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October 2019 Archives

Bankruptcy could be option for overwhelmed millennials

When a Kentucky reader has a significant amount of debt, this is usually accompanied by phone calls from debt collectors, continual contact from creditors, and even threats of repossession or foreclosure. This can be overwhelming, and for many milliennials, it is something they deal with every day. A significant number of young adults carry unmanageable debt burdens, and it is very stressful. In some cases, it may be appropriate for them to consider the benefits of consumer bankruptcy.

Do you understand the benefits of the automatic stay?

If you have made the decision to file for bankruptcy, you are probably struggling with past-due balances and bills you cannot pay on your own. You may be getting calls from debt collectors and creditors, receiving bills in the mail every day and dealing with the threat of possibly losing your personal property. Bankruptcy could give you a fresh start and allow you to achieve a better financial future. 

Credit card spending can lead to need to file for bankruptcy

Many Kentucky consumers use credit cards for daily spending and everyday needs. In fact, some consumers use their credit cards as a type of emergency fund, especially if they do not have a lot in savings. Credit card balances can quickly spiral out of control, especially because of accumulating interest and minimum payments. Eventually, a person struggling with this type of debt may find that he or she needs to file for bankruptcy.


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