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If finances veer off-track, Chapter 7 may be a solution

For many young adults in Kentucky, learning how to budget finances is a high priority. A lot of people graduate from college, are unable to find jobs in careers pertaining to their degrees and soon find that just making ends meet is a much bigger challenge than they'd expected. When financial problems get out of hand, it is helpful to know that tools, such as Chapter 7 bankruptcy, may be viable solutions.  

Those in the 18-30 age bracket often take bad financial advice from well-meaning friends or family members. This can spark a serious financial crisis more quickly than one might typically imagine. For instance, when parents or others emphasize the perceived importance of paying back all college loans right away, it can backfire and lead to further financial trouble.  

In fact, it is often best to focus on paying off credit card debt or other outstanding loans with interest rates higher than 6 percent. College loans tend to have lower interest rates. While it is definitely important to pay them off as soon as possible, higher interest rate loans should have priority when it comes to trying to become debt-free.  

Making wise investments is another way to avoid financial crisis. However, even those in Kentucky who make good decisions can wind up facing serious problems, especially if unforeseen expenses arise, such as medical emergencies or debt caused by loss of employment. In such cases, Chapter 7 bankruptcy may be a plausible solution toward paying off debt and working toward restored financial stability. 

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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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