For many people in Kentucky, filing for bankruptcy can be just what they need to turn the page on a tough time. But doing so can be intimidating, causing some to shy away. Much of that intimidation comes from not understanding the process. Fortunately, there's an easy cure for that: Knowledge. To develop your knowledge, keep reading.
Kentucky businesses often need credit to make payroll and grow their business. When things go right, this credit can help the business blossom; when things go badly, it can become a weight around the business' neck. Fortunately, when an unlucky roll of the dice strikes, Kentucky businesses have a way to lighten that weight - by filing for Chapter 11 bankruptcy. Just ask a company that services oil wells; it may have just shaved off $750 million in debt.
Among the reasons people get health insurance is to provide themselves with financial protections in the event they suddenly end up facing significant medical costs. There are a variety of such protections such insurance contains. One are out-of-pocket maximums.
Bankruptcy law is complicated. There are various kinds of bankruptcy, some most commonly suited for individual consumers and others more common for struggling businesses. In terms of consumer bankruptcy, most people go the routes of either Chapter 7 or Chapter 13.
In a prior post we discussed a recent report that says the majority of Americans do not have a safe amount of money in savings. There could be various reasons for having little in savings, but one theory is that so many of us do not have or do not stick to healthy saving habits.
All of us would love to know that we are financially secure for the rest of our lives. We would love to be confident in the fact that a roof will remain over our heads and food will always be on the family's table.
Even the best of us have times when paying our bills gets tough: An unexpected car repair, an emergency furnace fix, or a medical bill we didn't foresee can leave us scrambling. Unfortunately many of us live paycheck to paycheck, and a surprise expense can create a vicious cycle of "never quite catching up" and with that, harassing calls from creditors that can become an everyday occurrence.
When you are considering bankruptcy, you may be overwhelmed by a number of different debts. One of the most problematic debts many face recently is medical debt.
National statistics show that U.S. consumers are currently carrying more than $12 trillion in debt. If you are one of the millions of individuals who are struggling to make even minimum monthly payments on high interest credit cards and medical bills or who must decide between paying the rent or mortgage and buying food; it is time to take action and to explore your options for eliminating debt.
You and/or your business probably didn't easily come to the conclusion that filing for bankruptcy was the best option. It can take a significant amount of time to run numbers and soul search before concluding that, yes, bankruptcy is the best step.