American Comsumers' Debt Increases Every Year

The average American consumer's debt is on the rise every year and statistics show that the average low to middle-income family owes $8,650 in credit card debts alone.

Based on research conducted by one institution, we now know that bankruptcy filings increased 40% in 2007 when compared to the year before. During that year there were 801,840 consumer bankruptcy filings. While this figure may seem high, it pales when compared to the figures just a few years later. In 2009, there were almost 1.5 million bankruptcy filings, the highest figure recorded since 2005.

Rather than be intimidated by these numbers, you can gain encouragement for your own financial situation. Filing for Chapter 7 bankruptcy is not the social taboo that it was once. With the economy and housing market still lagging, more and more people are opting to file for bankruptcy.

If you are in debt and want to take more serious steps towards fixing your finances, it is time to contact a Chicago Chapter 7 bankruptcy lawyer. Speak with a Chicago bankruptcy attorney from our firm about your legal rights and learn how you can confront your debt once and for all.