There are projects that will keep you busy as you prepare for bankruptcy. One will involve pulling together documents that will be essential to the filing.
Although many people might want to compare a Chapter 13 repayment plan with the more popular Chapter 7 bankruptcy, other residents of Louisville, Kentucky might also wonder whether it is advantageous to file bankruptcy at all, especially if they are being forced to file a Chapter 13 because their income keeps them from filing Chapter 7.
Because most of the Chapter 11 bankruptcies that make the news are larger and oftentimes nationally known organizations, some owners of smaller Louisville, Kentucky, businesses may think that a Chapter 11 bankruptcy is just not for them.
Interest rates increased recently and may continue to rise, which means that it may be harder for people in the Louisville area to get their credit card balances paid down once they rack them up. This is because money that formerly would have gone to reduce the principal balance will now get eaten up in added interest costs.
A recent post on this blog talked about how Louisville, Kentucky, residents might want to explore the using a Chapter 13 bankruptcy to "strip off" liens from their property, such as a second or third mortgage they took out in exchange for a home equity loan.
Perhaps a one-time event like a serious illness with staggering medical bills has caused you to fall into deep debt. Perhaps you have just been overspending and those debts have caught up with you.