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Chapter 7 bankrutpcy answer to rising debt

Housing, cars, clothing and food -- each of these items are a necessity for the Kentucky family. However, each of these items can also be a major expenditure for the family. As these costs climb, the average individual or family often struggles to keep up with the rising costs and the increased debt that each can bring. At times, the debt load can become too much, and action needs to be taken in order to recover and keep up financially. When this happens, Chapter 7 bankruptcy may be the answer.

Studies show that the typical amount owed on a mortgage has increased. In contrast, the number of new mortgage loans being originated and the credit score of new mortgage borrowers has actually decreased. This trend suggests that mortgages may become a problem area for some borrowers.

In addition, loans for items other than the home have also increased in the past few years. Both new car loans and car loan balances have increased during this time period. Furthermore, the balance that the average consumer owes on credit cards has increased over the past several years. Again, the average credit score for these borrowers has taken a slight downward turn, thus suggesting that these may also become problem areas for some borrowers.

Many times, an individual will borrow funds and make purchases, anticipating better financial times to come. However, this is unfortunately not the reality for some Kentucky consumers. The debt load and stress often become greater than the individual can handle. Experienced legal counsel can review one's situation and offer guidance regarding Chapter 7 bankruptcy as well as other financial solutions.

Source: ai-cio.com, "Mortgages, Cars, Credit Cards Drive Household Debt Higher", Aug. 16, 2017

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