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...
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Month: March 2017
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...
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...
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...
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....
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...
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...
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...
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...
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...
