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…
Kentucky debtors who are considering filing for Chapter 13 bankruptcy protection might be interested in learning about a case that more clearly defines what a domestic support obligation includes. Domestic support obligations are not able to be discharged in bankruptcy. In Chapter 13 plans, they are considered to be priority debts that must be paid in full during the repayment…
Kentucky residents who are drowning in unpaid debts may find that it is very difficult to save money for the future. Debt problems may be one of the major reasons why most of Americans have less than $1,000 set aside in a savings account. When the interest on debts starts to add up, a person may find that it’s time…
With the holiday season right around the corner, many in Kentucky are in the process of doing their holiday shopping. Unfortunately, many will choose to finance their purchases with credit cards. Although this is a quick and easy method, it makes it easy to spend more than they budgeted. Unless the balance is paid off in full, the high interest…
People who file for bankruptcy in the U.S. most commonly file for Chapter 7 or Chapter 13 based of the circumstances of their case. Many Americans struggle with the burden of financial debt on a regular basis. From excessive medical bills to maxed out credit card accounts, people are fighting to keep their heads above water. In some cases, people…
Working with debt consolidation companies can make your bad financial situation even worse. If you have gotten behind on your bills, you can be put in a desperate financial situation, one that you would do almost anything to dig yourself out of. As a result, many people in this situation are tempted to work with debt consolidation companies that promise to settle…
A recent study provided by ADP sheds light on recent statistics surrounding garnishment in the United States. It’s common for many people who are past due on bills to experience various forms of harassment from creditors. Many creditors will not hesitate to send threatening letters and emails; some even call close friends or loved ones to track down a debtor.…
Both types of bankruptcies are helpful in avoiding foreclosure. Although things are becoming undoubtedly better than they were, many Kentuckians are still feeling the effects of the 2008 recession. As a result, many are feeling the financial pinch due to unemployment or underemployment. Unfortunately, this can cause some to fall behind on their mortgage payments and face foreclosure. To keep…