Many people in Louisville this holiday season scoured their local mall for the best deals for holiday gift giving. For the fashion-forward, this meant purchasing items from popular clothing retailers. However, Louisville residents may be surprised to hear of one clothing retailer that may be facing the bankruptcy process.
In the past, filing for bankruptcy had a negative stigma, but these days, many Louisville residents are filing for bankruptcy as a proactive and responsible way to deal with their debt crisis. This solution satisfies their obligations and allows them to have a fresh financial start. After all, not all bankruptcies are due solely to irresponsible spending. Sometimes, events out of the debtor's control, like a medical emergency, a job loss or a divorce, has put them in a precarious financial situation.
Credit card use may be a ubiquitous part of holiday spending for some, whether they are paying for gifts, travel expenses or other holiday expenses. Some people in Louisville may not pay much heed to their interest rates, focusing more on simply making their required minimum monthly payments or even more than the minimum payment, if possible. However, ignoring interest rates can be a dangerous mistake.
When a person's mounting debt becomes too overwhelming, it can cause feelings of stress, fear and panic. People may fear losing their homes or other possessions, and they may be trying to ignore phone calls from debt collectors. They may wonder if there is anything that can be done. For some people in Louisville, filing for Chapter 13 bankruptcy is an option. However, there are certain circumstances under which a person cannot file for Chapter 13 bankruptcy.
No one in Louisville relishes the thought of having to go to the hospital, but when a serious illness or injury strikes, a person might find himself or herself rushed to the emergency room for immediate medical treatment. We are fortunate that we have doctors, nurses and other health care professionals working around the clock to help those in need of medical help. However, the expenses associated with a trip to the emergency room add up, and even if a person has health insurance, and has gone to a hospital that is in-network, he or she could still be subject to a surprise medical bill later on down the road.
Winter is here, and people across the Louisville area are enjoying the spirit of the season. It is a time of festivities, from the office holiday party to family celebrations, to ringing in the New Year. It is also a time of peace and joy. However, that joy could be marred, if a person is experiencing harassing phone calls from a debt collector. Fortunately, there are laws in place that put limits on debt collectors.
The end of a marriage is often a costly affair, and more than a few marriages end because of existing financial obligations and stressors, so it is not too surprising to find out that divorce and bankruptcy often go together. Due to the complicated nature of both, it's also not too surprising to learn that people often make mistakes that cause unforeseen consequences for their financial futures.
Although the number of bankruptcy filings nationwide have fallen, the per capita rate of bankruptcy filings in Kentucky are above the national average, ranking eighth in the number of bankruptcy filings. Many times, a combination of student loan debt, stagnate wages and underemployment are at the root of a bankruptcy filing.
No one can tell what the future will bring. A business owner in Louisville may find that one day his or her business is open and profitable, to one day facing the prospect of closing its doors due to overwhelming debt that he or she simply cannot manage any longer. When this happens, the business owner may want to consider filing for business bankruptcy.
Any business in Louisville could one day find itself facing hard financial times. Factors, such as the economy, can make it so that a once flourishing business is now struggling to keep its doors open. When that happens, the owners of the business may want to pursue either a Chapter 7 or a Chapter 11 bankruptcy. What are the differences between these two types of business bankruptcy?