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.
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.
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.
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.
Financial problems are not just the concern of those seeking employment. All too often, Kentucky residents with full-time employment face moments when it seems impossible to make ends meet. Day in and day out, these individuals spend hours trying to earn enough to pay the bills, but it just never seems to be enough. When this is the case, it may be in the individual's best interest to file for Chapter 7 bankruptcy.
The moment has arrived. The Kentucky resident has faced reality and knows that the debt problem must be addressed. Once this happens, there are various options that should be considered. Rather than attempting to refinance the debt or working with debt consolidation companies, many discover that filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy is a more appropriate solution.
Harassing creditors, past-due bills and unpayable debts can put tremendous strain on a person who is already struggling financially. Bankruptcy is a trusted and safe option for most people in Kentucky who are facing insurmountable debt, but many have understandable concerns. What property a person will be able to keep during Chapter 7 bankruptcy tends to be a common worry.
Over the course of time, some Kentucky federal employees may decide to take out a loan against their Thrift Savings Plan (TSP). Such an action may provide the individual with the funds needed to meet an immediate need. However, it is important to remember that TSP loans are treated differently from other loans throughout the Chapter 7 bankruptcy process.
The television advertisements are appealing. When one is struggling to pay debts, debt settlement agencies are available to assist in reducing or eliminating debt. While the services offered by these companies are appealing to many Kentucky residents, the benefits of such action versus filing for Chapter 7 bankruptcy should be carefully analyzed.
Housing, cars, clothing and food -- each of these items are a necessity for the Kentucky family. However, each of these items can also be a major expenditure for the family. As these costs climb, the average individual or family often struggles to keep up with the rising costs and the increased debt that each can bring. At times, the debt load can become too much, and action needs to be taken in order to recover and keep up financially. When this happens, Chapter 7 bankruptcy may be the answer.