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Chapter 7 just one way to handle debt

For many Americans, debt is an unfortunate reality of day-to-day life. Here in Kentucky and elsewhere in the nation, credit card debt levels have soared over the $1 trillion mark, leaving many families in financial hot water. Thankfully, a number of strategies exist to help individuals mitigate debt. For those who struggle with large sums of debt, Chapter 7 bankruptcy remains an option as well. 

Some financial advisers stress the importance of monthly budgeting as part of a healthy financial lifestyle. One such budgeting strategy is referred to as "zero sum budgeting," wherein the individual plans out the use for every dollar earned in a month ahead of time, in order to avoid frivolous spending. Of course, many other budgeting strategies exist, but the thrust of all of them is to account for money spent and avoid putting charges on a credit card that can't immediately be paid off.

Another key component to a financial strategy is spending tracking, or simply paying attention to where the money goes. Budgeting a set amount for groceries isn't very useful if the individual is not tracking how much of that money is spent on a week-by-week basis. And, of course, paying credit card debt on time is critical as well to stay out of debt.

Of course, not everyone will find a solution that is as simple as tracking expenses or budgeting. For those Kentucky residents facing overwhelming debt, Chapter 7 bankruptcy provides for assets to be liquidated to pay down debt while discharging remaining unsecured debt. Clearing the slate in this way can give an individual the financial footing required to move forward in a positive way.

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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