According to an article published by the Chicago Tribune (which may be seen here), their very own city of Chicago ranks as the seventh most expensive place to live in the world. The list was released recently by UBS, the Swiss global finances company, in its tri-yearly publication. As strange as it might seem, one of the main reasons cost of living is on the rise in the Windy City is not food or rent but actually clothing cost.
The trouble is that while goods and services steadily increase in cost, Chicagoans are not necessarily seeing any increase in their monthly salaries. People left and right are feeling the pinch of the economy. In a city as expensive as Chicago, there is very little wiggle room for recovery should your finances go south. So what can you – and the hundreds in your same situation – do?
Bankruptcy is a Legal Right
It doesn't sound pleasant on paper or in-ear, but filing for bankruptcy is a completely real solution that you should consider. When done correctly, Chapter 7 bankruptcy could totally eliminate your debts without sacrificing much of your assets or your credit score. It all starts with completing the Chapter 7 means test, a comprehensive study and analysis of your monthly spending, income, and assets.
If the test determines that you make less than the median household in Chicago, you have passed and may file for Chapter 7 bankruptcy. If you fail, however, there is still hope. You may be eligible for Chapter 13 bankruptcy, which divides your debt over several years.
Success might all come down to how you handle the situation. Remember that you are not alone if you are facing a financial crisis. Chicagoans from Lake View to South Shore, Uptown to Morgan Park, are all feeling the pressure and many need bankruptcy to relieve the stress. The important thing is that you decide to take action before it gets out of your control. Let our Chicago bankruptcy attorneys from Smith Ortiz, P.C. be the ones to support and guide you. Contact us today and we can consider your legal options together.