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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.

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.

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.

Debt consolidation might not fend off bankruptcy

Getting a debt consolidation loan could present a good strategy to someone in Kentucky struggling to keep up with debts, especially on credit card accounts. After paying off high-interest debts with a lower-rate loan, a person might achieve financial stability unless poor spending habits and unexpected bills undermine the plan.

How does wage garnishment work and how can I make it stop?

Overwhelming debt can have a serious impact on various areas of your life. One of the most significant and disruptive of these effects is the collection efforts that creditors may undertake to recover some of what you currently owe. Wage garnishment is an aggressive way to do this, and it involves losing a certain amount of your income to pay for specific debts.

Retirement fund exemptions available in bankruptcy

The months leading up to the choice to file bankruptcy can be demoralizing and stressful, but Kentucky residents in financial distress often look forward to the benefits of court intervention and a fresh financial start. One of those benefits is asset protection. Rules for protection of assets differ under Chapter 7 and Chapter 13. The family home and transportation are typically protected, but debtors may remain uncertain about the safety of their retirement accounts.

CFPB issues new rule regarding arbitration clauses

Individuals in Kentucky and throughout the country may soon find that it is easier to bring legal challenges against banks and credit card companies. On July 10, the Consumer Financial Protection Bureau issued a new rule stating that companies cannot use arbitration clauses to prevent class-action lawsuits. These clauses have traditionally made it harder for consumers to take action against such entities. Many consumers aren't aware that such clauses exist in their bank or credit card contracts.

Bankruptcy judge finds debtor did not abuse Chapter 7

Encouraging signals of growth in the economy aside, some Kentucky residents are still suffering from creditor harassment and in need of debt relief. Filing for bankruptcy is never an easy choice, and it can become complicated when considering how the options could impact individual situations. One Virginia court decision showed how a Chapter 7 case may play out, and the results could provide encouragement to a debtor seeking this route.

Credit card payments could rise after Fed rate hike

Borrowers in Kentucky and across the United States are likely to see their payments rise following interest rate hikes announced by the Federal Reserve on June 14. Credit cards, home equity loans and adjustable rate mortgages all base their variable interest rates on the Federal Reserve benchmark. Fixed rate loans, on the other hand, remain the same regardless of the Fed's rates.

Repaying creditors under Chapter 13 bankruptcy

In a Chapter 13 bankruptcy, Kentucky debtors typically get to keep their possessions while adhering to a repayment plan that lasts either three or five years. There are many options for how this might work, and in one case a couple decided to give up their vehicle when modifying their plan.

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