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November 2016 Archives

Chapter 7 bankruptcy may be the solution to debt problem

Financial problems will not simply go away on their own. Once the decision that something has to be done has been made, it is time to take action. The first step is to analyze the situation and determine which option is best in the given circumstances. For some Kentucky residents, filing for Chapter 7 bankruptcy is the answer. Chapter 7 bankruptcy generally eliminates the majority of debts; however, it does have some very specific criteria.

Chapter 7 bankruptcy can help individuals get back on track

Business ventures can prove lucrative for some individuals; they can also prove to be financial disasters for others. Yet, without new business ventures, the Kentucky economy would suffer. Thus, there has to be some safeguard in place for individuals who are willing to work hard but still may not succeed. Otherwise, these individuals would place their focus solely on their own personal financial status rather than the businesses, or they would be hesitant to even try to begin with. Chapter 7 bankruptcy can offer personal protection to some of these individuals.

Chapter 13 bankruptcy may be best option

At times, it seems like there is no end in sight. The bills keep coming, and the collection agencies keep calling. When this happens, there are several options available to Kentucky residents. These options range from pretending there is no problem, which can cause even more issues, to addressing the problem and filing for Chapter 13 bankruptcy.

Chapter 13 bankruptcy protects family home

Financial disaster can strike without warning. Suddenly, something happens and one's financial picture becomes bleak. Concerns regarding how to pay the bills and protect the Kentucky family home loom in the back of one's mind. For some, Chapter 13 bankruptcy is the answer.

Hiding, diverting assets before bankruptcy can be a federal crime

When most people declare bankruptcy, it's after months of emotional and financial struggle. Many have tried to keep afloat by selling off retirement assets, not realizing that bankruptcy could have protected those assets. Most people try everything they can think of before bankruptcy.

Chapter 7 Bankruptcy may be the answer to one's financial problem

It happens all too easily; without realizing it, a Kentucky resident has dug a financial hole that appears impossible to climb out of. The bills keep coming in, and the bill collectors begin to call. One quickly realizes that making only minimum payments on accounts means years of financial stress and added interest. Many times, it just doesn't seem like there is a solution to the financial problem. However, for some, filing Chapter 7 Bankruptcy may be the answer.

Bankruptcy and medical debt - A continuing problem in the U.S.

Contrary to what people may think, overwhelming medical debt is the primary reason most people file for bankruptcy. In fact, a recent Harvard study found that medical debt accounts for about 62 percent of bankruptcies in the United States, with 72 percent of those individuals on some sort of health care plan.