This is an advertisement
Robinson Salyers, PLLC
Call Us For A Free Phone Consultation

This is an advertisement

Call Us For A Free Phone Consultation502-220-4439

bankruptcy Archives

Credit card debt on the rise

Many people in Kentucky are currently living with some amount of credit card debt. This isn't unusual as many households throughout the U.S. use credit cards to manage their personal finances. However, when credit card debt becomes unmanageable, people may need to seek debt relief options.

How bankruptcy impacts vehicle ownership

An individual going through bankruptcy in Kentucky doesn't necessarily have to give up their vehicle during the proceedings. This may be true even if the lender was otherwise inclined to repossess the car. When a person files for bankruptcy, they receive an automatic stay of repossession or other creditor collection actions. Generally speaking, if the debtor agrees to make payments during the three or five year repayment plan, they can remain in possession of the car.

Learning more about credit card debt balances

Americans had a collective credit card debt balance of more than $1 trillion in 2017. This was according to data from the Federal Reserve. However, that debt isn't necessarily spread evenly throughout the country. A survey looked to see which cities had the most debt as well as which cities had the highest debt burden. The survey listed the top 25 most populous cities in order of their average debt balance per resident. The data did not include Kentucky.

Possible changes to mortgage modification rule

A growing trend in Chapter 13 bankruptcy cases has affected the way residential mortgages are treated in bankruptcy court. A series of decisions from bankruptcy courts has expanded the application of so-called "cram down" mortgage modifications. Should this trend spread to Kentucky bankruptcy courts, it may have a major effect on debtors who own property.

Experian reports small gains in credit scores across age groups

The consumer credit reporting agency Experian has released its annual State of Credit report. The company's analysis of consumer debt showed small improvements in credit scores in 2017 compared to 2016. The report also highlighted the challenges faced by consumers that some in Kentucky might recognize.

The pros and cons of a hardship withdrawal

Kentucky residents who have an urgent need for emergency cash may be able to take out a 401(k) hardship withdrawal. This may be available to make repairs to a home, pay emergency medical expenses or cover other emergency expenses such as rent or utility bills. To qualify for a loan, individuals cannot have access to other methods of covering those expenses. However, it may not be necessary for an employee to prove this.

Americans have more spending power along with more debt

The Consumer Financial Protection Bureau has good and bad news for Kentucky residents. Americans have more credit available to them now than they have for the past two years. Logically, credit card debt has also gone up, but the really bad news is that delinquency rates have also increased. That means too many people are not paying their credit bills on time or at all.

Bankruptcy can be a path to saving one's home

Chapter 13 bankruptcy can be a way for people in Kentucky who are drowning in debt to obtain protection that can save their home and their car while they work to regain financial stability. This kind of bankruptcy can be a good choice for people who have too high of an income to qualify for Chapter 7 bankruptcy and are struggling with mortgage debt or other major financial concerns. With Chapter 13 bankruptcy, filers can create a plan to repay their debts that stretches out over a period of three or five years.

Why some Americans are more likely to be in debt

Kentucky ranks eighth on a top 10 list that isn't a cause for celebration for the state's residents. It's a list of the 10 states with the most residents who have debt in collection. Forty percent of Kentucky's residents have overdue debt, which is more than the national average of 33 percent.

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.

Take Action – Contact us Now

Contact Our Firm

Main Office
909 Main Street
Shelbyville, KY 40065

Phone: 502-220-4439
Fax: 502-633-6762
Map & Directions

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

Phone: 502-257-5417
Map & Directions

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