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March 2017 Archives

How a Chapter 13 bankruptcy differs from a Chapter 7 bankruptcy

Most Kentuckians who are contemplating filing a petition for personal bankruptcy may not understand the different kinds of bankruptcy proceedings or which kind of proceeding may better serve their needs. The United States Bankruptcy Code provides two basic kinds of bankruptcy for individuals, usually referred to as Chapter 7 and Chapter 13. Both plans have the important common features of allowing individuals to eliminate debt and stop creditor harassment, but each plan has distinctive features that require some knowledge of the plans before making a choice.

Peabody Energy adversary creditors appeal reorganization plan

Peabody Energy Corp. once had a significant presence in Kentucky as a large coal producer. After Peabody sold its Kentucky operations, it was unable to become profitable, and in April 2016, it filed a petition for reorganization under Chapter 11 of the federal Bankruptcy Act. The company's reorganization plan was recently approved by the Bankruptcy court in St. Louis, but certain creditors and some shareholders are filing appeals from the court-approved plan.

What is a wage earner plan in bankruptcy?

Most Kentuckians understand that a bankruptcy proceeding can protect a person from the claims of creditors. A Chapter 13 bankruptcy proceeding can provide a breathing space for reorganizing debts and allowing them to be paid over time. The exact mechanics for achieving this end are not so well known.

Radioactive dumping penalties lead to bankruptcy filings

A Chapter 7 bankruptcy can have many purposes, including the avoidance or reduction of administrative fines and penalties. A recent filing by two companies and their owner based in West Liberty demonstrates how a Chapter 7 filing can be used to avoid paying significant fines rather than merely eliminate operating debt.

What happens to a mortgage loan in a bankruptcy proceeding?

For most Kentuckians who are thinking about bankruptcy, their most important asset is their home. Unfortunately, the mortgage loan that made possible the purchase of the home may also be a major source of the financial duress that makes a person consider bankruptcy. What happens to the loan and the obligation to repay if a person files a petition for personal bankruptcy?

Common misconceptions about bankruptcy

If you are facing large debts and repayment is becoming unmanageable, finding a way out can be difficult. Fortunately, there are options available to you. Unfortunately, many people misunderstand how bankruptcy works and what it is for. These misunderstandings can cause people to accidentally make unwise choices.

Not all debts are dischargeable in a Chapter 7 bankruptcy

Bankruptcy can help many people in Kentucky who are in financial difficulty. A personal bankruptcy proceeding can result in the discharge of the debtor's obligation to pay many of his or her debts. However, persons who are considering bankruptcy may not realize that they may have debts that cannot be cancelled, or discharged, in a Chapter 7 bankruptcy liquidation.

What is the automatic bankruptcy stay and how does it work?

People in Kentucky who are contemplating filing for personal bankruptcy are aware that a bankruptcy filing can "protect" them from their creditors, but the exact mechanics of this protection are not well understood. In this post, we will provide an overview of one of the most important provisions of the federal Bankruptcy Act, the so-called "automatic stay," and its application to personal bankruptcy.

Understanding bankruptcy exemptions

Many people in Kentucky who are considering filing for bankruptcy wonder what will happen to personal assets such as furniture, automobiles and, most importantly, their residence. Fortunately, the laws of both Kentucky and the United States protect certain assets from the claims of creditors in a personal bankruptcy proceeding. Determining which exemptions may be available can be complex if a person has many assets in different forms, such as real estate, securities, stock in small businesses or collections of art and jewelry. No blog post can present all options, but this post will provide a summary of state and federal exemptions.

Obtaining a car loan after filing for Chapter 13 bankruptcy

Driving is a ubiquitous activity and something most Kentucky residents take for granted. However, should a person file for Chapter 13 bankruptcy, and then need to purchase a vehicle during the repayment period, they may wonder if they even qualify for financing to do so.

Credit card debt nationwide sees pre-Great Recession levels

Many people in Louisville who racked up credit card debt due to holiday spending at the end of 2016 are now well underway into their New Year's resolution of eliminating debt. But, as shown in one recent report, they are not alone in carrying outstanding credit card debt.

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