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Chapter 7 Bankruptcy Archives

Chapter 7 not the only option for debt relief

Of all the debt owed by American families, credit card debt is among the most persistent. With the average Kentucky family paying upwards of 20 percent interest on their credit cards, some families are being pushed so deeply into debt they are struggling to get back out. Thankfully, many strategies exist to help those families recover, from simple planning through to a Chapter 7 bankruptcy filing.

Is Chapter 7 bankruptcy a better fit than Chapter 13?

For many Kentucky residents, making the decision to file for bankruptcy is incredibly difficult. Many have tried to gain control of their finances for years before they give bankruptcy serious consideration. Once they decide to move forward, the next step involves determining whether Chapter 7 bankruptcy or Chapter 13 is a better fit for their needs. 

Handling credit debt in the face of Chapter 7 bankruptcy

Credit card debt is the most pervasive and common form of debt faced by the American people in this day and age. Here in Kentucky, individuals and households rack up tens of thousands of dollars in debt per year, leading many to seek out the best possible solution to the problem. While Chapter 7 bankruptcy filings have a proved track record of helping people get back on financial track, there are other options available in advance of such a filing. 

Dicharging student loans through Chapter 7

College students across the country deal with challenging debt loads when they leave academia and enter the working world. Indeed, student debt is a major issue for politicians and educators alike. It is generally accepted that student loans cannot be discharged through a Chapter 7 bankruptcy filing, but Kentucky students may be buoyed to learn that in some instances, student debt is in fact eligible for discharge.

Chapter 7 not the end of the financial road

Many Americans have a tendency to view bankruptcy with no small degree of skepticism, if not outright panic. Of course, debt can spring from a variety of unforeseen sources. Thankfully, there are ways to speed up the process of returning to financial health even after a Chapter 7 bankruptcy in Kentucky. 

Rapper's restaurant files for Chapter 7

A restaurant owned by American actor and rapper T.I. has filed for bankruptcy after closing its doors nearly two years ago, according to business news. Kentucky fans of the rapper might be familiar with Scales 925, a high-end restaurant opened by the entertainer in 2015 in a southeastern state. The restaurant has been closed since 2016 amid complaints from employees who allege they were not paid wages. The Chapter 7 bankruptcy was filed by T.I.'s business partner on May 1.

Retaining assets in Chapter 7 bankruptcy

Bankruptcy is one of the most well-known and least-understood debt-relief options. In Kentucky and across the country, a Chapter 7 bankruptcy filing carries with it no small amount of mystery for the average person, who may not understand how filing for bankruptcy can actually be a positive financial move. One of the most pressing concerns is the concept of repossession, and what assets someone who files can hope to retain.

Effects of Chapter 7 bankruptcy on credit reports

Many people think of a bankruptcy filing as a "last resort" to deal with insurmountable debt. While Chapter 7 and, to a lesser extent, Chapter 13 filings are often used when other tactics have failed to decrease debt, this does not mean Kentucky residents who choose bankruptcy as an option are committing to a life of fiscal ruin. Indeed, there are many ways bankruptcy can be mitigated even while still being listed on a credit report.

How Chapter 7 bankruptcy affects credit scores

For many Americans, the prospect of declaring bankruptcy can be even more daunting than facing insurmountable debt. As many Kentucky residents are probably aware, Chapter 7 bankruptcy is often portrayed as a "hail Mary" final effort to discharge debt before financial collapse. The reality is somewhat different, and depending on the unique situation of the debtor in question, bankruptcy can sometimes be the most financially responsible option. 

Chapter 7 or "voluntary" bankruptcy

The specter of debt is pervasive in the daily lives of many Americans. Between mortgages, car payments, credit card debt, medical bills and other forms of debt, Kentucky residents can sometimes get overwhelmed by the amount of money they owe to creditors. This is why it is important for struggling individuals and businesses to fully understand how debt management solutions like Chapter 7 bankruptcy work, well in advance of reaching the point where it could be a necessary step toward financial health.