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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. 

Creating and implementing a debt-reduction plan can be challenging, but many experts agree it is a necessary first step in handling large debt loads. For some people, the "snowball" method of debt reduction is a good place to start. This involves paying the smallest debts first and then moving on to higher debts, which can result in "quick wins" that encourage people to keep the plan up. 

Of course, saving money is also important while paying down debt. Many people who use credit cards for emergency payments like auto repair or medical needs can end up right back in debt if one of these unforeseen circumstances should befall them. Setting aside real money to pay for emergencies allows the cycle of debt to be broken as an individual or family no longer relies on credit to shore up the difference.

Some Kentucky families have accrued debt to the point where these solutions are no longer enough to make debt reduction a reality. For those families, seeking out the support of an experienced bankruptcy attorney and considering filing for Chapter 7 can sometimes be the most responsible choice to make. A savvy attorney can help cut through the confusion around filing for bankruptcy and help to get the family out of the red for good. 

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

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