Bankruptcy laws help U.S. citizens recover from financial hardship. This government system helps give people a second chance by mitigating debts and building a repayment plan. To do this properly, those filing for bankruptcy must first undergo a financial evaluation....
Understanding the bankruptcy means test
Many residents in Kentucky find themselves struggling to make ends meet every month and to keep up on all of their bills. When evaluating their options, they may consider filing for bankruptcy. When deciding whether or not to file bankruptcy, a person may need to...
Do you face a gray bankruptcy?
Gray bankruptcy refers to bankruptcies filed by senior citizens, i.e., those over the age of 65. The New York Times reports that bankruptcies filed by people in this age demographic have increased from 2.1% of overall bankruptcies in 1991 to 12.2% in 2018. If you fit...
Consequences of not disclosing all assets when filing bankruptcy
When you file for Chapter 7 personal bankruptcy, you must list all of your assets and debts. This is so that the court can then decide which assets to liquidate in order to pay off the largest amount of debt possible. Unfortunately, you have no control over the...
Understanding Chapter 13 bankruptcy
When most consumers hear a reference to bankruptcy, they think about a plan in which their debts are almost immediately eliminated and in which they may have to lose their homes or other assets. These are some of the elements of a Chapter 7 bankruptcy, although not...
How can you rebuild your credit after bankruptcy?
Bankruptcy can be a useful tool for those who feel as though they are drowning in debt. Some fear bankruptcy because it does hurt your credit score and the bankruptcy remains on your report for years. However, you can rebuild your credit after a bankruptcy. NerdWallet...
How do you avoid credit card debt?
When Kentucky residents fall into debt, it takes a while to get back out. Individuals with a past history of debt often feel anxiety over it happening again. Today we will take a look at some of the tips and tricks that help people avoid this. Mint.com looks into...
Know the facts about bankruptcy
Many people might think that filing for bankruptcy is the worst thing they can do for their finances. However, some of the information people think they know about bankruptcy does not match the facts. When people are in a dire financial situation, it is important for...
What types of debt can Chapter 7 bankruptcy cover?
Filing for bankruptcy is a step toward a fresh financial start. If you are considering Chapter 7 bankruptcy as the best fit for you, it can be helpful to know what kinds of debt this type of bankruptcy may cover. Below are three common types of debt that creditors can...
Chapter 7 versus Chapter 13 bankruptcy: what’s the difference?
Filing for bankruptcy can be confusing and overwhelming. You might be experiencing pressure from your creditors, fear for your family’s well-being and hopelessness as your debt continues to worsen. To add to all the stress, you may not know what is best for you and...
