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December 2014 Archives

Bankruptcy for debt relief

Debt has become a serious problem for many people in Kentucky. Those looking for debt relief options are often bombarded with advertisements from many companies and organizations promising what appears to be simple and fast solutions. The catch is that most of these solutions involve a form of bankruptcy. While bankruptcy is and should be considered a tool for dealing with debt, there are important laws and consequences to consider.

Banks accused of disregarding bankruptcy discharge orders

Filing for bankruptcy can be a very good decision for some debtors, allowing them to get in a position to rebuild their financial life, but there are definite drawbacks to bankruptcy. Probably the biggest of these is the impact bankruptcy has on one’s credit, which lasts for years after the bankruptcy is completed. According to Experian, a chapter 7 bankruptcy filing remains on one’s credit report for 10 years, while a chapter 13 bankruptcy remains on for seven years. After that time, one is supposed to have the record the bankruptcy removed from one’s report.