For many people, filing for bankruptcy is seen as a last resort in cases of extreme debt load. However, as some Kentucky residents are keenly aware, financial catastrophe can strike more than once, leading some to file for more than one Chapter 7 bankruptcy in their lifetimes, or to switch a Chapter 7 filing to a different kind of bankruptcy protection. There are a variety of ways these goals can be accomplished.
If you are filing for Chapter 7 bankruptcy, your goal is to get your debts discharged. But the path to discharge is not assured, and you will have to do certain things to make sure that your case remains on track and headed for discharge.
While it is true that the spending habits of some Americans can get them into debt trouble, it is equally true that financial hardship can visit any household without warning. For some Kentucky residents, unexpected expenses or long-standing debts can create a financial position that can be difficult to escape from. Chapter 7 bankruptcy is a responsible and helpful choice for those who are faced with unmanageable debt, but the key is to understand how to deal with the financial challenges bankruptcy can introduce in order to get back on a positive track.
With the holidays just around the corner, many Americans are planning their gift purchases for friends and loved ones. However, here in Kentucky and elsewhere in the nation, many households are still paying down accrued credit card debt from last holiday season. Credit debt is a major problem for many American families, but thankfully there are a variety of options available to address it, from debt consolidation and credit counseling to Chapter 7 bankruptcy.
Of all the debt that can be accrued by Americans, medical debt can be the most crippling. While it is still considered unsecured debt, the amount of an individual's medical expenses can quickly outstrip his or her ability to pay for it, especially in the event of a prolonged recovery period or deteriorating condition. This is why, for some Kentucky residents, a Chapter 7 bankruptcy filing might be the best way to shield the family from the financial repercussions of a long illness or severe injury.
Bankruptcy is the legal process of relieving debt, which is used by both businesses and consumers in Kentucky to handle unmanageable debts that have accrued. A Chapter 7 filing is referred to as a liquidation bankruptcy. However, it is important to understand how this process works before proceeding, ideally with the support of an experienced attorney.