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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.

One of the most important parts of a debt recovery plan is the building and maintenance of positive spending and saving habits. For some people, this means limiting dinners out and other luxuries, while for others, it requires further planning. A good way to start chipping away at debt is to avoid the temptation to pay only the minimum amount due on a balance. This could take months or even years to pay down, and it will cost tremendous amounts in interest.

It is also tempting to simply ignore the bills as they pile up. Debt is a main stressor for many Americans, and it can feel daunting to face up to debt. However, having a full understanding of what is owed can be the first step towards determining the best next steps to take to correct the issue. It can also avoid the potential for the debts to default to collection agencies.

There is no question that debt is a big load to carry for Kentucky families, especially credit debt, and the road back to financial security can be challenging to walk. However, even for those facing critical debt issues, options always remain. A Chapter 7 bankruptcy filing, for example, allows some debt to be discharged by the court, including credit debt. This can free the individual or family to pursue other tactics to rebuild a positive, healthy financial future.

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