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Shelbyville Law Blog

The signs that credit card debt could be a substantial concern

With the ease of access and the level of convenience involved, many individuals turn to credit cards in times of financial need. If you experience periods of monetary struggle, you may have found instant relief among a similar line of credit, but this relief may only be a short-term fix to a long-term issue.

Even if your balance was completely manageable at the time, with high interest rates, it could grow more and more out of control with each passing month. To prevent yourself from ending up in an overwhelming financial bind, you may wish to know how to tell if your debt has become an issue.

When debt consolidation is the best decision

Debt consolidation may be ideal for those who are looking for a way to better manage their finances. However, Kentucky residents should understand that it may not resolve their issues as it relates to why they got into debt in the first place. Ideally, people who are pursuing debt consolidation will have a plan to stop using their credit cards or otherwise accumulate more debt.

Those who want to make the most of debt consolidation will ideally have debts totaling less than half of their yearly income. They should also be able to pay off the debt in less then five years. If neither of these things are true, an individual may be best served filing for bankruptcy. Debtors who don't have good enough credit to get a personal loan or a zero percent interest credit card may also benefit from bankruptcy compared to debt consolidation.

Renting or buying a home after Chapter 13 bankruptcy

Kentucky residents who have considered Chapter 13 bankruptcy as a means to restructure their obligations may be concerned about the implications of filing . Although bankruptcy does have an impact on a filer's credit rating, it is possible to rent or buy a home after filing.

Chapter 13 differs from the more common Chapter 7 in a significant way. Under Chapter 13, liquidation of assets is not necessary because no debt is immediately discharged. Instead, a payment plan is created that will continue for a period of three or five years. The payment plan allows a debtor to make affordable monthly payments. At the end of the repayment period, if all payments have been made in full and on time, much of the remaining unsecured debt is discharged.

Bankrupty may help individuals eliminate debt

Bankruptcy is governed by federal law, so the regulations are generally the same in Kentucky as they are in other states. The Bankruptcy Code was designed to allow businesses and individuals restructure or eliminate debt. The different kinds of bankruptcy are categorized as reorganizations and liquidations. Filing fees cost between $275 and $335, and there may be other fees associated with a bankruptcy case.

Most courts will allow for the payment of fees in installments for those who demonstrate that significant financial hardship would result from paying filing fees. Chapter 7 is the most common type of bankruptcy for individual filers and is sometimes referred to as liquidation, complete bankruptcy or straight bankruptcy. Individuals should consider Chapter 7 bankruptcy if they have no way of paying debts down or if creditors are taking legal action to collect.

Headlights can offer protection to Kentucky drivers

When drivers use their headlights at all times, studies have shown that the number of accidents drops by close to 10 percent overall. It also results in a 5.7 percent reduction in two-car crashes and a 23 percent reduction in motorcycle accidents involving vehicles going in the opposite direction. Finally, the number of accidents involving cars and pedestrians drops 12 percent when drivers use their headlights during the day. This is because cars are more visible even when it is clear and the sun is out.

Research has shown that there may also be a correlation between using headlights during the day and lower crash rates in Denmark and Canada. While using headlights at all hours may make the roads safer, most cars sold in the U.S. do not have daytime running lamps. The government does not mandate that new cars or trucks come with them standard. Therefore, it has been suggested that drivers simply turn on their lights whenever they are behind the wheel.

The importance of safety measures in distribution facilities

Working in distribution centers, warehouses and production facilities may expose Kentucky employees to a variety of different hazards. These dangers exist in many areas of the plants, making it vital for the facilities to adhere to the guidelines issued by the Occupational Safety and Health Administration.

According to OSHA, the leading causes of deaths and serious injuries at work are falls. Preventing falls in distribution centers is very important and may be accomplished by implementing specific safety features. Plants should use guardrail systems around openings in the floor and along the edges of platforms to help workers to avoid falling. They should also use safety nets so that workers who do fall land in the nets before hitting the levels below. Workers who must work at heights should always wear personal fall arrest systems.

"Semi" safety? Better safe than sorry when trucks are involved

As you are probably well aware, Kentucky highways can be a dangerous place. From poor road conditions to tired or distracted drivers, there are a variety of traffic factors that pose a potential threat to you and your loved ones. One especially alarming danger, though, is that of motor vehicle accidents involving commercial trucks.

Semis and tractor trailers don't just seem more threatening; the reality is that they are. While the number of fatal traffic accidents in large trucks does appear to be declining, any crash involving a truck has a much higher likelihood of fatalities and catastrophic injury, due in no small part to the size difference between the vehicles. So what factors contribute to these horrific accidents and how can you protect yourself and your loved ones?

Does unsecured debt have you considering bankruptcy?

When dealing with debt problems, many Kentucky residents may not know where to turn for help. Because you may have different types of debt, you may wonder how certain debt relief methods could impact the debt you have. Luckily, bankruptcy can often help address relief needs associated with both secured and unsecured debts.

If you choose to explore bankruptcy as a debt relief option, it may interest you to know that the type of debt you have could impact the type of bankruptcy you file. Therefore, information on what qualifies as unsecured debt and secured debt may help you better understand your financial situation.

Debts weigh more heavily on subprime debtors

Most people in Kentucky carry some type of debt from a credit card, car loan or mortgage. A closer look at FICO scores reveals a split in the consumer market. Although the average credit rating is at a record high above 700, the average emerges because some people are doing well and others are struggling. On the high end of the scale, many people have reduced borrowing, but subprime auto loans and student loans are straining the budgets of another segment of consumers.

Since the financial crisis of 2008, the pace of subprime auto lending has quickened. Some financial analysts liken the auto lending to the subprime mortgage crisis except that the loans are for smaller assets and not as likely to harm the economy significantly. Income verification of subprime loans for vehicles occurs on only about 8 percent of loans. The total nationwide debt attributed to auto loans has reached $1.2 trillion, which represents a 70 percent increase since 2010. With nonexistent underwriting on most of these car loans, experts expect consumers to start defaulting at a higher rate.

Safety tips provide advice for composting workers

Kentucky workers in the composting industry have safety guidelines and tips available from the Solid Waste Association of North America. Composting is often used for municipal and state food waste and yard waste diversion programs that aim to keep organic discards out of landfills for the benefit of the environment.

The association regularly publishes a series of safety tips for various aspects of the solid waste management industry. As recycling and solid waste collection is one of the deadliest jobs, safety procedures are particularly important to prevent fatal worker injuries for employees involved in trash, garbage and recycling industries.

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