Growing Industry In Joliet Illinois Does Not Protect Residents From Bankruptcy2 min read
Joliet Illinois is a large area made up of diverse businesses. The historic district of downtown Joliet features small businesses and serves as the location of the weekly farmer’s market. Efforts are being taken to revitalize the area and introduce new restaurants, condo developments and grow the arts district.
The successful Harrah’s and the Empress casinos are both located in Joliet.
Being the home of the first Dairy Queen store which opened in 1906 in the downtown area is a claim to fame.
Union Station is the last stop on the Metra line which runs to Chicago opening up the job opportunities for those willing to commute.
Despite the proximity to Chicago and the ease of public transportation as well as the extensive businesses in Joliet residents have still suffered from job loss.
The downturn in the economy has caused an increase in the unemployment rate as well as the bankruptcy and foreclosure rates. In November of 2010 the Illinois unemployment rate was reported at 9.6% which is right in line with the national average.
If you have lost your job and find yourself threatened with bankruptcy or foreclosure there may still be hope. Loan modification or a short sale can help. Decreasing monthly payments by selling a car and using public transportation can help until another job opportunity presents itself.
If you don’t believe you have any other options it may be time to contact a Joliet bankruptcy attorney. Using a local attorney who specializes in bankruptcy or foreclosure is beneficial because they will have a better understanding of your situation.