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August 2019 Archives

Considering Chapter 7 to erase late-life debt

It has been estimated that some 75 percent of all consumers pass away with debt still outstanding. Credit card debt, as well as other forms of debt, do not simply disappear when the borrower dies, as these obligations then become the burden of the estate. This is why some Kentucky residents may wish to consider a Chapter 7 filing if debt remains a consistent struggle in late life, to avoid passing it on to family members. 

Paying down credit card debt before Chapter 7

According to some studies, the average household in America carries some $5,700 in credit card debt. This type of debt, while unsecured and therefore eligible for discharge in Chapter 7 bankruptcy filings, can be one of the most difficult types of debt to retire. Thankfully, there are a variety of strategies that can be employed by Kentucky residents to pay down credit debt before considering bankruptcy. 

Avoiding Chapter 7 in credit card debt cases

Most American households carry some form of credit card debt. Here in Kentucky and elsewhere in the nation, however, this debt can take a serious financial and psychological toll on those who carry it. Understanding how credit works and how best to pay it back is the first step toward solving a debt problem, in advance of more involved solutions like Chapter 7 bankruptcy. 

Handling credit debt in advance of Chapter 7

The average household in the United States spends thousands of dollars every year on what many refer to as "nonessentials," including entertainment, dining out and subscription services. Here in Kentucky and elsewhere in the nation, those with credit cards are statistically more likely to spend even more than the average on these items. Before those expenses turn into debt that can only be solved through Chapter 7 bankruptcy, there are several ways consumers can cut back. 

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