Law Office of Ginger C. Cord, PSC
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Chapter 7 just one form of debt relief

Most Americans carry some form of debt, with medical bills and credit card debt often being the most prominent. Here in Kentucky, some residents are finding it harder and harder to pay down the debt they have accrued. Thankfully, there are a variety of ways to handle mounting debt that are not just limited to Chapter 7 bankruptcy. 

One possible option is to consider a balance transfer. This involves moving all outstanding balances from multiple credit cards onto a single card, preferably with a lower interest rate. Some cards offer introductory APRs that allow zero interest for a given time period, which can allow a borrower to pay down the principal balance of his or her debt without being waylaid by interest payments. It is important to note that a transfer fee amounting to a percentage of the balance being transferred is sometimes applied, depending on the card. 

Another option is a personal loan. These loans typically must be paid back within a period of 3-5 years, but also often offer lower interest rates than credit cards. This is a useful tool for people who feel they will need more than a year to pay down their debt. 

Ultimately, there are some situations that simply cannot be handled through these methods. In some cases, a Chapter 7 bankruptcy filing may be the wisest financial option for a Kentucky household to take. Filing for bankruptcy allows certain assets to be liquidated to pay down debt, while some unsecured debt has the potential to be forgiven by the court. 

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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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