Kentucky residents who are struggling to pay their bills are sometimes reluctant to explore their debt relief options because they worry about what would happen to their credit ratings if they filed for personal bankruptcy. While discharged bankruptcies can remain on Experian, Equifax and TransUnion reports for up to 10 years, research suggests that they do not greatly affect credit…
Kentucky residents sometimes continue to struggle financially because they worry that filing for bankruptcy will do irreparable harm to their credit ratings. While pursuing debt relief will have an impact on the credit scores handed out by companies like Equifax, Experian and Trans Union, the effects are not nearly as severe or long-lasting as many people believe. Individuals who file…
Kentucky consumers who are considering filing for bankruptcy may struggle with the cost of the process. Bankruptcy can cost as much as $1,500 or more, and people might use their tax refunds to pay for it. As a result, both March and April tend to show spikes for Chapter 7 bankruptcy filings. The cost of bankruptcy has increased considerably since…
Kentucky consumers who are considering filing for Chapter 13 bankruptcy might be interested to learn that one couple’s payment plan was rejected because too large a proportion of the plan was for the couple’s retirement account. A Louisiana judge decided that the percentage in a payment plan that should go toward retirement is 3 percent although there might be exceptions…
Residents of Kentucky who are considering filing for chapter 13 protection should be aware of a recent ruling by the United States Court of Appeals for the Fourth Circuit. Typically, a chapter 13 debtor is prohibited from modifying a lender’s claim that is only secured by his or her primary residence. In the recent decision, the Fourth Circuit ruled that…
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,…