For many Kentucky residents, it only takes one unexpected event to throw them into financial turmoil. Some of them try their hardest to escape the throes of overwhelming debt, from turning to friends and family for support to taking out personal and payday loans just to make ends meet. This struggle is real and hard. The sad reality is that it can go on for years without much progress being made, especially given high interest rates on credit cards, the enormity of medical expenses, and the state of the economy.

As gloomy as that may sound, those who are burdened with excessive debt have relief options. Oftentimes the most effective amongst them is personal bankruptcy. Through a Chapter 7 bankruptcy, individuals are able to eliminate most of their debt after liquidating certain assets and paying off creditors as much as possible from the proceeds of those sales.

But to successfully navigate Chapter 7 bankruptcy, you need to understand the process. For example, in the early stages of the bankruptcy process you’ll need to participate in the meeting of creditors. Spearheaded by the bankruptcy trustee (the individual appointed by the court to oversee the matter), this meeting requires you (the petitioner) to be put under oath and field questions from creditors and the trustee. While some of these questions are meant to gauge your understanding of what bankruptcy really entails, it can also be probative of your financial affairs. You’ll need to be completely honest during this meeting, otherwise your petition may be dismissed, which would deny you the relief you seek.

The meeting of creditors is just one of the many steps involved in the Chapter 7 bankruptcy process. But that shouldn’t deter you from seeking out the debt relief that the Bankruptcy Code can provide. After all, if you are successful in pursuing personal bankruptcy, then you can obtain the fresh financial start that you only dreamed of previously. Don’t listen to the rhetoric regarding the negative associations with bankruptcy. Instead, think about discussing the matter with a legal professional of your choosing to learn more about what it can do for you.