When many people consider bankruptcy, they often believe that it is akin to the "Get Out of Jail Free" card in Monopoly. While there are many valid reasons to consider declaring personal bankruptcy, it is also important to understand the ramifications of doing so. Those in Kentucky considering this path may want to consider some tips that can assist them in placing themselves in the best financial position prior to seeking bankruptcy protection.
Many readers in Kentucky may have heard about the legal proceedings and fraud case facing a family who were popular figures on the show The Real Housewives of New Jersey. Joe and Teresa Guidice seemed to have everything going for them – looks, money and celebrity. However, both were convicted of fraud when it was discovered that they had hidden assets when they disclosed their finances during personal bankruptcy proceedings.
Federal student loans are something that touch on many people's lives here in the United States. Millions of Americans have such loans.