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Chapter 7: Moving past reservations and pursuing debt relief

Many individuals in Kentucky and across the country have experienced the financial strain of dealing with the burdens of debt. Should these hardships persist, a person might consider seeking relief from debt through Chapter 7 bankruptcy, but he or she may be hesitant to make such a major decision. However, seeking advice on the potential outcome of a bankruptcy could help one overcome any reservations and pursue a healthier financial future.

There may be numerous benefits to filing for Chapter 7 bankruptcy, some of which could have an immediate impact on one's life. With constant collection calls and letters coming in, and the potential threat of wage garnishment, the automatic stay could alleviate a great deal of stress. This part of bankruptcy could provide protection against creditors throughout bankruptcy proceedings.

When exploring bankruptcy as an option, some may also have concerns about the impact it could have on their credit. Although bankruptcy will affect this area, a person could begin rebuilding his or her credit shortly after filing. The alternatives could also be much worse, as continually struggling with overwhelming debt could be even more harmful to one's credit score, and dipping into savings to repay debts could prove detrimental.

An individual who is considering Chapter 7 bankruptcy may also find it advisable to become aware of how assets and debts are handled in the process. With a great deal to cover, a person could benefit from obtaining guidance from someone with experience in the area. By speaking with an attorney, a client in Kentucky could obtain advice on every aspect of bankruptcy, which may assist in pursuing the most favorable outcome possible concerning his or her financial future.

Source: newsok.com, "When Bankruptcy Is the Best Option", Liz Weston, Accessed on Aug. 7, 2017

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