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Bankruptcy may be the only way out

When you have debt that has risen to a level where you have to make choices between paying for your housing or your food, you know you need to take action. For many in Kentucky, the first thought would be to find another job with better pay. Or maybe work a second job.

But finding those "better" jobs can be very difficult and if your debt has grown to significant proportions, you may know that even that might not be enough. That’s when bankruptcy may need to be considered. While some may worry about the social stigma associated with a bankruptcy filing, it is more important to focus on the economic reality of overwhelming debt.

A Chapter 7 bankruptcy can provide real and permanent debt relief, unlike many of the fly-by-night debt consolidation and counseling businesses. With a Chapter 7, you can have the majority of your unsecured debts, like credit card and medical bills, discharged and never have to worry about collection calls or demand letters for that debt.

Chapter7 has income limits, which are determined by a "means test," which is a complex calculation. Your bankruptcy attorney can help you determine if you will qualify for a Chapter 7. If you don't own a home or other secured property, a Chapter 7 is often the most appropriate type of bankruptcy to file, as it can sometimes be completed in less than six months and provide you with a fresh financial start.

If those collection calls keep coming and your mail is filled with overdue bills, finding out about bankruptcy can be your first step to getting out from under the stressful and crushing burden of debt.


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