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Teetering on a Fine Line: Illinois Residents Turn to Qualified Bankruptcy Attorneys to Ease Financial Burden

Posted on in Bankruptcy

For many, the fine line between financial solvency and financial distress is quite thinner than many care to admit. The decline of financial stability often presents the acceptance that bankruptcy may be looming around the next corner.

No state is exempt. In Illinois, the number of bankruptcies filed with the U.S. Circuit District Court 7, reached 116,139 for a 12 month period ending June 30, 2014. Those petitioning for Chapter 7 bankruptcy totaled 80,161 and 35,509 citizens filed for Chapter 13 bankruptcy protection.

These numbers are reflective of typical American households facing unsurmountable debt. However, with the option of quickly contacting an experienced bankruptcy attorney, they can receive assistance with redefining their financial forecast.

Bankrate, an online resource of all things financial, offers these following scenarios to assist with gauging your financial climate. If you can relate to any one of these situations, it is the opportune time to contact a certified financial advisor or skilled bankruptcy attorney to rectify your flirtatious affair with financial disaster.

Monthly Juggling Act

If you are paying your bills past the due date or paying additional late charges on a monthly basis, this is one of the major warning signs. Also, paying only the minimum amount due and never beating down your balance is also dangerous by allowing your debt to grow.

Counting Your Chickens

If you are basing your financial security by factoring perhaps an inheritance, sale of a home or your tax refund, these can be symptoms of a larger financial problem. Depending on these types of financial windfalls only sets you up for further financial instability.

Charge It

Although credit cards offer a convenient method of making purchases, when lost in transaction, we tend to forget that these gracious companies are also profiting from our purchase via interest. If your credit card debt is continually rising or you revert to the juggling act by transferring balances to yet another credit card, you are playing financial Russian roulette which can quickly lead you to a bankruptcy attorney in your area.

Dwindling Disposal Income

If you or your partner are observing a spike in arguments over dwindling disposable income, this could be another red flag. Stress levels rise and reaching a solution may seem unobtainable causing more problems, both personal and financial.

Non Sufficient Fund Fees (NFS)

If you are experiencing an increase in NFS funds and overdraft charges on your checking account, you could very well be on the financial brink. Continual NFS charges are not only a severe warning but evidence that there is already a dire financial issue.

Saving for a Rainy Day

If you are unable to continually set aside even the smallest amount of your wages into a savings account, you are already on shaky ground. If there is a sudden emergency, such as a car repair bill or an interruption of income, you may find yourself actually teetering on the edge of the proverbial financial cliff.

The Peter and Paul Buddy System

Unless in an extreme financial emergency, do you find yourself borrowing from retirement funds or asking family members for financial assistance just to get you through the month? This may help in the interim, but paying withdrawal penalties means that you are pillaging your retirement savings and are currently living outside your means.

Home Sweet Home

Continually refinancing your home mortgage can be dangerous, not only to your credit report, but it depletes your equity and increases your chances of facing foreclosure. Before signing on the dotted line, consider if the purchase or expense is a necessity or a luxury. Once you move forward with an equity loan, you are amortizing that loan over a period of 15 or 20 years, placing your further behind the financial liability eight ball.

If you reside in Illinois and can equate any one of these scenarios to your current financial situation, it may be time to contact a qualified Illinois bankruptcy attorney. The attorneys at Newland & Newland, LLP have been successfully assisting Illinois clients throughout Arlington Heights, Libertyville, Crystal Lake, Waukegan and Chicagoland since 1993. Our legal team can discuss your options of filing for protection under Chapter 7 or Chapter 13 bankruptcy as a financially sound recourse to regain your financial footing. The numbers of Illinois citizens who petitioned for protection only proves that you are not alone in the financial tightrope balancing act. Contact us today to schedule your initial consultation.

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