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Chapter 13 bankruptcy can benefit the average individual

Although it may feel like it is the end of the world, financial problems are a common occurrence for many throughout Kentucky. For some, the problem seems to creep up as consumer debt slowly mounts. For others, disaster strikes and suddenly one is faced with overwhelming financial concerns. In many instances, filing for Chapter 13 bankruptcy is the best way to approach the problem.

At first, some want to resist addressing their financial problems. They view filing for bankruptcy as giving up or something to be ashamed of. However, the Kentucky resident who chooses to file is often making a decision that will ultimately prove beneficial. In fact, quite a few celebrities and other famous individuals have found it necessary to file for bankruptcy.

One celebrity who found himself in financial trouble at an early age was Larry King. Famous for his talk show, early on King was over $300,000 in debt and found financial relief through the bankruptcy process. Another famous individual, musician Meatloaf, struggled with addiction and other medical issues. These led to a variety of problems, including financial ones. Again, Meatloaf was able to overcome his financial problems through bankruptcy.

Almost every Kentucky resident will struggle financially at one time or another. For some, this struggle is short-lived and they find a way out. For others, however, the struggle just seems to get harder and harder to overcome. When this happens, filing for Chapter 13 bankruptcy may the answer. An experienced bankruptcy attorney can assist in determining what is best given the individual's financial circumstances.

Source: cheatsheet.com, "These Celebrities Faced Bankruptcy and Personal Ruin, But Roared Back", Sam Becker, Aug. 15, 2017

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