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Seeking financial restoration options?

On Behalf of | Feb 13, 2017 | Bankruptcy |

Not only in Kentucky, but pretty much throughout the nation, times are tough when it comes to making ends meet. Many people work two or three jobs just to get by. The days when dad goes to work and mom stays home to raise the kids are becoming obsolete, often replaced by households where both parents work outside the home full-time. Even then, many couples say they have little or nothing left over after paying their bills and providing for the basic needs of their children.

Does this sound familiar? If so, you’re not alone. Even more challenging than meeting day-to-day living expenses is surviving an unexpected financial crisis. Perhaps you or someone in your immediate family recently needed surgery, or maybe you were in a car accident and have been unable to return to work. Although there may be ways to obtain needed compensation in such situations, it may not be enough to cover all costs and stay on track. Many families like yours are facing serious financial problems and are in need of immediate debt relief before disaster strikes.

Is one of these choices right for you?

It can be very scary thinking you might lose your home or business. However, there are often options you might not be immediately aware of, but may discover through careful research and experienced guidance. Following are several types of alternative debt relief programs that have benefited many others in similar situations:

  • Chapter 7 bankruptcy is the type with which most people are familiar. Often seen as a last resort, this form of debt relief typically includes liquidating assets, selling them and using monies made to pay off debts.
  • Chapter 11 bankruptcy is known more as a debt restructuring tool. Many corporations and business partnerships opt for this type of financial relief. It might include debt reduction or an extension of payment periods so those involved are able to stay in business and get out of debt at the same time.
  • Chapter 13 is available for someone who has steady income and has been threatened with home foreclosure. It implements a carefully devised payment schedule to provide the homeowner a chance to continue making payments in a way more feasible for his or her particular situation.

There’s often a certain stigma attached to bankruptcy debt relief. However, those who have used it as a viable tool for restoring financial stability understand that the above options are simply various means for restructuring, reorganizing and satisfying debts rather than suffering complete financial devastation. There are different eligibility requirements associated with each choice, and there may even be other alternatives available in certain circumstances.

An experienced debt consolidation attorney in Kentucky would be able to advise anyone in this state in need of bankruptcy or debt relief assistance. Sometimes, seeking support from an outside source brings fresh perspective to a situation. Financial laws can be complex as well, and an attorney who deals with such matters on a regular basis is able to clarify any legal terms that may affect an outcome.


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