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What do I need to know about filing for bankruptcy?

Getting court-ordered debt relief is the worst thing a person can do for their credit. It will only make things worse. Seeking a debt modification of sorts is the better route. These are all things individuals touting certain debt relief strategies would have people believe. The simple truth is, for those who are really far in debt, bankruptcy may be the best option, but there are a few things about it that Kentucky residents should know before taking the plunge.

When a bankruptcy repayment plan is not affordable

When a Chapter 13 repayment plan is created, the amount owed monthly is determined by a person's income at the time of plan approval. These repayment plans are good for three to five years. A lot can happen during that time.  What do you do when the repayment plan is no longer affordable?

Is bankruptcy the answer when buried in credit card debt?

Debt: it seems to be something that most people in Kentucky and elsewhere just cannot escape these days. While some can find ways to pay it off in a relatively swift manner, others may struggle with it for years. This is particularly true with credit card debt. For those who are really in a monetary tight spot, bankruptcy may be the answer. 

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Musselwhite, Meinhart & Staples

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