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November 2017 Archives

Determining the value of Chapter 7 bankruptcy

In modern American life, debt is an unavoidable reality. Many Kentucky households carry an average of thousands of dollars in different types of debt, most specifically credit card debt that can quickly become challenging if not impossible to surmount. Thankfully, there are a variety of options available to manage that debt, including Chapter 7 bankruptcy. However, it is important for an individual or family considering this kind of debt relief to understand what it entails. 

Tech company files for Chapter 7 bankruptcy

What began as a single store closure has resulted in the shutting down of a chain of tech stores across the United States, according to business news. Kentucky residents may be familiar with TechShop, which has brick-and-mortar locations across several states. Sources are reporting the company has filed for Chapter 7 bankruptcy after battling financial troubles for some time. 

Aerospace company files for Chapter 7 bankruptcy

A small aerospace company that has had reasonable success in the last five years has shuttered its hangars, according to the bankruptcy court local to the business. Kentucky aerospace enthusiasts may be familiar with XCOR, based in a West Coast state, which has declared Chapter 7 bankruptcy. The company's assets and liabilities have not yet been made public. 

There are debt limits in filing for Chapter 13 bankruptcy

Every day, the typical Kentucky resident gets up and goes to work. After a long day of taking care of things on the job, it is time to go home and take care of things there. For many, this scenario plays out day after day with no major obstacles. However, for some, something happens, and the financial picture changes drastically. Rather than being able to pay the bills, financial struggles come into the picture, and filing for Chapter 13 bankruptcy may be the best way to alleviate the struggle.

How to handle credit card debt - Chapter 7 bankruptcy and more

Credit card debt is among the most tenacious types of debt one can accrue, thanks largely to the high interest rates associated with credit payment. Some Kentucky residents may be feeling the weight of this debt since the average American household carries some $16,000 in credit debt alone. Thankfully, there are several ways to help discharge credit card debt, from debt consolidation to Chapter 7 bankruptcy. 

Congress strips protections from consumers

Last week, the Senate repealed a rule put in place by the Obama administration that gave consumers additional protection from rapacious credit card issuers and banks. The tie-breaking vote was cast by Vice President Mike Pence. The vote rolled back the rule that consumers could take their grievances to civil court and not be limited to resolving their conflicts in arbitration instead of class-action lawsuits.

Rebuilding credit score after Chapter 7 bankruptcy

Perhaps one of the most common fears surrounding the decision to file for bankruptcy is that the Kentucky resident will never be able to get credit again. Yet, this fear has limited basis in reality. In fact, within a very short time period after filing for Chapter 7 bankruptcy, most individuals are able to begin rebuilding their credit portfolio.