Statistics Don't Help When You're Struggling


“Individual Bankruptcies are falling!” So proclaim the pundits, press and politicians. Statements like this don’t mean much to cash strapped, debt laden Americans who must still struggle from pay-day to pay-day and try to survive the debt crisis.

Politicians tend to talk in percentages. Discovering the real number behind the cloak of a percentage is the key to discovering the truth about bankruptcy and the economy. The American bankruptcy Institute reported that consumer bankruptcies dropped by 8% in the first half of 2011. That means that ‘only’ 709, 303 personal bankruptcies were filed between January and June 2011.

Those are real numbers. The real numbers and very real bankruptcies that Americans have had to face in the first six months of a very difficult year.

The headlines suggest that American families are slowly making their way out of the financial doldrums and it is plain sailing through the economy. Nothing could be further from the truth. If you’re considering talking to a Chicago bankruptcy attorney, you’re not just a number or percentage point on the scale of political pontification.

The real problem lies in the fact that bankruptcies are still unacceptably high even after the government took action. Federal law has ensured that interest rates are kept to a minimum, allowing consumers to re-finance debt which may be the biggest part of the problem.

You cannot use credit to get out of debt…

Despite salary tax cuts and government employment programs, Americans still face the fear of foreclosure, litigation and law suits if they fail to repay their debts. It is a mistake to think that a small decline in bankruptcy filing means that the economy is getting better. Many hundreds of thousands of families across America are drowning in a maelstrom of debt and filing for bankruptcy may be the only option available.

Filing for a Chapter 7 or Chapter 13 bankruptcy is sometimes the most prudent financial solution to a long-term debt struggle. Remember that consumers are entitled to seek out solutions to their financial problems and bankruptcy may be one of the most powerful ways of protecting your assets, discharging much of your debt, and protecting you from creditors. A Chapter 13 bankruptcy in particular can give consumers the much need opportunity to make up on late payments with the help of the courts and legal system.

If you are one of the real Americans facing difficult decisions and financial struggles, consult with a professional Chicago bankruptcy attorney and talk about the options that are available to you.