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January 2018 Archives

Chapter 7 bankruptcy filed by dry cleaning company

The parent company of a popular chain of dry cleaning locations in a northern state has filed for bankruptcy, leading to the closure of all chain locations. Sort LLC filed for Chapter 7 bankruptcy in January, citing unmanageable debt, which has necessitated the closure of Zoots dry cleaners across the company's home state. As some Kentucky business owners can attest, this may have been the most responsible financial move the parent company could make in this situation. 

Could I lose my security clearance if I file for bankruptcy?

Financial stability often plays a factor in whether someone can receive a government security clearance. The general reasoning is because the government believes that people suffering from financial problems could be more susceptible to bribes, financial influence and other forms of manipulation.

Furniture business files for Chapter 7 bankruptcy

A furniture business best-known for its iconic 20-foot artistic chair installation is closing its doors after many years in operation. Owners of LaFlamme's had previously filed for Chapter 11 bankruptcy protection, but has since upgraded its filing to Chapter 7 liquidation. Kentucky small business owners can likely empathize with the bittersweet nature of closing a cherished business while simultaneously recovering financial ground in preparation for the next attempt. 

Explaining Chapter 7 bankruptcy

There is a great deal of stigma and misinformation that surrounds the practice of filing for bankruptcy. However, for some Kentucky residents facing insurmountable debt, Chapter 7 bankruptcy in particular can be extremely useful in handling this debt problem. It is important for residents to have a full understanding of what Chapter 7 entails before seeking out the necessary legal support to begin this process, however. 

Chapter 7 a viable way to handle outstanding holiday debt

For many Americans, the holiday season is an opportunity to spend time with friends and family, and to exchange gifts in the spirit of the season. However, as some Kentucky residents are keenly aware, overspending and going into debt for the sake of the gift-giving tradition is all too common. For those who were already in debt, this can add to a persistent problem. Thankfully, there are many strategies and tools available for Americans finding themselves in the red, from debt consolidation to Chapter 7 bankruptcy.