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bankruptcy Archives

Disclosure of all cash vital in Chapter 7 bankruptcy filing

Debtors looking for a fresh start in Kentucky often have the option of filing for bankruptcy. However, they must reveal all assets during the process. The denial of one woman's bankruptcy discharge in Illinois illustrates the importance of full disclosure of personal assets, including cash, on forms for the court.

The rise in older debtors filing bankruptcies

Many older debtors in Kentucky may consider filing for bankruptcy because of their substantial medical debt, and they would not be alone. Medical debt is the top reason for personal bankruptcy filings in the country. People who are 65 years or older file almost eight percent of bankruptcies, an increase of one percent in 2008.

Bankruptcies dropping within stable economy

Bankruptcy law offers people in Kentucky an option for managing debts, but fewer people have resorted to court action in the past year. A report from the Administrative Office of the U.S. Courts showed a decline in bankruptcy filings. They have gone down to their lowest point in 10 years. The end of September 2017 marked the end of the latest 12-month reporting period, which revealed a 1.8 percent reduction in personal and business bankruptcies compared to 2016 figures. Courts recorded 790,830 filings for 2017 and 805,580 filings the previous year.

Controversy over Chapter 13 debt limit

The debt limits that could prevent some debtors in Kentucky from qualifying for Chapter 13 bankruptcy protection were set in 1978. A judge addressing the American Bankruptcy Institute Commission on Consumer Bankruptcy questioned these arbitrary limits and called for Congress to update the standards.

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.

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.

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.

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