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September 2015 Archives

Facts about credit card debt in the United States

Most Americans would agree that the economy is on the upswing once again. The market is stabilizing, and the morale of the state of Kentucky has increased as a whole. This improvement may not be evident if you looked at credit card debtin the United States, however, which is spiraling out of control at an alarming rate.

Business bankruptcy has trickledown effect on personal bankruptcy

Now that he is a Presidential candidate, Donald Trump’s personal and business affairs are bound to come under the microscope. One of those business affairs that some may have forgotten or others never knew is that Trump filed Chapter 11 bankruptcy four times. Chapter 11 is a type of bankruptcy that businesses use to stay afloat while reducing their debt. But reducing that debt can have an effect on individuals while the company reorganizes.

Cancelled debt may still haunt you

When Kentucky residents feel they have fallen into too deep a financial hole to climb out of on their own, they may resort to filing for bankruptcy. Often, chapter 7 bankruptcy is chosen, which liquidates assets to cover debts. But going through this process may not be the end of the story, especially if you have had large amounts of credit card debt forgiven. In the eyes of the IRS, you still owe money.

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