Businesses in Kentucky, whether they are small family-owned enterprises or mega-stores, can find themselves facing serious financial crises, which are often out of their control. The loss of a customer base, a struggling market or an overload of debts can often lead businesses to consider filing for business bankruptcy.
Hunting and fishing are popular activities in Kentucky. And, many outdoor enthusiasts may have bought their goods from Gander Mountain, Co., one of the major outdoor sporting goods chains in the nation. In fact, the chain markets itself as our nation's "firearms superstore." However, according to some reports, Gander Mountain is on the verge of filing for bankruptcy.
For some people in Louisville who earn an adequate income, but still find that they have more debts than what they can pay back, filing for Chapter 13 bankruptcy is an option they may want to consider. They may wonder though, what happens after they initially file for Chapter 13 bankruptcy.
Unfortunately, some people in Louisville fall on hard financial times. When this happens, they may find they fall behind on their bills, including car payments. If they miss too many car payments, their car may be repossessed. However, this is often not the end of the story.
If you have been having financial difficulties and have a large amount of credit card debt, it can be easy to assume that debt consolidation is a good idea. Through television and radio ads, people are inundated with various debt relief and debt counseling messages.
Going through a divorce is emotionally devastating, but it can also be financially devastating. While state laws on property division in a divorce vary, many people in Louisville find that after their divorce they own fewer assets and owe more debt than they did before getting married.
When a person in Kentucky becomes injured or ill, their only thought may be regaining their health. Unfortunately, in doing so, many people incur major expenses. In fact, in a landmark survey by the Consumer Financial Protection Bureau, of over 2,000 individuals, 59 percent received a communication from a debt collector because of a medical bill. Moreover, 25 percent reported feeling threatened by those calls.
As readers of this blog may remember, back in December, this blog reported that the once-popular women's clothing chain, The Limited, was planning to file for bankruptcy. Louisville residents may be interested to hear then that recently, The Limited acted on that plan. It did so by filing for Chapter 11 bankruptcy and closing all of its 250 locations.
Sometimes, through no fault of its own, a business can find itself deeply in debt that it cannot pay back. There may be an increase in competition, a struggling economy or the loss of customer base. When this happens, business owners in Louisville may decide that it is in their best interests to file for Chapter 11 business bankruptcy.