Overcoming reservations about seeking relief through bankruptcy

On Behalf of | May 19, 2020 | consumer bankruptcy | 0 comments

While dealing with the trials of debt can be a stressful process, the idea of pursuing relief could also cause individuals in Kentucky and elsewhere some concern. In some cases, the stigma associated with outlets of relief such as bankruptcy could cause some individuals to forgo exploring the possible benefits involved. Studies suggest that many of the concerns and reservations consumers have about the process of bankruptcy are unfounded or even unnecessary.

According to studies, one of the most common concerns individuals have about bankruptcy pertains to the possible financial ramifications involved. Although bankruptcy can have an impact on a person’s credit score, those experiencing financial hardships may already be suffering in this area. With bankruptcy, a person may be able to obtain relief from the overwhelming debt and begin working on rebuilding his or her credit score as soon as the bankruptcy petition is filed.

Studies also indicate that there is a certain level of social concern associated with the concept of filing for bankruptcy. Those who worry what others might think about such a decision could benefit from knowing that studies estimate that nearly 10% of all Americans will seek relief through such outlets at some point in life. As such, taking the necessary steps to seek relief may prove more favorable than remaining in a difficult situation due to possibly unwarranted reservations.

Even if one feels that bankruptcy is the best path with which to pursue relief from the burdens of debt, it is still a major financial decision and can be a complex process. Those who face a similar situation could benefit from speaking with an experienced attorney for much-needed insight on all their available options. An attorney can work with a client in Kentucky in developing a strategy to pursue relief through the proper channels and assist him or her in navigating the process.