Law Offices of David Freydin Articles What Bankruptcy Can Do For You

What Bankruptcy Can Do For You

By Glanzer & Associates, P.C.  May. 25, 2011 11:39a

It’s no secret that our nation is hurting and Illinois families are being hit just as hard as families in other states. Currently, our unemployment rate is 8.6%, compared to its peak of 11.2% in January of 2010. Although the numbers have slowly crept downward, those numbers are bleak in comparison with the Illinois unemployment rate of 5.1 percent in the fourth quarter of 2007. Some are now referring to this stage in history as the “Great Recession,” as it is the worst economic downturn since the Great Depression of the 1930s.

In August of 2010, it was reported that more Illinois families were on food stamps than ever before as a result of the greatest recession in decades. As of June 2010, over 780,000 Illinois families received food stamps, up 11.9 percent from 2009 according to the Illinois Department of Human Services. Nationwide, the number of American households on food stamps were 18.7 million.

American Families File for Bankruptcy Protection

Everywhere one looks, they can see signs of the “Great Recession.” Companies are laying off workers, businesses are shutting down, and schools are increasing their class sizes while reducing their numbers of teachers. America is poor and it is having a direct impact on American families. Today, more people are turning towards Chapter 7 bankruptcy than ever before. At a time when every penny counts, people are figuring out how much easier their life can be, if their unsecured debt is eliminated and their wage garnishments are stopped.

Bankruptcy was stigmatized when our economy was booming, however, in today’s economic climate, things have changed. For people drowning in overwhelming debt, bankruptcy may offer them a way out and much needed breathing room. If you are struggling with debt, you should seek the advice of a qualified Chicago bankruptcy attorney today.

Many people who file Chapter 7 bankruptcy have no other option. Little do they know, filing for bankruptcy may be the single most effective blow to their disastrous finances. For Chapter 7 filers, bankruptcy gives them the peace of mind and fresh start they so badly need and deserve. If you would like more information about bankruptcy, contact a Chicago bankruptcy lawyer from Glanzer & Associates, P.C. today!

Contact a Chicago bankruptcy attorney from our firm for a free initial consultation.

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