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July 2018 Archives

Securing a car loan following Chapter 7 bankruptcy

One of the major concerns people who file for bankruptcy justifiably express to financial experts is that a filing will ruin their chances of securing a loan. However, Kentucky residents who file for Chapter 7 bankruptcy may be increasing their chances by clearing their existing debt and preparing for the road back to better credit. While not all lenders can or will work with someone who has filed for bankruptcy, the door is still open for someone with a bankruptcy on his or her credit score to secure loans moving forward. 

Could Chapter 13 bankruptcy help you avoid foreclosure?

There is still a lot of social stigma attached to bankruptcy in the United States. Although these protections exist for a reason, many people think that those who file are doing something wrong. That could not be farther from the truth. People end up in financially precarious situations for any number of reasons, even after a lifetime of hard work and fiscal responsibility. Many households in the United States are only one lost job away from financial devastation.

Handling credit repair after a Chapter 7 filing

For many Americans, the specter of credit card debt is a constant companion. The average family in Kentucky carries a balance of nearly $10,000 in credit debt, which can force some card holders to declare Chapter 7 bankruptcy in order to clear the debt. Thankfully, there are plenty of ways to repair a credit score following a bankruptcy filing.

Understand credit card debt before filing for Chapter 7

Some 43 million Americans carry a balance on their credit cards, estimated to make up about 22 percent of all credit card users in the country. Kentucky residents who count themselves in that number could be laboring under the false notion that carrying a balance can help improve a credit score. Unfortunately, this is nothing more than an enduring myth, and could land consumers in serious debt. Options like Chapter 7 bankruptcy can help to eliminate that debt, when financial circumstances warrant that relief.

The ins and outs of filing for Chapter 7 bankruptcy

The prospect of filing for bankruptcy can be destabilizing for the average American citizen. This is partly because, here in Kentucky and elsewhere in the nation, people are not properly educated on what is involved in the process of Chapter 7 bankruptcy filing. The truth is, bankruptcy can represent a fresh start to an individual or business struggling with mounting debt, but it is important to have the right information going into the process.

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

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