No one wants to experience the undeniably stressful feeling of being unable to pay one’s bills. As their mailboxes fill up with medical bills, mortgage bills, utility bills and a host of other periodic and one-time costs, Kentucky residents may watch their savings and investments dwindle and their plans for the future change. Financial hardships can result from any number of causes, such as loss of work and unexpected medical expenses, but whether or not a person should have expected the monetary challenges that they are facing is irrelevant to the burden they must carry as financial peril sets in.
When expenses rise and income drops, Kentucky residents go into debt. As a debt sits unpaid, it is not uncommon for the party that lent the debtor money to charge interest on the sum that they are still owed. Interest can increase the size of the debtor’s financial obligation the longer the debt sits unpaid.
Unpaid bills, growing interest and insufficient income all lead to one unavoidable problem for most – a debt problem that cannot be resolved without help. Although individuals in this stressful position may seek to manage each of their debts individually, there are legal options for remedying debt problems in comprehensive bankruptcy proceedings.
Bankruptcy is the process of amassing one’s debts, evaluating their assets and working out a plan to pay off one’s outstanding bills all while keeping them in a healthy enough position to take care of themselves. Most individuals feel uncertain when considering the bankruptcy process, and a good first step toward deciding if it is the right option is speaking with bankruptcy attorneys about their options. The Law Firm of Sheehan, Barnett, Dean, Pennington, Dexter & Tucker, P.S.C. counsel individuals facing debt problems and provide bankruptcy support for those who choose to pursue bankruptcy to manage their financial problems.
Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Sheehan, Barnett, Dean, Pennington, Dexter & Tucker, P.S.C. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.