When Kentucky students look forward to their college career, they may think about how expensive tuition will be or how much they may have to pay to live on campus. While most people consider the cost of books, they may overlook the expense associated with everyday life away from home, such as gas, groceries and other necessities. As a result, more students are relying on credit cards, and more are facing the possible need to file for bankruptcy in the future.
Though regular readers of our Louisville Bankruptcy Law Blog have certainly heard of Chapter 7 and Chapter 13 bankruptcies, not everyone is sure of differences between the two.
If you’re struggling with significant debt but can’t bring yourself to consider bankruptcy, it may be due to the stigma associated with bankruptcy and the narrative that is too often attached to people with debt problems. The narrative goes like this: people who file for bankruptcy were irresponsible with money, accumulated too much credit card debt and lived beyond their means. They didn’t want to pay the money back, so they filed Chapter 7 instead.