Chicago Bankruptcy Filing Helps Consumers Dealing with High Debt Levels
Debt is skyrocketing in America, leaving many households struggling to make ends meet. According to economywatch.com, the Federal Reserve reports $2.4 trillion in debt, much of it unsecured in the form of credit card debt or medical bills.
If you, a friend or a family member is struggling with mounds of credit card debt don't attempt to handle it on your own. Contact Chicago Bankruptcy Lawyers and decide what your best option may be. Bankruptcy may allow you to eliminate your debts or set up affordable payment plans to pay them off.
About 33 percent of the $2.4 trillion in debt is considered unsecured debt, such as credit card debt, while the rest is locked up in loans, such as mortgages, car loans and student loans.
Here are some other debt numbers that may shock you:
- In 2006, $51 billion of fast food was charged to credit cards, which was up from $33.2 billion the year before
- The average credit card debt per cardholder is $5,100 and is expected to be $6,500 by the end of the year
- One in 10 consumers has more than 10 credit cards, while the average consumer has four cards
- One in 50 households, or about 2 million households total, have more than $20,000 in credit card debt
- About 5 percent of cardholders are 60 or more days late on payments
- In 2010, there were 115,000 bankruptcy filings in California alone. Countrywide, 1 in 160 people filed for bankruptcy.
- Alaska ($7,665), Tennessee ($7,054) and Nevada ($6,517) were the states with the highest credit card debts
While that may seem shocking to you, it's not to Chicago DebtStoppers. We see people every day who are struggling to get by and are using plastic as a way to put food on the table and a roof over their family's head.
But there are ways to eliminate nagging creditor calls and get your life back on track. It's possible that Chapter 7 bankruptcy in Chicago is the path that will get your family back on track. Depending on your assets, Chapter 13 bankruptcy may be best to protect your home but still eliminate debt.
To find out, take our free debt analysis and then call.
If you need to speak to a Chicago bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.