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Debt doesn't just go away; Chapter 13 bankruptcy may help

The temptation to do nothing can be great. At first, it seems easier to just ignore the problem rather than deal with it. Bills go unopened, the phone goes unanswered and the tension mounts. Sometimes the extent of financial problems that the Kentucky resident is facing is unknown. It is time to take action, and many times, Chapter 13 bankruptcy is the most appropriate action to handle the growing financial problem.

For many, the temptation is to just ignore their current financial situation. At best, the minimum payment amount is made on credit card debt. Credit card debt continues to grow as the individual continues to use the credit card for basic living expenses such as food and gas. In fact, the outstanding balance may barely even be touched with all money going mostly to interests and fees.

As the individual's credit card debt get closer and closer to being maxed out, other bills may begin to suffer. One's car loan may go a month or two without being paid, and the mortgage may begin to be paid later and later. It seems that there is no way to catch up and get ahead.

However, the problem will not go away by simply ignoring it. Some type of action needs to be taken, and for some Kentucky residents, Chapter 13 bankruptcy is the appropriate action. Chapter 13 bankruptcy offers the individual an opportunity to establish a repayment plan that will all his or her to restructure debt and move forward. The person will still have money to pay bills; however, the terms of those bills and the amount being paid need to be altered to make it possible for the individual to get ahead. 

Source: wdef.com, "Are you afraid to look at your finances?", Liz Weston, July 5, 2017

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