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May 2018 Archives

Chapter 13 offers many advantages over Chapter 7

Any time you consider a bankruptcy, it is often difficult to remain objective and keep a clear head about the process. Not only is bankruptcy a complicated process, those who use it must submit to financial restrictions for a number of years, and must often forfeit many of their possessions along the way.

Dicharging student loans through Chapter 7

College students across the country deal with challenging debt loads when they leave academia and enter the working world. Indeed, student debt is a major issue for politicians and educators alike. It is generally accepted that student loans cannot be discharged through a Chapter 7 bankruptcy filing, but Kentucky students may be buoyed to learn that in some instances, student debt is in fact eligible for discharge.

Chapter 7 not the end of the financial road

Many Americans have a tendency to view bankruptcy with no small degree of skepticism, if not outright panic. Of course, debt can spring from a variety of unforeseen sources. Thankfully, there are ways to speed up the process of returning to financial health even after a Chapter 7 bankruptcy in Kentucky. 

Rapper's restaurant files for Chapter 7

A restaurant owned by American actor and rapper T.I. has filed for bankruptcy after closing its doors nearly two years ago, according to business news. Kentucky fans of the rapper might be familiar with Scales 925, a high-end restaurant opened by the entertainer in 2015 in a southeastern state. The restaurant has been closed since 2016 amid complaints from employees who allege they were not paid wages. The Chapter 7 bankruptcy was filed by T.I.'s business partner on May 1.

Retaining assets in Chapter 7 bankruptcy

Bankruptcy is one of the most well-known and least-understood debt-relief options. In Kentucky and across the country, a Chapter 7 bankruptcy filing carries with it no small amount of mystery for the average person, who may not understand how filing for bankruptcy can actually be a positive financial move. One of the most pressing concerns is the concept of repossession, and what assets someone who files can hope to retain.

Effects of Chapter 7 bankruptcy on credit reports

Many people think of a bankruptcy filing as a "last resort" to deal with insurmountable debt. While Chapter 7 and, to a lesser extent, Chapter 13 filings are often used when other tactics have failed to decrease debt, this does not mean Kentucky residents who choose bankruptcy as an option are committing to a life of fiscal ruin. Indeed, there are many ways bankruptcy can be mitigated even while still being listed on a credit report.