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…
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. Experts say that the problem tends to be…
Dealing with any kind of debt can feel overwhelming. You may feel like many other Kentucky residents who believe that accruing debt is best left avoided. Unfortunately, not everyone can avoid accumulating outstanding balances due to a number of circumstances, and you may have found yourself facing substantial debt in various forms. Now that you need a serious approach to…
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 woman had sought Chapter 7 bankruptcy protection when creditors…
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. There are multiple factors that…
No matter how long you’ve lived in Kentucky, the ebb and flow of the local and national economy has likely caused you financial challenges at some point. Perhaps, after you purchased your home, money was a little tight. After all, a move-in cost is always a bit higher than the projection, right? As time went on, hopefully, you were able…
You are struggling financially and are not sure what to do about it. You’ve probably heard about a lot of quick fix solutions that really will end up doing more harm than good. You are now considering bankruptcy, but you aren’t sure if it is the right choice for you or if you even qualify. Many Kentucky residents are not…
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…
Believe it or not, the holidays are just around the corner. The leaves in Kentucky are starting to change, and before you know it, families will be gathering for festive celebrations. Maybe you’re excited for this time of year, or maybe your credit card debt has you facing it with dread. You may have added more to your balances with…
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. Currently, an individual cannot file for debt relief under Chapter 13 if the person’s secured debts…