The economic downturn that occurred in Kentucky and across the United States around 2008 hit many people quite hard. Lack of growth and a crash in certain markets led to loss of jobs for many, which led to depressed consumer spending, leading to more lay-offs in a...
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Kentucky mining company contemplates business bankruptcy
Kentucky is almost as well known for its coal as for its horses. The coal industry has a long history in the state, with miners and mining towns having grown up in the mountains that make up a good portion of Kentucky's beautiful topography. Unfortunately, like in...
What is “credit counseling” in a Kentucky Chapter 7 bankruptcy?
A previous post here examined the basics of the "debtor education course" that all Chapter 7 bankruptcy filers must complete before receiving a discharge of their debts. At that time, we mentioned the fact that the course should not be conflated with "credit...
An “automatic stay” in Chapter 13 bankruptcy
Previous posts here have discussed some of the basic differences between filing a bankruptcy under Chapter 7 of the bankruptcy code and filing under Chapter 13. To refresh, Chapter 7 filings are often referred to as "liquidations," in which the debtor's property that...
Stay open for business by filing Chapter 11 bankruptcy
There are many reasons for a business to struggle, even if it enjoyed years of success. A big box store could take customers away from a small retailer. A tornado could destroy a car dealership. A building contractor might have to shut down because of a divorce. If an...
Business bankruptcy can be more complex than personal bankruptcy
Entrepreneurs in Kentucky are likely all too familiar with the risks involved in starting a business. Depending upon the industry, failure rates can be anywhere from half of all start-ups to 80 percent or more. In many cases, there may be nothing the business owners...
