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September 2019 Archives

Chapter 7 not the only option for struggling millennials

When one considers the question of debt as it pertains to young people, the first type that comes to mind is debt accrued for educational purposes. Certainly, student debt makes up a considerable chunk of the money owed by millennials here in Kentucky and elsewhere, but an uncertain economy and an increasingly tumultuous job market has led many young people to rely on credit cards to shore up the difference. Before considering a Chapter 7 bankruptcy filing, it may be helpful for millennials to gain a better understanding about how their debt works, and what it will take to pay it down. 

Preparing for holiday debt in advance of Chapter 7 filing

The holiday season is swiftly approaching, and with it comes the inevitable "holiday hangover" of credit card debt following the festivities. Millions of Americans, both here in Kentucky and elsewhere in the nation, have a tendency to overextend their credit to pay for gifts for loved ones during the holidays. This can lead to serious debt complications when the decorations have been taken down. While Chapter 7 bankruptcy is always an option to handle serious credit issues, there are also ways for Kentucky residents to approach paying down holiday debt.

Avoiding Chapter 7 bankruptcy through "snowball" method

Americans have a debt problem; this much is clear thanks to a study by the Federal Reserve Bank that suggests collective household debt in the United States reached some $13.86 trillion in 2019. Here in Kentucky and elsewhere in the nation, households struggle to pay credit cards, medical bills, student loans, car payments and many other types of debt. However, financial experts offer a variety of options to struggling households, from debt reduction plans through to Chapter 7 bankruptcy. 

Paying down debt ahead of Chapter 7 bankruptcy

Debt, especially high-interest debt like that accrued from credit cards, can be notoriously difficult to pay down. For some Kentucky residents, it may be helpful to create a comprehensive plan to start paying down debt. For more challenging debt situations, a more involved solution like debt reconstruction or Chapter 7 bankruptcy may be required. 

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