Law Office of Ginger C. Cord, PSC
Free Initial Consultation

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.

While most tax and student loan debt will not go away with bankruptcy, other debts will. For example, unsecured debt such as credit cards can be discharged. Furthermore, tax debt older than three years may also be dischargeable.

One of the concerns individuals often express prior to filing for bankruptcy is the negative effect it will have on their credit. What they often fail to take into account is that their credit has already likely suffered as a result of their excessive debt and delinquent payment history. Bankruptcy allows this process to stop and the rebuilding to begin.

Another concern individuals express is that others will find out. While their names may be listed in small print somewhere in a newspaper, this is also likely to happen if one of their creditors sues them for payment of a delinquent account. The reality is that these filings are generally unnoticed by the average individual.

Other than relief from the debt cycle, the fact that collection calls and letters will stop is a tremendous benefit to Kentucky residents seeking relief under Chapter 7 bankruptcy. The decision to file for bankruptcy will lead to changes in one's lifestyle, but it will also allow one to start over financially. An experienced attorney can review the individual's particular situation and make recommendations regarding how to proceed.

Source:, "Bankruptcy: Advantages and Disadvantages", Accessed on May 31, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

How May I Assist You?

How May I Assist You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

Toll Free: 800-762-6916
Phone: 859-963-2073
Fax: 859-254-2192
Lexington Law Office Map