National statistics show that U.S. consumers are currently carrying more than $12 trillion in debt. If you are one of the millions of individuals who are struggling to make even minimum monthly payments on high interest credit cards and medical bills or who must decide between paying the rent or mortgage and buying food; it is time to take action and to explore your options for eliminating debt.
Simply put, income is the primary difference between these two types of bankruptcy. A Kentucky resident has to be below a certain income level in order to qualify for Chapter 7 (commonly referred to as a liquidation bankruptcy). If an individual's income is higher than that demarcation point, a Chapter 13 (commonly referred to as a reorganization) will need to be filed.
Most Kentucky residents are under the impression that student loans can never be discharged in a bankruptcy, but that it not entirely true. Under certain circumstances, some or all of an individual's student loans can be discharged in a Chapter 7 bankruptcy. However, the process is complex and should not be attempted alone.
Whether large or small, many businesses must make the smart decision to shutter their operations when they are no longer viable. When liabilities outweigh assets and there is not a way to restructure the debt, it is prudent for a company to seek bankruptcy. Kentucky readers may be interested in a recent article written about a craft brewing company in the southeast which filed for Chapter 7 bankruptcy.
When most people imagine the lifestyle of a sports star, they generally picture a comfortable or even luxurious existence. However, recent articles and documentaries that feature talented college and professional athletes tell another story. Many leave their venerated standing in the sports world and discover that the money and notoriety they obtained dwindles quickly after they retire or move on from playing sports. A recent article describes the story behind former University of Kentucky basketball star Richie Farmer's recent decision to seek Chapter 7 bankruptcy.