Although Louisville residents probably recognize that the economy across the country has been improving steadily over the last several years, the reality is that the residents of this state still struggle financially when compared to those of other states, at least if one trust recent statistics regarding bankruptcy filings.
Kentucky has a higher than average personal bankruptcy rate
Rebuilding credit after a bankruptcy
A previous post suggested that, sometimes, businesses and individuals who are offering alternatives to bankruptcy often scare Louisville, Kentucky, residents with stories about how bankruptcy will ruin their credit and leave them in a very difficult situation that, in the long term, may be worse than their present financial troubles.
Common bankruptcy myths
Having a mountain of debt can make life difficult and stressful. When the debt gets to be too much, it can almost seem pointless to try to do anything about it.
Do I have to list everything I owe in bankruptcy?
Many families in Louisville, Kentucky choose to file a Chapter 7 bankruptcy in order to eliminate a debt that is particularly cumbersome or stressful for a family. For instance, the family may be driven to bankruptcy because of a particularly aggressive credit card company or medical bill collector which seems willing and ready to garnish wage or take other serious action.
Can tax debt be eliminated by filing bankruptcy?
For a variety of reasons, some residents of Louisville will find themselves facing trouble with tax debt. In some cases, there could have been an honest mistake or surprise with respect to what one's tax obligation was, while in other cases, back taxes could just be a symptom of one's overall poor financial health.
