As previous posts on this bog have discussed, there are many different ways a Louisville business that finds itself in financial trouble can choose to handle mounting debt in the face of sluggish revenue. For instance, under some circumstances, a business owner can...
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Has Debt Taken
Over Your Life?
The wildcard exemption may help you in a Chapter 7 filing
When you think about filing for bankruptcy, it may seem at first like an overwhelming task. One of your major concerns is sure to be about assets: What will you be able to save? The thought of losing your home, your car or other possessions is frightening, but...
Chapter 13 as a form of business bankruptcy
Louisville, Kentucky, residents routinely use Chapter 13 bankruptcy in certain situations where they want to resolve personal debts such as a mortgage or a credit card. However, depending on how they organized their business, small business owners can also use a...
How a Chapter 13 bankruptcy can protect your home
While many Louisville, Kentucky, residents may be under the impression that any type of bankruptcy will stop a foreclosure, such an impression is only true to a certain extent. It is true that a bankruptcy as a rule imposes an automatic stay on creditors, including...
Financially distressed toy giant allowed go give execs bonuses
A bankruptcy judge approved the plan of the nationwide retail toy seller, Toys R Us, to pay its top leadership bonuses of up to $14 million, provided they meet certain sales goals, particularly over the Christmas season. After the United State Bankruptcy Trustee...
In the language of bankruptcy, what is a 341 meeting?
If you are thinking about filing for bankruptcy, you undoubtedly have many questions. You may have heard of certain terms and need a better understanding of what they mean. One of the terms related to the bankruptcy process is a “341 meeting.” What is...
Overview of Kentucky’s bankruptcy exemptions
One of the most important questions in a Chapter 7 bankruptcy proceeding is whether and to what extent a struggling family in Louisville might be able to claim their property as exempt from collection. To understand what exemptions are, on first has to remember the...
