Kentucky residents who have substantial debts and are considering filing for Chapter 13 bankruptcy should know that if they enter the bankruptcy with a negative equity in a vehicle they have financed, they may be eligible for a loan cramdown. For those debtors who meet certain requirements, they may be able to save money on their auto loan. However, this…
Did you know the deadline for filing your tax returns is just over a month away? Tax season can be a stressful time of year for people who are struggling financially, particularly if they owe a large amount of money for their taxes but cannot afford it. If you are among the many Americans who are or will be dealing…
There are many advantages to paying off large debts sooner rather than later. One of the most beneficial aspects of paying off one’s debt is that it cuts accrued overall interest. For instance, high-APR credit cards can be expensive because of accumulating interest over time. The more money that a person pays on a credit card debt, the sooner it…
Families in Kentucky and around the country are sinking deeper and deeper into debt. Wages have risen slowly over the past 10 years, but these modest gains have not been enough to keep up with inflation. Many America families have turned to credit cards to make ends meet, and this has fueled a surge in revolving debt balances across the…
Kentucky’s millennial generation is growing up. The youngest members are in their final years of university, and the oldest members are now in their 30s, buying homes and raising families. Unfortunately, two-thirds of millennials are facing adulthood with at least one source of long-term debt, often student loans. However, by learning how to manage their money and pay down debt,…
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…
Kentucky residents who are struggling to pay their bills might feel stress about making payments and do not need any extra worries when it comes to making ends meet. However, those who are having financial problems might face more difficulty in the form of pushy debt collectors. One report suggests that some collection agencies overstep their bounds when dealing with…
When Kentucky residents file for bankruptcy, it is important that they are honest and that they follow the bankruptcy court’s rules. Hiding assets and income or otherwise attempting to abuse the process may lead to a their inability to successfully discharge their debts. A 2016 case that was decided by the U.S. Bankruptcy Court for the District of Kansas illustrates…
Many families in Kentucky and around the country are sinking deeper into debt just as interest rates begin to creep upward . The U.S. Federal Reserve announced a quarter point rate hike on Dec. 14, and many financial experts predict that there will be several more rate increases in the years ahead. This comes at a time when the average…
Some Kentucky consumers receive calls about debts they don’t remember, that are beyond the statute of limitations, that are fraudulent or that have been discharged in bankruptcy. When people are contacted about these types of obligations, they need to be careful. Old debts are often sold by creditors to collection agencies for pennies on the dollar. The agencies stand to…