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Seeking debt relief through Chapter 7 and other options

Debt is no stranger to the American people, with credit card debt and medical debt making up a large portion of the amount owed on a national scale. Recently, one Reddit user revealed that a medical emergency led to him accruing some $16,000 in debt by the time he was in his late 20s. This is a common situation for many Kentucky residents who may be seeking relief from serious debt issues. There are a variety of ways to tackle debt depending on the severity of the amount owed, from planning effectively for the future to Chapter 7 bankruptcy protection. 

Mindset is one of the most important elements when it comes to paying down debt. Many experts agree that the idea of paying debt down "later" is an unhealthy one, leading many people to continue negative spending habits. A good start to dispelling this mindset is to create a comprehensive list of all monthly expenses, from rent and car payments to gym and streaming service memberships. Understanding where money is going is a great first step to determining how to fix debt. 

Credit card use has become deceptively easy in modern times, as research shows the ability to charge to a card without even pulling it out of a wallet (as one can do on sites like eBay and Amazon) makes more people charge more money they simply do not have. In some cases, requiring the input of credit information for every purpose, rather than saving the information online, can lead people to spend less and consider their purchases more carefully. This is equally true of savings -- without a "nest egg" in place, many people in debt will make their situations worse by relying on credit for emergencies. 

Debt is no laughing matter, with one in 10 Kentucky residents carrying a balance higher than $5,000. Becoming financially literate when it comes to credit cards can help eliminate debt or avoid it to begin with. For those in dire straits, a Chapter 7 bankruptcy filing can help to wipe away unsecured debt and return to a more stable financial footing. 

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

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