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Chapter 7 Bankruptcy Archives

Chapter 7 may be a better solution than payday loans

The overwhelming feeling of being out of money before all the bills are paid is something many in Kentucky can appreciate. While the option of filing for Chapter 7 bankruptcy may provide some with relief from their debts, some may first try alternative methods of debt relief. Unfortunately, far from providing a solution, some of these methods compound the situation.

Chapter 7 bankruptcy or tap into accounts to pay off debt?

Debt consolidation loans, credit cards offering an interest free balance transfer option, home equity loans and even retirement accounts all offer the Kentucky resident options to pay off debt. In some cases, one of these options may be a good idea. However, depending upon the individual and his or her circumstances, Chapter 7 bankruptcy may be a more appropriate choice.

Petitioner accused of hiding assets in Chapter 7 bankruptcy

As with most things in life, filing for bankruptcy involves paperwork. This paperwork is an integral part of the process, and the finalized copies are likely to become court documents in Chapter 7 proceedings. With this in mind, it is essential that the Kentucky resident filing for bankruptcy is as accurate as possible when completing these documents.

Chapter 7 bankrutpcy can provide financial recovery

Some things in life can be controlled. For many Kentucky residents, it is possible to control how much they spend on the extras like eating out and going to the movies. This ability to control expenses goes a long way in helping to curb credit card debt. However, other things in life, such as medical expenses, often cannot be controlled as easily. In this case, when things get out of hand, Chapter 7 bankruptcy may be the way to bring personal finances back under control.

Chapter 7 bankruptcy and credit card debt

On almost a daily basis, the Kentucky consumer can open the mailbox and find yet another credit card offer. Some offer cash back on purchases, and others offer free airline miles. Many times, the introductory interest rate is extremely low; however, in a very short period of time, that will likely change. The constant influx of credit card offers often serves to make the use of credit cards attractive to the typical consumer. In the end, credit cards can be a problem for some and Chapter 7 bankruptcy may be the best option to get out from under their crushing debt.

Exemptions and Chapter 7 bankruptcy

Filing for bankruptcy could be the best financial decision that a Kentucky resident makes. Although the decision often brings with it a certain degree of uncertainty and emotional concerns, it provides the individual with the financial relief needed to start over financially. For many, Chapter 7 bankruptcy is the solution to what has become an overwhelming financial dilemma.

Chapter 7 bankruptcy -- escape from the debt cycle

At some point, it is time to face reality. The credit card debt continues to escalate and the reality is that it will take what seems like a lifetime to make it go away without help. For many Kentucky residents, debt has become an overwhelming burden fueled by student loans, credit card and other types of debt. Fortunately, Chapter 7 bankruptcy offers a way out of this vicious debt cycle.

Top reason people file Chapter 7 bankruptcy

There are many reasons why one might pursue a bankruptcy filing. Financial struggles can strike anyone due to employment loss, overspending, emergencies and/or health issues -- among others. It is, however, believed that medical debt is the top reason people in Kentucky and elsewhere pursue Chapter 7 bankruptcy filings.

How does debt discharge in a Chapter 7 filing work?

Before Kentucky residents pursue any debt relief options, it is important for them to understand how they work and how they will truly affect their financial situations. When it comes to Chapter 7 bankruptcy, there is a lot to it that may not make a lot of sense; for example, discharge of debt. What exactly does that mean?

Chapter 7 bankruptcy and home ownership

The idea of owning a home is part of the American dream. This dream holds true for many throughout Kentucky, and the possibility of this dream being diminished often stops individuals from taking the steps necessary to protect their financial future. Many fear that filing for Chapter 7 bankruptcy will prevent them from home ownership; however, this is far from the truth in many cases.