Filing a Chapter 7 Bankruptcy is not an easy decision. There may be many reasons why Kentucky residents do not wish to file such a case, including the affect it may have on a person's credit rating and the perceived stigma that can sometimes be associated with such a filing. However, in many cases, the outcome of having debts discharged is worth the time and hassle, and other negative consequences that may result.
Kentucky residents may be aware of the concept of Statutes of Limitations, also known as "SOLs," based upon common knowledge of criminal or civil legal concepts. In short, SOLs are restrictions that legislatures place on the time a person or the state has to pursue some legal action. The idea is that after a certain period of time, witnesses or evidence may no longer be available, and also that at some point the potential parties to an action need to have certainty that the matter is closed. Some people may be surprised to learn that SOLs may apply to certain bankruptcy cases as well.
The economic downturn 10 years ago did a lot of damage to many people's lives in Kentucky and around the world. Whether it was loss of retirement funds or the repossession of a home or vehicle, the experience has changed the way many individuals approach the ideas of wealth, income and bankruptcy. The hesitancy to use bankruptcy as an option to create a clean slate has eased over the past few years.
Kentucky residents are likely well aware that the current president previously ran a string of gambling establishments in various locations across the country. One such casino, marketed as the "Eighth Wonder of the World," has been in bankruptcy for some time now, and has finally been sold, with many of its contents sold off to the highest bidder.
Bankruptcy may be a step you never thought you would have to take, but you need a solution to your mounting debt, and quickly, before the problem consumes you. It may help to know that you are just one of about 1.5 million people a year in the U.S. who file for bankruptcy. Your circumstances are probably similar to many of theirs.