Filing a Chapter 7 Bankruptcy is not an easy decision. There may be many reasons why Kentucky residents do not wish to file such a case, including the affect it may have on a person's credit rating and the perceived stigma that can sometimes be associated with such a...
Has Debt Taken
Over Your Life?
Month: July 2017
Be aware of “SOLs” on credit card debt in Chapter 13 bankruptcy
Kentucky residents may be aware of the concept of Statutes of Limitations, also known as "SOLs," based upon common knowledge of criminal or civil legal concepts. In short, SOLs are restrictions that legislatures place on the time a person or the state has to pursue...
Chapter 7 bankruptcy is a viable option, but not the only option
The economic downturn 10 years ago did a lot of damage to many people's lives in Kentucky and around the world. Whether it was loss of retirement funds or the repossession of a home or vehicle, the experience has changed the way many individuals approach the ideas of...
Pieces of “Taj Mahal” available in business bankruptcy sale
Kentucky residents are likely well aware that the current president previously ran a string of gambling establishments in various locations across the country. One such casino, marketed as the "Eighth Wonder of the World," has been in bankruptcy for some time now, and...
What circumstances have forced you to consider bankruptcy?
Bankruptcy may be a step you never thought you would have to take, but you need a solution to your mounting debt, and quickly, before the problem consumes you. It may help to know that you are just one of about 1.5 million people a year in the U.S. who file for...
What is the “means test” that applies to Chapter 7 bankruptcy?
Our readers know that not all bankruptcy cases in Kentucky are created equal. One major potential difference in bankruptcy cases is whether they are filed under Chapter 7 or Chapter 13. As we have touched on previously, Chapter 7 bankruptcy cases are "liquidations,"...
What are “exemptions” in Chapter 7 Bankruptcy?
Bankruptcy is a word many Kentucky residents do not want to hear, especially when applied to themselves. There can be a stigma that gets attached to people who file for bankruptcy, so many individuals will not even look into it as a possibility. However, with the...
