Those in Louisville who are facing insurmountable debt are under a great deal of stress. Their income may simply not be enough to cover both their daily expenses and their debts. Whether it is credit card debt, medical debt or past due mortgage payments, those who have been unable to pay their debts may not know what to do or where to turn.
Many of those in Louisville facing financial difficulties and debts that they simply cannot cope with choose to file for Chapter 7 bankruptcy. Also known as a " liquidation bankruptcy," Chapter 7 bankruptcy may be an option for those who are unable to address their debts by making regular payments each month. In a Chapter 7 bankruptcy, a Chapter 7 trustee converts a person's property into money, which is then distributed to creditors.
While the economy seems to have rebounded, the fact remains that many people in Louisville, and across the United States, do not have an emergency fund set up. In fact, according to a recent Bankrate survey, 57 percent of respondents would not be able to afford a $500 unexpected expense. The survey interviewed approximately 1,000 people at the beginning of this year.
It used to be the case that the popular place for teens in Louisville to hang out was the mall. However, some stores in mall these days are finding that they are no longer teenage hot spots, leading some malls to file for bankruptcy.
If you are facing a large amount of debt, it can be difficult to figure out what the best options are to move forward. Given the confusing nature of bankruptcy laws and common misconceptions about what filing will mean, you may be holding on to some false ideas. In this post, we will give you a brief overview on two types of personal bankruptcy and set the record straight on how homeownership plays into a bankruptcy filing.
While it can be seen as a way to get a fresh financial start, those in Louisville filing for bankruptcy may wonder how it will affect their credit, and whether they will obtain a mortgage in the future. The good news is that filing for bankruptcy does not mean a person can never obtain a mortgage again.
Sometimes, factors outside of a business owner's control cause the business to fall into hard financial times. A struggling economy, an increase in competition or a lack of consumer interest could all lead a once thriving business to find it cannot meet its financial obligations. When this happens, a business owner in Louisville may want to consider filing for Chapter 11 bankruptcy.
Overwhelming debt can rear its ugly head to even the most responsible person in Kentucky. Unfortunately, it only takes a few months of missed payments for debt collectors to come calling.
The national foreclosure crises found many Kentucky homeowners facing a crisis. Unable to afford their monthly mortgage payments, many saw the banks take steps to foreclose on their homes. However, two recent reports indicate that the housing market is beginning to bounce back, bringing relief to many homeowners.