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Debt relief solutions include Chapter 7 bankruptcy

Losing track of debt is not an uncommon hardship to befall an American family. Here in Kentucky and throughout the country, credit card debt and other types of debt can have a crippling effect on individuals and households. Thankfully, there are ways to mitigate and even erase debt that becomes unmanageable, using a variety of tactics from simple budgeting through to Chapter 7 bankruptcy. 

One of the simplest ways to mitigate debt woes is to ask the credit card company to negotiate on interest rates. Depending on the credit score of the debtor, some companies will agree to lower rates, which can allow debt to be paid down more quickly. Of course, this must come with a comprehensive budget plan designed to ensure debts get paid in a regular, timely manner. 

Developing a budget can be as simple as cutting back on frivolous expenses, but it is important to leave "breathing room" in a budget for unexpected emergencies. In some cases, existing debt can be compounded by medical debt and other unsecured debt types. In this case, it might be valuable for the individual or household to seek out more information on Chapter 7 bankruptcy, which can be used to liquidate assets to pay down creditors, as well as erase certain types of debt. 

Of course, there is no "one size fits all" solution to debt relief. For some people, only minor lifestyle changes are required to settle debts, while for others, a more impactful solution like Chapter 7 bankruptcy is more appropriate. In any case, seeking the support and knowledge of financial advisors and experienced bankruptcy attorneys is a good place for many Kentucky families to start handling their debt in a positive way. 

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

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