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June 2018 Archives

Why waiting for Chapter 7 can be financially damaging

Bankruptcy does not have the best reputation in the public consciousness. Here in Kentucky and elsewhere in the nation, individuals in debt are often under the mistaken impression that a Chapter 7 filing is something to be avoided even in cases of extreme debt. Many experts disagree. In fact, they suggest that the longer an individual in debt crisis waits to file for bankruptcy, the longer lasting the financial damage can be. 

Chapter 7 not the only option for debt relief

Of all the debt owed by American families, credit card debt is among the most persistent. With the average Kentucky family paying upwards of 20 percent interest on their credit cards, some families are being pushed so deeply into debt they are struggling to get back out. Thankfully, many strategies exist to help those families recover, from simple planning through to a Chapter 7 bankruptcy filing.

Is Chapter 7 bankruptcy a better fit than Chapter 13?

For many Kentucky residents, making the decision to file for bankruptcy is incredibly difficult. Many have tried to gain control of their finances for years before they give bankruptcy serious consideration. Once they decide to move forward, the next step involves determining whether Chapter 7 bankruptcy or Chapter 13 is a better fit for their needs. 

Handling credit debt in the face of Chapter 7 bankruptcy

Credit card debt is the most pervasive and common form of debt faced by the American people in this day and age. Here in Kentucky, individuals and households rack up tens of thousands of dollars in debt per year, leading many to seek out the best possible solution to the problem. While Chapter 7 bankruptcy filings have a proved track record of helping people get back on financial track, there are other options available in advance of such a filing.