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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. 

Often, people will hear the old refrain about not buying a latte every day, but some financial experts suggest that these minor cost-cutting measures are less useful than advertised. Granted, saving $6 a day can add up over a long span of time, but from a month-to-month standpoint, this generates very little wiggle room for the average family. It's more important to pay attention to larger expenses, especially those that may be billed automatically. 

Gym memberships are a good example of this kind of expense, where the actual service being paid for every month may not be used. Music and video streaming services are also problematic when they are billed at a consistent rate that might not reflect their actual usage. Paying careful attention to these expenses and cutting out what truly is not being used can go a lot further than skipping a morning coffee. 

Of course, some consumers are beyond these solutions. Kentucky residents facing serious credit debt might choose to talk with a bankruptcy attorney who can help to navigate a Chapter 7 filing. This can liquidate assets to pay down certain debt and, in many cases, lead to unsecured debt (like credit cards) being formally discharged by the court. 

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

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