With the American credit card debt topping $1 trillion this year, many families are feeling the strain of outstanding payments and overdrawn accounts. Thankfully, there are many ways Kentucky residents can pay down their credit card debt or find alternate solutions to their debt struggles. For challenging cases, Chapter 7 bankruptcy can also be an option to help clear away existing debt woes.
Credit card debt is a costly and pervasive issue that affects many American households. Here in Kentucky, individuals and families struggle under many different kinds of debt, but few that are accrued on a day-to-day basis. Thankfully, there are a variety of ways to handle unsecured debt of this type, from simple budgeting strategies through to Chapter 7 bankruptcy.
One of the most frightening prospects of filing bankruptcy is the impact it can have on the assets you have acquired. For most people, their family home is the most important asset that they worry about losing in bankruptcy. For those who have substantial equity in their home, even if their income is currently low, Chapter 13 bankruptcy is usually a better option than Chapter 7.
Credit card debt is one of the most pervasive financial issues facing the American family today. With consumer debt topping $1 trillion this past year, not to mention the associated $104 billion in interest, debt is clearly a problem for some Kentucky residents. Thankfully, there are a variety of ways for a family struggling with debt to handle it -- from savings and repayment methods, to debt reconstruction, to Chapter 7 bankruptcy in the most challenging cases.
Filing for bankruptcy is one of the most important decisions an individual or family can make when struggling with insurmountable debt. However, for some Kentucky residents, the prospect of a Chapter 7 filing can be daunting considering the sometimes-complicated paperwork involved in the process. The support of an experienced bankruptcy attorney can mean the difference between a difficult and confusing journey and a straightforward track to healthier finances.
Filing for personal bankruptcy in the United States typically allows the average person two distinct options. Chapter 7 bankruptcy and Chapter 13 bankruptcy each have their own unique benefits and drawbacks, depending on the individual case. Kentucky residents considering filing for bankruptcy are encouraged to understand the difference between the two and, if necessary, to seek out support from an experienced attorney in determining the course of action that is best for them.