Bankruptcy as New Years Resolution? Not a bad idea for many Chicagoans

More money in the new year. It’s a popular enough new years resolution, but a resolution without a plan of action is just a wish and unlikely to get you to where you want to go. And if you are paying down large balances its nearly impossible to even begin to think about saving.

Consumer debt is a huge problem for many in Chicago. According to the Chicago Tribune, complaints about consumer debt to the Illinois Attorney General’s Office ranked at the top again last year for the fifth year as we collectively continue to stress over debt. It’s not surprising.  According to, the average credit card carrying household has over $15,000 worth of credit card debt with each household averaging 3 credit cards and 160 million Americans carrying credit cards.

A Chapter 7 bankruptcy will let you keep more money in your pocket as you stop sending out payments on your credit cards, some personal loans, medical debt and the like.  Elimination of debt in the new year through bankruptcy can be a good start and a realistic way to re-set yourself back to zero using a Chapter 7, as you rebuild your financial future throughout 2014.  

If you’re facing too much debt and live in the Chicago area, contact us for a no-obligation, complimentary consultation. Maybe you haven’t thought about bankruptcy before, but as you let the new year open you up to new options, a Chapter 7 might be well worth considering. I’ll be happy to talk to you. 

Carol O'Connor Cadiz
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Attorney & Owner at O'Connor Cadiz Law: Injury & Accidents, Disability Insurance.
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