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March 2018 Archives

Baseball legend files for Chapter 7 bankruptcy

A baseball player who made history in the 80s is facing financial strife in the modern era, according to sports and business news sources. Kentucky baseball fans may be familiar with Jack Clark, a power hitter who played with the St. Louis Cardinals from 1985 to 1987. Despite embarking on many successful business ventures in the intervening years, Clark is now filing his second Chapter 7 filing in the face of mounting debt. 

3 signs you should consider bankruptcy

If you live in Lexington and have found yourself struggling with debt, you are not alone. In fact, you probably know a friend, neighbor or relative that has had trouble managing debt and maybe even declared bankruptcy. While the term "bankruptcy" tends to carry many negative connotations, in reality, bankruptcy is a very effective tool for reorganizing your debt and getting your finances in order. Not only that, but it could help you avoid foreclosure on your home or possibly save your car from repossession.

Misconceptions about Chapter 7 bankruptcy

When the word "bankruptcy" is spoken in popular media, it is often meant to sound dramatic and fatalistic. However, financial experts agree that in many cases, filing for bankruptcy like Chapter 7 can be quite the opposite, opening doors to new opportunities for struggling Kentucky residents to rebuild their financial lives. In the face of overwhelming debt, this can sometimes be an extremely smart financial decision. 

Toys R Us files for Chapter 7 bankruptcy

A famed toy chain is closing its doors in a surprise bankruptcy filing. Toys R Us, known here in Kentucky and around North America as the premier provider of toys and children's supplies, is converting an existing Chapter 11 bankruptcy to Chapter 7 liquidation proceeding. While there is no word on when, or in what manner, the chain will begin closing its locations, Americans can expect to look elsewhere for toys this coming holiday season. 

Jazz company decides to file Chapter 7 and close its doors

Most Kentucky business owners know what it's like to encounter various financial challenges during the course of their careers. Even those who have been in business 40 years or more may face financial crises that are difficult to overcome. In some situations, it makes more sense to seek immediate debt relief options, such as Chapter 7 bankruptcy, than to keep sinking deeper into a financial black hole.

University files for Chapter 7 bankruptcy

Students and staff at an out-of-state post-secondary school were surprised to learn their university was closing its doors as of Nov. 2017. St. Gregory's University has filed for Chapter 7 bankruptcy, citing financial difficulties due to a lack of operating funds. As some Kentucky business owners already know, this may be the best decision university leadership could make to account for mounting debt.