Residents of Kentucky may be interested in news about the credit rating agency Equifax. A change has been made to the way Equifax rates some people who declare bankruptcy, and the change could help hundreds of thousands of people who have filed Chapter 13. All three major credit rating agencies, Equifax, Experian and TransUnion, have the same policy for people…
With the ease of access and the level of convenience involved, many individuals turn to credit cards in times of financial need. If you experience periods of monetary struggle, you may have found instant relief among a similar line of credit, but this relief may only be a short-term fix to a long-term issue. Even if your balance was completely…
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…
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. Chapter 13 differs from the more common Chapter 7 in a significant way. Under…
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…
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. If you choose to explore bankruptcy as…
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…
Getting a debt consolidation loan could present a good strategy to someone in Kentucky struggling to keep up with debts, especially on credit card accounts. After paying off high-interest debts with a lower-rate loan, a person might achieve financial stability unless poor spending habits and unexpected bills undermine the plan. This scenario unfolded for one man who had already gone…
Overwhelming debt can have a serious impact on various areas of your life. One of the most significant and disruptive of these effects is the collection efforts that creditors may undertake to recover some of what you currently owe. Wage garnishment is an aggressive way to do this, and it involves losing a certain amount of your income to pay…
The months leading up to the choice to file bankruptcy can be demoralizing and stressful, but Kentucky residents in financial distress often look forward to the benefits of court intervention and a fresh financial start. One of those benefits is asset protection. Rules for protection of assets differ under Chapter 7 and Chapter 13. The family home and transportation are…