Law Office of Allan E. Dunaway, PLC

August 2018 Archives

Older Americans filing for bankruptcies in alarming numbers

Seniors throughout Kentucky and the rest of the U.S. are filing for bankruptcies in alarming numbers, according to a recent report. After studying data gathered by the Consumer Bankruptcy Project, a group of academics discovered that the number of Chapter 7 and Chapter 13 personal bankruptcy petitions filed by Americans aged 75 or older had tripled since 1991. In addition, filings by Americans between the ages of 65 and 74 had more than doubled. The results of the study were published on Aug. 5 by the Social Science Research Network.

Debt levels surpass $13 trillion after dropping during recession

When the recession struck in 2008, consumers in Kentucky and nationwide tried to whittle down their debts. A survey conducted in 2009 by the Consumer Federation of America found that the number of people focusing on debt reduction rose to 44 percent from 38 percent the previous year. The passage of a few years, however, has reversed this trend as more people lean on credit to make purchases. As of the first quarter of 2018, household debt had hit a record high of $13.2 trillion.

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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