Whether or not there is growth in the state or whether or not the state is suffering through a recession, there is an abundance of Illinois bankruptcy cases. With the large metropolitan area consisting of Chicago and its suburbs, there are literally twenty-five to fifty thousand bankruptcy cases filed in any given year. The major causes of filing are job loss, medical bills, credit card bills, illness and divorce. Each cause alone can lead to bankruptcy filing. When you start to couple the causes you can see how someone would need the protection afforded by the United States Bankruptcy Code.
Many Illinois residents are suffering today as a result of job losses. Without a full time job, people are not able to keep up with their expenditures. Take for example someone who was making minimum payments yet carrying a lot of debt. Once the job loss occurs, there is not enough income from unemployment insurance to satisfy the debts. The person then may seek the advice of a Chapter 7 bankruptcy attorney who lays out the best options. The best option is to find employment and regain payments on the debt. The economic reality is that the job is very tough to replace. Faced with that scenario, bankruptcy seems to be the best option.
If someone has just lost his job, he may not even have the funds to hire a Chicago bankruptcy lawyer. After all, attorneys are not able to work for free. They have expenses as well such as rent, staff, licensing, continuing legal education, etc. Although there are plenty of lawyers that claim to handle bankruptcy cases, you want to make sure that you are going to be handled properly. I have had to take over for other lawyers who did not know the ins and outs of bankruptcy. What used to be an easier area of practice has turned out to be quite difficult at times.
Whatever you choose to do, please be aware of your bankruptcy options. Some attorneys will try to put you in a chapter that works best for them. You want a chapter that works best for you. By learning a little bit about Chapter 7 and Chapter 13 bankruptcy, you will be able to catch an attorney who is putting you in the wrong chapter. There is nothing worse than being locked into a five year payment plan when you really wanted and needed a fresh start. I would suggest a second opinion if you are not feeling comfortable with your current bankruptcy professional.
