When you are hit with an unexpected expense, you are probably not the only person in Kentucky trying to figure out how to cover the cost of whatever it is you now have to pay for. In fact, many Americans neglect to save money for such financial pressures and ultimately find themselves drowning in debt when they have to pay for something, they were not planning on paying for.
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.
Bankruptcy could stop your creditors from making collection calls or repossessing your property. That could include banks that would want to take back your home. It could even prevent a sale of your property at foreclosure. However, there are some exceptions.
Debt relief services claim to help people facing bankruptcy get current on debt and restore their financial standing. While many of these services can offer assistance, others may be scams to deprive a person from their money for help that never materializes. To help you identify debt relief red flags, the Federal Trade Commission offers the following advice.
The most common question asked by those contemplating filing for personal bankruptcy in Covington is whether or not they will be able to keep their homes. People need personal assets when attempting to rebuild their financial lives following bankruptcy, and a home is typically one's most valued asset. Thus, the fear of losing it may keep many for whom bankruptcy might be a valid option from investigating it until it is too late to enjoy the protections it affords. For this reason, both the federal and individual state governments have created homestead exemptions.
For many of those that we here at The Berger Firm have assisted in the past, mounting debts have left them with seemingly little hope to get back on top of their finances again. If that describes your personal situation, bankruptcy may offer a way back to fiscal stability. Specifically through a Chapter 7 case, you might be able to have many of your debts discharged. Others may be repaid through liquidating some of your property, yet exemptions typically allow you to hang on to important assets such as your home, car and other valuables.
If you’ve recently filed for bankruptcy in Kentucky, you may already have your mind set on rebuilding your credit. While the road in front of you might seem long (and somewhat arduous), it is possible to repair your credit history and ensure a brighter financial future. In order to do so, NerdWallet.com offers the following advice, which will help you take a poor credit history and make the necessary repairs.
After filing for bankruptcy your number one goal should be getting your finances in order. This requires devising a common-sense budget, which will help ensure your bills are paid and that you’re able to rebuild your savings. Forbes recommends the following tips to help you create a budget you can depend on.
Kentucky residents who have lost a job understand the hardships of making ends meet. There may be no easy way of looking at unemployment, but there are some ways an individual can turn this life chapter into a process of growth. Although each financial situation is different from the next, the following tips can help the unemployed move forward.
The advantages of earning a college degree are endless. However, the number of the nation's students who struggle with loan debt continues to skyrocket. In a time usually fit for celebration, countless graduates reach a new hurdle: looming debt that can hang over one's shoulders for decades. Is there a light at the end of the tunnel for Kentucky students grappling with the financial aspects of education?