We get this question a lot. After all, one of the cornerstones of marriage is sharing. While the short answer is no, you do not have to file bankruptcy with your spouse, the more convoluted legal answer is heavily dependent on your personal circumstances, because there are situations where both spouses filing for bankruptcy is preferable. Note that if married debtors do decide to both file, they can file a joint petition, which keeps the cost down as it is considered legally to be one case, with one fee. The rules are different for community […]
At first glance, the most populous city in Michigan and a tiny home rule-class city in Northern Kentucky wouldn’t seem to have much in common. Dig a little deeper and you’ll find that financial emergencies resulted in both municipalities’ seeking the protection of Chapter 9 bankruptcy. In December of 2013, Detroit, Michigan, was declared bankrupt due to its $18.5 billion debt and the impracticality of negotiating with its thousands of creditors. One year later, the city successfully exited the bankruptcy and embarked on a plan to cut $7 billion in debt as well as reinvest […]
Along with leaves changing color and cooler temperatures, autumn sees the return of school. While it’s easy to get caught up in the immediate necessity of buying new supplies and clothes, it’s also a great time to consider your kid’s educational future – and how you’re going to pay for it. In a nationwide effort to raise awareness about saving for higher education, September has been designated as College Savings Month. The most important thing you can do is make a plan. Navigating the maze of college scholarships, financial aid and student loans isn’t easy, […]
No one likes to owe money. Not being able to pay the bills can leave people feeling frustrated, embarrassed, depressed and hopeless even though many money troubles are due to forces beyond their control, such as losing a job or getting very ill. You may be contacted by a debt collector once your debts are seriously past-due. A debt collector may be a collection agency, a lawyer who collects debts as part of their business or a company that buys delinquent debts and then tries to collect them. As you deal with the situation and […]
September 8th, 2014 by W. Thomas Bunch, Sr.
Bunch & Brock, Attorneys is pleased to announce that W. Thomas Bunch was honored by the Kentucky Bar Association earlier this year as a Senior Counselor. Mr. Bunch was admitted to the Kentucky bar in 1965 and has practiced in the Comonwealth for nearly fifty years. He is also a member of the Kentucky and Fayette County Bar Associations, the American Bankruptcy Institute, and is an associate member of the National Conference of Bankruptcy Judges. He is a life member of the Lexington Kiwanis Club. Mr. Bunch founded Bunch & Brock, Attorneys in 1976, and […]
A bankruptcy judge in Virginia has approved the sale of three coal mining complexes to Lexington, Ky.-based Blackhawk Mining. The deal was part of the James River Coal Co. bankruptcy, Case No. 14-31848 (Bankr. E.D. Va.). The three facilities are located in West Virginia, Kentucky, and Indiana. The total sale price was $52 million. The buyer will pay $20 million to the bankruptcy estate and assume $32 million in liabilities which relate to the three mining facilities. This arrangement is common in bankruptcy because it brings liquid assets into the estate plus it reduces the […]
Even though the economy is showing some signs of improvement, many individuals, families and businesses are still struggling to make ends meet. Although few consider it their first choice, bankruptcy may be the right choice for you to get a “fresh start.” There are five different types of bankruptcy. Each kind of bankruptcy is referred to by a ‘chapter’ and a short explanation of these bankruptcy chapters follows. For individuals and families, there are generally two types of bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, a trustee is appointed by the […]