Illinois Bankruptcy Filings at a Record Level
Posted on Sep 12, 2010 in Uncategorized
For the fiscal year ending June 30, 2010, 63,348 bankruptcy cases were filed in the Northern District of Illinois. This is the largest number filed during the past 40 years, and probably even beyond that. Of these cases, more than 96% of the cases were chapter 7 cases or chapter 13 cases. This level of filing is 30.2% in excess of the already elevated level of cases filed in fiscal year 2009 ending June 30, 2009.
What does this mean? Several factors:
- The economy stinks
- High unemployment rates persist
- Mortgage foreclosures are running rampant
- Collection of credit card and medical debt is more aggressive than ever.
Remember, creditors have rights but debtors have remedies. Bankruptcy is the most important remedy which you have as a debtor facing economic hardship. Bankruptcy is not shameful. It is your right. It’s built into our constitution, which these days is a matter of paramount concern to many people. Check it out in Article 1 Section 8 Clause 4.
And Congress has granted people the right to file bankruptcy pursuant to its constitutional authority to do so.
So, if you need bankruptcy help, call us at Lakelaw 1 866 LAKELAW (525-3529). We’ll help you exercise your constitutional right to a fresh start after bankruptcy. Now.