Many people are afraid of the word bankruptcy. Unfortunately, the word comes with a stigma attached. Some people think that if they file for bankruptcy it means they have failed. This, however, is not the case.

Many people across the state of Illinois file for bankruptcy every year. And for some of those people, the circumstances that led to the bankruptcy filing were beyond their control. Perhaps they lost a job, had a sudden and serious medical issue, or went through a divorce. Whatever the circumstances that lead you to consider bankruptcy, it is important to know that bankruptcy can provide debt relief and a clean slate to start rebuilding on. Recently it came to light that a former Illinois representative and his wife filed for Chapter 13 bankruptcy when their debt became too much to handle.

Last year, state Representative Ron Stephens informed his constituents that he would be stepping down from his position. He attributed the move to personal reasons, but did not provide details. Recently, however, it was revealed that he and his wife filed for Chapter 13 bankruptcy in East St. Louis before removing himself from his position.

Last fall, the couple's bankruptcy plan was approved. According to court records, they will pay $241,500 over five years. Stephens said he and his wife plan to pay their debts in full.

There are a few options when filing for bankruptcy. As this situation shows, Chapter 13 allows a person to create a plan to repay certain debts over a certain period of time. Filing for bankruptcy can also put an end to harassing phone calls from creditors and halt a foreclosure. For answers to questions about filing for bankruptcy, it may be helpful to speak with an experienced legal professional.

Source: Chicago Tribune, "Ex-Ill. rep. declared bankruptcy before quitting," Associated Press, Jan. 25, 2012