Enjoy the Show this 4th of July!
July 3, 2025
Consumers are seeking relief from Creditors
In the year following the 2020 pandemic, the number of bankruptcy filings nationwide and locally actually dropped, despite widespread business closures and layoffs. Many consumer and business budgets were buttressed by a 1.2 trillion-dollar stimulus package or CARES Act, along with government-ordered moratoriums on evictions, foreclosures, wage deductions and garnishments. Student loan payments were deferred, and lenders offered forbearance on mortgage payments.
Since these protective measures ended, mortgage rates have increased, household debt has hit all time highs, credit card and auto loan balances have reached record levels, student loan payments and collections have resumed, and more people have turned to bankruptcy for relief from creditors.
During the 12-month period ending June 30, 2025, consumer bankruptcy filings rose 11.8% and business bankruptcy filings grew 4.5%. Inflation and high interest rates are straining household budgets and some forecasts predict the increase in filings will continue for years to come. In the Northern District of Illinois, consumer and business bankruptcy filings rose from 18,995 in 2023 to 21,042 in 2024 and have already surpassed 18,000 in October, with two months to go.
As the number of people in need of bankruptcy protection rise, we are ready to help. MARTUCCI LAW is an established and experienced law firm that can and does help people through financial crises, ease emotional stress and anxiety, and help keep the wolves at bay. We can negotiate settlements of debts, defend civil lawsuits, or stop collections with an automatic stay, effective upon filing a bankruptcy petition. Those who qualify for a discharge under Chapter 7 may be debt-free and able to enjoy a fresh start within a few months.
Others, who own property with equity or have higher incomes, may enjoy freedom from collection activity while they make payments under a Chapter 13 plan. In many cases, debts are repaid at a reduced interest rate and a substantial amount of debt may be discharged at the conclusion of a Chapter 13 case.
If you or a loved one are facing wolves disguised as debt collectors, you need to arm yourself with a good attorney. Greg Martucci is a good bankruptcy attorney with over 40 years of experience helping debtors in crisis. Call MARTUCCI LAW at 630-980-8333 to learn more about remedies available for debtors under the Bankruptcy Code and to schedule your FREE initial office consultation.