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April 2018 Archives

Important points about divorce and bankruptcy

Many divorces stem from financial matters that just can't be resolved. When you are faced with mounting bills and tension that is leading to divorce, you might decide that you need to file for bankruptcy, too. The key here is that you don't want to do both of these legal matters at the same time because they can cause mutual problems.

How Chapter 7 bankruptcy affects credit scores

For many Americans, the prospect of declaring bankruptcy can be even more daunting than facing insurmountable debt. As many Kentucky residents are probably aware, Chapter 7 bankruptcy is often portrayed as a "hail Mary" final effort to discharge debt before financial collapse. The reality is somewhat different, and depending on the unique situation of the debtor in question, bankruptcy can sometimes be the most financially responsible option. 

Chapter 7 or "voluntary" bankruptcy

The specter of debt is pervasive in the daily lives of many Americans. Between mortgages, car payments, credit card debt, medical bills and other forms of debt, Kentucky residents can sometimes get overwhelmed by the amount of money they owe to creditors. This is why it is important for struggling individuals and businesses to fully understand how debt management solutions like Chapter 7 bankruptcy work, well in advance of reaching the point where it could be a necessary step toward financial health. 

Chapter 7 bankruptcy a valid solution to debt

American household debt is believed to have reached some $13 trillion by the end of last year, according to the Federal Reserve. Kentucky residents have contributed to that number through student loans, car loans, mortgages and credit card debt. For some people, the weight of debt can become too much to bear, which is why it is important to understand all potential avenues to lowering debt. This can include everything from loan consolidation to Chapter 7 bankruptcy. 

Chapter 7 bankruptcy does not mean financial ruin

It is a widely held belief that filing for bankruptcy could mean the end of future credit and financial security. However, this is not the case. Kentucky residents who choose to file for Chapter 7 bankruptcy are not necessarily in danger of jeopardizing their future finances by erasing their current untenable debt. 

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

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