People in Kentucky who are struggling with debt might hesitate to file for bankruptcy because of fears about being unable to rebuild their credit. However, according to one study by Lending Tree, nearly two-thirds of people who filed for bankruptcy had achieved a credit score of 640 or more after two years. The first step in improving credit after a…
People in Kentucky who are struggling with debt may file for Chapter 7 or Chapter 13 bankruptcy based on their income. With Chapter 7, a person’s assets are liquidated to pay off creditors although some assets may be considered exempt. With Chapter 13, a person may pay off creditors with a payment plan that last for three or five years.…
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. In fact, a recent study shows that America’s credit card debt levels are at…
Like most Kentucky residents, you know how expensive medical care can be these days, and having insurance doesn’t always make it better. Rising premiums and high deductibles make most people avoid going to the doctor for what they consider minor health issues and injuries. Then, you experienced a sudden and serious injury or illness. You probably had no choice but…
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…
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 Creditcards.com survey looked to see which cities had the most debt as well as which cities had the highest debt burden. The survey listed the…
Whether you have struggled with your finances for years or recently experienced a sudden event, such as a medical emergency or job loss that led to financial difficulties, you know that these issues can affect most areas of your life. You may find yourself unable to pay for necessities or other items without the nagging feeling that you owe a…
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. In Chapter 13 bankruptcies, current…
Overwhelming debt means much more than just cutting back on non-essentials to pay bills. For many people in Kentucky, the reality of their debt is much more dire and may involve avoiding harassing creditor phone calls, watching unpaid bills pile up on the counter and deciding between groceries or the paying for essential medical care. Popular media likes to portray…
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. Among people ages 21 to 34, the average credit score had risen four points…