This is an advertisement

This Is Where People Come To Start Healing

Key steps to take after bankruptcy

In 2016, 766,000 Americans filed for bankruptcy, and there are many reasons why a person could choose to do so. For instance, Kentucky residents could experience a job loss or a medical bill that they can't afford to repay. Those who choose to file for bankruptcy should learn the difference between a Chapter 7 filing and a Chapter 13 filing. In a Chapter 7 case, debts could be discharged without paying much or anything to creditors.

Those who file for Chapter 13 bankruptcy will likely need to pay their debts over a period of three or five years. Although bankruptcy can have a significant impact on a person's life, it is something that individuals can recover from. One way to do this is to open new credit accounts. It can also be worthwhile to work with a bank that has programs specifically designed to help people reestablish their credit.

Taking these steps shows creditors that a person is worth taking credit risks on again. It is worth noting that credit scores can actually go up after a person files for bankruptcy. Furthermore, it can also be possible to buy a home or otherwise get a loan within a year of filing for Chapter 13 protection.

By filing for Chapter 7 or Chapter 13 bankruptcy, it may be possible to have debts discharged or reorganized. This may make it easier for a person to regain control over his or her financial situation. While a bankruptcy case is open, creditors generally cannot contact a debtor by phone or mail. They also are generally barred from repossessing property or starting foreclosure proceedings. An attorney may be able to further explain the benefits of filing for bankruptcy protection from creditors.

No Comments

Leave a comment
Comment Information
Email Us For A Response

We’re Ready To Answer Your Questions

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Main Office
909 Main Street
Shelbyville, KY 40065

Phone: 502-257-5417
Fax: 502-633-6762
Shelbyville Law Office Map

McClure Building
306 East Main Street
Suite 605
Frankfort, KY 40601

Phone: 502-220-4439
Frankfort Law Office Map