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Chapter 7 Bankruptcy Archives

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. 

Debt relief solutions include Chapter 7 bankruptcy

Losing track of debt is not an uncommon hardship to befall an American family. Here in Kentucky and throughout the country, credit card debt and other types of debt can have a crippling effect on individuals and households. Thankfully, there are ways to mitigate and even erase debt that becomes unmanageable, using a variety of tactics from simple budgeting through to Chapter 7 bankruptcy. 

Private college files for Chapter 7 bankruptcy

A private school specializing in musical education has closed its doors permanently and filed for bankruptcy. Kentucky residents working in the music industry may recognize the McNally Smith College of Music, which has provided educational services for over 30 years. The school's administration filed for Chapter 7 bankruptcy in January. 

Popular restaurant location files for Chapter 7

The owners of a popular restaurant franchise in the nation's capital have filed for bankruptcy after a rocky two years, according to business news. Tadich Grill originated on the sunny west coast, and business ownership felt it would fit right in next to the seat of government. However, as some Kentucky business owners can sympathize with, their grand vision did not go as planned. Thankfully, Chapter 7 bankruptcy offers clemency to business owners whose financial reality did not match the success they had hoped for. 

Filing for Chapter 7 bankruptcy

For many Americans, debt is a reality of everyday life. Here in Kentucky and elsewhere around the nation, individuals, families and businesses struggle under the weight of many types of debt, which can quickly become insurmountable. Thankfully, there are many options available to handle debt, including Chapter 7 bankruptcy as handled by a state bankruptcy court and a dedicated attorney. 

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. 

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.