankruptcy. If they had only sought it out sooner they could have avoided additional financial losses and overwhelming stress.