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Personal Bankruptcy Archives

Methods of delaying foreclosure

Kentucky homeowners who are facing foreclosure run the risk of having their residences repossessed by the mortgage lender. However, there are several options that a homeowner may have if he or she wants to retain control of the property. The federal Department of Housing and Urban Development maintains a list of approved homeowner counselors that can sometimes come up with creative solutions.

Decline in bankruptcy filings

National bankruptcy filings have been on the decline in recent years, which may be viewed as a sign of economic improvement for Kentucky and other states. Statistics are evaluated on a quarterly basis, and the first quarter of 2016 had a decrease of 5 percent for the total number of bankruptcy filings in the nation in comparison to the same period of time in 2015. The total number of filings during the early part of 2016 was more than 195,000.

Factors to weigh when considering a divorce and a bankruptcy

Kentucky residents with unmanageable financial situations and unfulfilling marriages sometimes consider filing for both bankruptcy and a divorce. While these steps could both lead to a less stressful and happier life, deciding which one to take first is not always easy. Making this choice may be simplified after a number of important factors have been taken into consideration.

Positives and negatives of Chapter 7 bankruptcy

Some Kentucky residents may need to file for bankruptcy in order to get a handle on their debts or stop foreclosure, and Chapter 7 bankruptcy is one option where nonexempt assets are sold to pay creditors. Small business owners can use this form of bankruptcy when a business cannot be saved, and individuals or business owners benefit because most collection actions stop when filing for Chapter 7. However, there are some important concerns one should think about before making a decision.

When bankruptcy can be a good idea

Many Kentucky residents struggle with their finances. In some cases, with discipline, hard work and a willingness to negotiate with creditors, they can get caught up on their bills. However, there are some cases in which people simply cannot ever get out of the debt. For these consumers, bankruptcy is an option.

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Law Office of Ginger C. Cord, PSC
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