Many people experience depression around the holidays, trying to live up to some impossible standard of perfection of decorating, gift-giving and preparing holiday meals that is just not possible to achieve. Still others suffer from the post-holiday blues when the credit card bills start rolling in.
Kentucky homeowners who are facing foreclosure run the risk of having their residences repossessed by the mortgage lender. However, there are several options that a homeowner may have if he or she wants to retain control of the property. The federal Department of Housing and Urban Development maintains a list of approved homeowner counselors that can sometimes come up with creative solutions.
National bankruptcy filings have been on the decline in recent years, which may be viewed as a sign of economic improvement for Kentucky and other states. Statistics are evaluated on a quarterly basis, and the first quarter of 2016 had a decrease of 5 percent for the total number of bankruptcy filings in the nation in comparison to the same period of time in 2015. The total number of filings during the early part of 2016 was more than 195,000.
Kentucky residents with unmanageable financial situations and unfulfilling marriages sometimes consider filing for both bankruptcy and a divorce. While these steps could both lead to a less stressful and happier life, deciding which one to take first is not always easy. Making this choice may be simplified after a number of important factors have been taken into consideration.
Some Kentucky residents may need to file for bankruptcy in order to get a handle on their debts or stop foreclosure, and Chapter 7 bankruptcy is one option where nonexempt assets are sold to pay creditors. Small business owners can use this form of bankruptcy when a business cannot be saved, and individuals or business owners benefit because most collection actions stop when filing for Chapter 7. However, there are some important concerns one should think about before making a decision.
Many Kentucky residents struggle with their finances. In some cases, with discipline, hard work and a willingness to negotiate with creditors, they can get caught up on their bills. However, there are some cases in which people simply cannot ever get out of the debt. For these consumers, bankruptcy is an option.
As many Kentucky residents may know, getting out of debt might be complex, and choosing the right venue is important. In some cases, making the decision may be offset by family issues that leave the debtor with few choices.
Kentucky residents may be interested in the outcome of a recent Supreme Court case involving bankruptcy issues. In Wellness International Network, Ltd. v. Sharif, a majority of the justices ruled that bankruptcy judges have jurisdiction over disputed issues when the debtor gives consent. This means that bankruptcy judges can issue rulings and final orders on bankruptcy matters, and they do not need to go through district judges.
Business owners in Kentucky may be able to keep their businesses after filing for bankruptcy in some cases. For instance, the owner of a sole proprietorship may personally file for bankruptcy while still maintaining their business. The owner of a larger company who would like to keep their business has the option of filing for Chapter 11 bankruptcy.
When a person in Kentucky goes through the bankruptcy process, many of the debts that once hung over their head may be eligible to be discharged. A bankruptcy debt discharge means that the debtor is under no legal obligation to repay a debt, and the creditor that issued the debt is not allowed to take any action to collect it.