States with the Highest Rates of Consumer Bankruptcy
Why do some states have a higher rate of consumer bankruptcy than others? According to a recent post from Credit.com , personal bankruptcy affects different states to varying degrees. Illinois, as it turns out, has the fourth-highest rate of consumer bankruptcy in the country. To better understand why more Illinoisans are filing for bankruptcy than residents of other states, we should take a closer look at why debtors decide to file for Chapter 7 or Chapter 13 bankruptcy in the first place. Reasons for Filing for Bankruptcy Bankruptcy can be one of the most practical and successful ways to help a consumer deal with unexpected debt burdens and insurmountable financial hardships. There are many reasons that individuals file for bankruptcy, including but not limited to: Loss of a job; Unexpected medical expenses; Growing credit card debt; and Inability to make mortgage payments. If you are getting yourself into more debt and are unable to pay down b...