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…
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…