Bankruptcy Filings Down 32%

by | May 22, 2012 | Lawyer

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An Illinois data firm that specializes in foreclosure data recently reported that Illinois bankruptcy filings have dropped by nearly 32 percent in 2011. The number of bankruptcy filings in Naperville has dropped this year slightly after a steady decline in filings last year. These dipping statistics suggest that the economy may be finally showing some measurable signs of improvement; however, the U.S. and local economy is not out of the woods just yet. The numbers gathered by the Illinois firm are similar to the decline that is occurring throughout the country.

A University of Chicago professor from the Booth School of Business indicated that a significant dip in bankruptcy filings in Illinois for two years in a row is a positive indicator of a strengthening economy. However, the job market is still remains very weak. Individuals are still losing jobs due to being laid off; however, the drop in the number of foreclosures can be attributed to relatively better unemployment rates and elevated housing prices.

Residents of Naperville may welcome this news. However, these numbers alone are not necessarily an indicator that Americans will not experience financial difficulties now or in the future. The foreclosure rate in Illinois is still the eighth highest in the United States, and foreclosure attorneys in Naperville are still burdened with an inordinately high number of filings.

It is important to hire an experienced foreclosure attorney in Naperville who is accomplished in the foreclosure process to avoid your paperwork being submitted incorrectly, which can result in an unnecessarily lengthy waiting period. Many of the declining numbers reflected in the statistics reported above can be attributed to paperwork issues associated with foreclosure filings and legal complications that many banks across the country experienced.

Many people in Naperville and throughout Illinois are all too familiar that facing foreclosure can be a terrifying and disheartening experience. One’s home is an extremely personal and important possession to individuals and families. Not only does one’s home provide the most basic sense of security and needed shelter, but it also represents a significant emotional and financial investment and attachment as it is full of memories and the location of many significant and meaningful events. If you are facing possible home foreclosure in Naperville, know that you have options and can take steps to prevent foreclosure from coming to fruition. Hiring a foreclosure attorney in Naperville and filing for bankruptcy may stop the foreclosure process immediately.

Foreclosure Attorney Naperville – Speaking to an experienced foreclosure attorney in Naperville can be extremely beneficial when you are facing a foreclosure. The bankruptcy attorneys of Chicago Debt Solutions are well-versed with Illinois law and provide legal counsel to residents throughout the state. Call 312.445.9106 for more information about Chicago Debt Solutions or to schedule an appointment, or visit




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