Kentucky residents may worry that rising medical costs are leading to unmanageable debt levels. Recent studies confirm this issue, indicating that medical debt is the leading cause of bankruptcy in the nation. Additionally, reports indicate that more than half of accounts sent to collections and showing up on personal credit reports are due to medical expenses. Prescription medication costs play a huge role in the increasing debt and delicate financial situations of Americans.
Bankruptcy and divorce in New York
When a couple seeks a divorce in New York, they may not consider how the action might affect a standing bankruptcy repayment plan. However, for those who are currently taking part in a Chapter 13 debt reorganization plan, it is important to understand how filing for or finalizing a divorce can affect how the debt is handled.
Mortgages following bankruptcy
Kentucky residents that have filed for bankruptcy may wonder whether they can become homeowners later. It can be difficult for a person who has previously discharged a home loan to find a lender willing to provide a mortgage. Chapter 7 bankruptcy is the most common type. All of a consumer's unsecured debts are discharged, which means that the debt is canceled and the person is no longer obligated to repay the money. Commonly discharged unsecured debts include credit cards, installment loans and personal loans.
Post-bankruptcy home refinancing
For Kentucky residents who have filed for Chapter 13 bankruptcy or plan to file, there may be questions about how to move forward after the plan is in place. One article discusses the possibility of refinancing a home in the wake of a bankruptcy.
Rebuild credit as soon as possible after bankruptcy
Residents of Kentucky who have gone through Chapter 7 bankruptcy and had their unsecured debts discharged should begin looking for opportunities to rebuild their credit as soon as possible. Although there are some lenders who may not agree to extend credit to an individual who just came out of bankruptcy, there are several products on the market specifically designed for individuals who have completed the bankruptcy process and are looking to restart their credit history.
