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June 2016 Archives

What is the personal bankruptcy "Means Test" and how do I study?

People who consider personal bankruptcy when they are experiencing financial difficulties might decide that the best solution is to seek relief from the courts. An experienced legal professional can help navigate what can be a confusing situation, but in short, bankruptcy courts have two main options for those seeking personal bankruptcy relief.

How Chapter 13 bankruptcy works

Financial difficulties can happen to anyone. Job loss, a medical crisis or even accidental mismanagement of income can cause a person financial hardship. For anyone in Louisville and beyond, filing a Chapter 13 bankruptcy case can give a person time to regroup and create a plan to pay off creditors and gain a fresh financial start.

How does exemption work in Chapter 7 bankruptcy?

Although Chapter 7 bankruptcy proceedings are commonly referred to as "liquidation," filers will not be required to liquidate every piece of property they own. In fact, they will be permitted to keep much of their personal property, even certain items of higher value, like their family home and car.

50 Cent submits tentative bankruptcy settlement

In the wake of filing a proposed $23.4 million bankruptcy settlement, rapper 50 Cent posted a photo of himself in a dapper red suit with the caption, "I'm gonna hustle till I die, I get high off winning. I gotta do it again and again forgive me." The proposal is part of his Chapter 11 bankruptcy payment plan that will require court approval before it is implemented.

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