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Many look to Chapter 7 bankruptcy to solve financial dilemma

Bills are mounting and the thought of filing for bankruptcy becomes a valid consideration for some Kentucky residents. The tension and stress caused by the weight of debt can be more than one can handle. Chapter 7 bankruptcy is one way to relieve this burden and start over.

For many, the question of whether bankruptcy is the appropriate option arises. Chapter 7 bankruptcy was established as a means of giving individuals and businesses a second chance. As such, many recommend taking inventory of one's debts. Then, it's important to calculate how long it will take to pay off this debt. If the time period exceeds five years, bankruptcy may be the answer.

The media is filled with stories of businesses filing for bankruptcy. However, this is only a small percentage of bankruptcy filings each year. In fact, in 2015, over 95 percent of bankruptcies were filed by individuals. In many instances, these individuals were faced with credit card debt, mortgages, student loans, medical bills and more. Once the bankruptcy process was complete, the underlying financial situation was typically resolved.

Chapter 7 bankruptcy offers the individual an opportunity for a fresh start. With this particular type, the Kentucky resident may be able to retain certain items, including the family home, car, retirement accounts, etc. Assets which are not exempt from the process are sold to help pay down the existing debt.  Many times the home can be exempted from the process and foreclosure proceedings stopped. Chapter 7 bankruptcy has proved to be the one that most individuals look to in order to solve their financial dilemma.

Source: debt.org, "Bankruptcy", March 14, 2017

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