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Avoiding the need for Chapter 7 bankruptcy

There are a variety of financial challenges that can present themselves to the average American. Here in Kentucky and elsewhere in the nation, credit card debt is a matter of pressing concern for many people. Thankfully, there are a variety of strategies that can be used to improve financial strife before Chapter 7 bankruptcy becomes a viable option. 

Carrying credit debt is particularly common for people in their early 30s, and it is an issue that should be dealt with sooner rather than later if at all possible. Creating a budget is a good first step, as it can highlight where money is being spent and in what quantities. This allows for an individual or family to create a plan to cut spending where necessary in order to start chipping away at debt. 

Having a "nest egg" is also a good strategy, particularly once debt has been brought down to a manageable level. Some financial advisers suggest that someone in their mid-30s should have savings equaling some three months of critical living expenses, including rent and food. This can help to keep debt from piling back on in the event of an unforeseen expense like a medical emergency or lost employment.

Ultimately, no single solution to debt will work for every Kentucky resident. For those in serious need of recovery, a Chapter 7 bankruptcy solution may be the way out of financial strife. A bankruptcy filing will allow the court to liquidate existing assets to pay down debts, and may even allow for some of that debt to be forgiven. 

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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Phone: 859-963-2073
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