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March 2018 Archives

Chapter 13 and car repossession threats

Aside from maybe a foreclosure notice or a garnishment, there are few things that disturb a Louisville resident's financial peace more than getting a notice that their car is about to get repossessed. Worse, some families may wake up one morning to discover that the vehicle they counted on is gone, legally seized by a repossession company working on behalf of a bank or financing company.

Tough market for retailers in Louisville continues

As a previous post here detailed, the retail market, which includes so-called "brick and mortar" clothing and other stores as well as restaurants, is a hard market to make a profit in right now. This is due in part to Amazon and other online retail outlets that offer customers the convenience of shopping in their own homes and having items delivered to their doorsteps.

The goal of Chapter 13 is an affordable repayment plan

As previous posts here have discussed, Chapter 13 bankruptcy is distinct in that a Louisville family who chooses this option will be expected to repay all or part of their debts. More specifically, the family will get to hang on to all of their property, but they will need to make monthly payments to a court officer, called a "trustee," for anywhere between three and five years. At the end of the day, the family will be expected to pay at least 10 percent of their debts and may need to pay up to all of their debts off.

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