Even with the recent healthcare reforms approaching its 10th birthday, bankruptcy due to medical debt is an ongoing problem both in the Louisville area and the rest of the country. How much of a problem medical debt is, however, is a subject that is up to some debate.
A business that owns over 150 Applebee's franchises in different states, including several in Kentucky, recently announced that it filed for Chapter 11 bankruptcy. According to the company, their restaurants will be able to remain in operation while the bankruptcy is ongoing.
Having a decent car is nothing short of essential for many families in the Louisville area. Some rely on their vehicles to make their living, and the vast majority of Kentucky residents at least need a car to commute to and from their jobs, to do errands and to help their kids and other family members to have an enjoyable life.
As previous posts here have discussed, one of the advantages to Chapter 13 bankruptcy is that a Kentucky family gets to hang on to all of their property, even after the bankruptcy. This is different from the more common Chapter 7 bankruptcy, in which a debtor may need to surrender non-exempt property to a bankruptcy trustee so that it can be used to pay off creditors. Instead, a Chapter 13 debtor agrees to a repayment plan over time.
One clothing retailer with a presence in Northern Kentucky announced that it had successfully completed a Chapter 11 bankruptcy reorganization plan and was looking forward to a more profitable future. The end of the bankruptcy did not come without some cost to the chain, as it was forced to close down 100 stores nationwide and reduce its corporate staff. Moreover, there were some shifts in management that apparently came at the urging of the store's creditors, which ultimately signed off on the store's reorganization.