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Filing for Chapter 7 bankruptcy

For many Americans, debt is a reality of everyday life. Here in Kentucky and elsewhere around the nation, individuals, families and businesses struggle under the weight of many types of debt, which can quickly become insurmountable. Thankfully, there are many options available to handle debt, including Chapter 7 bankruptcy as handled by a state bankruptcy court and a dedicated attorney. 

Chapter 7 bankruptcy is the most common form of bankruptcy, in which an individual or company's assets are liquidated to pay down creditors. This process begins with an accounting of the value of assets and debts held by the person or company, as well as an analysis pertaining to which of these debts are considered unsecured. Unsecured debt can include credit cards and certain medical debts. 

Some types of unsecured debt include credit card debt and medical debt, both of which could be forgiven by a bankruptcy court in some circumstances. Other types of debt, including student debt and alimony payments, cannot be "wiped away" by the court. Assets can be considered exempt from liquidation; which assets are exempt depends on the bankruptcy exemption laws in a given state. 

Bankruptcy is often negatively stereotyped in the media, but the truth is, a Chapter 7 filing can be a saving grace to a struggling family or business. By wiping away some debt and paying down others, Kentucky residents who choose to file for bankruptcy can immediately remove the specter of debt from their lives. In this way, they can move forward in a positive financial direction. 

Source: nav.com, "What You Need to Know About Filing for Bankruptcy", John Tucker, Jan. 24, 2018

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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