Personal bankruptcy is rarely the result of a single financial issue in Kentucky. However, there are some situations that may contribute more than others. Specifically, divorce and criminal cases could easily upset your financial balance relatively quickly.
If you find yourself struggling with debt from any or all of the following problems, you may want to consider bankruptcy as a viable option. Depending on your situation, it could actually be the most efficient way to let you focus on putting your financial life back together.
Divorce often has a cost, even if you use a lawyer with an efficient family law practice. This is because property division has the potential to leave one or both spouses in less favorable financial situations then they had together. As mentioned on USA Today, your divorce would most likely affect your finances profoundly in a variety of ways.
Criminal legal issues could also very quickly put a dent in your savings and prevent you from making payments on other debts. Furthermore, you may find that fees you owe to the state of Kentucky or defense lawyers may not be as simple of debts to discharge as other unsecured debt, such as credit card loans.
Hiring a criminal defense lawyer is often a wise move. Asset division in divorce is part of the fair ending of a marriage. In short, there are some types of debts that are both hard to avoid and difficult to discharge. Bankruptcy may help you manage some of these debts or allow you to focus on them instead of other, less persistent liabilities. Please understand that this is not legal advice. Is only meant to be background information.