It may have once been the case that filing for bankruptcy was the last-ditch solution for those in Louisville facing overwhelming debt. However, many now view bankruptcy as a proactive means for reigning in control of debt they cannot cope with and coming out of the process with a clean financial slate. After all, a job loss, a serious illness or a divorce could all lead to incredibly burdensome expenses that are totally beyond a person’s control.
One type of bankruptcy is a Chapter 7 bankruptcy. This type of bankruptcy allows a debtor to liquidate most of his or her unsecured debt, that is, debt such as credit card debt that is not associated with collateral. While some may fear they will lose all their property, in fact it may be possible for a person to keep his or her home and car, along with other property, even after filing for Chapter 7 bankruptcy.
Chapter 7 bankruptcy can help in many situations. For example, it can put a halt to wage garnishments, stop creditor harassment, and stop the repossession of one’s vehicle. In the end, it may be the solution for many in Kentucky who have accumulated a good deal of unsecured debt and can no longer cope with it. It could provide them with the fresh financial start they need in such situations.
The professionals at [nap_names id=”FIRM-NAME-1″] understand that people can fall under harsh financial times through no fault of their own. They can help their clients determine if filing for Chapter 7 bankruptcy is right for them. To learn more about Chapter 7 bankruptcy in Louisville, you can view their website.