KentuckyDebtRelief.org
Get Out Of Debt While You Live Your Life

Combine Qualifying Bills Into One Lower Monthly Payment

  • See your qualifying accounts
  • Compare best options
  • Request one lower monthly payment
  • Avoid bankruptcy

Join 200,000 Kentucky residents.

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A Message of Hope...

These are uncertain times for everyone. We have a message of hope for you, your family and your neighbors. We're committed to guide and support you. We believe there's no place for passing judgment, only lifting each other up as we work together to remove the burden of financial difficulties. Together we are stronger.

Help For Kentucky Residents

Account Resolution Plans (ARP) are providing a vital lifeline for Kentucky residents who are struggling to keep up with minimum payments, those who have fallen behind, or those who are being forced to use credit cards or personal loans to take care of personal or business expenses.

ARPs are available across a wide range of income levels. No credit approval is required.

Which Accounts Are Eligible?

Most of these accounts are eligible: credit cards, store cards, medical bills, personal loans, and other unsecured debts not backed by collateral.

What Are The Benefits?

These resolution plans are designed to combine all qualifying accounts into one lower monthly payment so you can resolve financial burdens faster without declaring bankruptcy. This could immediately provide much-needed breathing room for you each month.

What Is KentuckyDebtRelief.org?

KentuckyDebtRelief.org is a free resource where residents may find help through free do-it-yourself tools. In addition, residents may request a free evaluation and savings analysis to find out which of their bills are eligible for assistance.

We're here to help you. We've served over 200,000 Kentucky residents since 2009.

Kentucky Bankruptcy Pros and Cons

Bankruptcy is generally considered to be the option of last resort. There are several types of bankruptcy: Chapter 7 (straight bankruptcy or liquidation), Chapter 13 (reorganization of debts), and Chapter 11 (debt reorganization normally used by a business or partnership). While a successful bankruptcy can provide a fresh financial start – individuals or businesses should carefully consider bankruptcy before proceeding because of its long-term financial implications.

Pros of Bankruptcy

  • Debtors given a fresh start – a new financial lease on life
  • Upon filing Chapter 7 or 13, collection efforts must stop
  • Debts discharged. Creditors forgive most unsecured debts
  • Your home, auto, and other essentials may be protected
  • Wages you earn after bankruptcy go to you, not creditors
  • Bankruptcy generally takes about 3-6 months

Cons of Bankruptcy

  • Bankruptcy stays on your credit report up to 10 years
  • Makes it difficult to obtain credit for home, auto, and more
  • Requires forfeiture of your existing credit cards
  • You lose property not exempt from sale by trustee
  • Doesn't discharge student loans, tax debt, alimony
  • Debt option of last resort that can be embarrassing

Bankruptcy Overview

While bankruptcy is an option that has been able to provide a fresh start for many individuals, families, and businesses – it is a serious decision that should be carefully considered with the assistance of a financial advisor or attorney who can help determine if bankruptcy is the proper course of action.

Prior to 2005, those filing bankruptcy could choose the type of bankruptcy they preferred – and most elected to file Chapter 7 straight bankruptcy (liquidation) over Chapter 13 (structured repayment). However, rules enacted in 2005 now requires those filing Chapter 7 to pass a "means test" – to qualify, they must earn equal to or less than the average monthly income for a family of their size in their state.

In addition, before you can file for Chapter 7 or Chapter 13 bankruptcy, you are now required to complete credit counseling with an agency that has been approved by the United States Trustee's office.

While bankruptcy plays a vital role to help rescue individuals and businesses, it is important to recognize that it's not the only option. A debt specialist can provide more details on alternatives to bankruptcy as part of your free analysis and savings estimate.

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