Detroit files for largest municipal bankruptcy ever

Detroit - Wallace Spalding Law OfficeThe bankruptcy of the City of Detroit made headlines in newspapers across the country. It’s the “largest American city ever to file for bankruptcy,” according to The Economist.

The city has estimated debts of $18.2 billion, approximately $27,000 for every resident. Since 2008, reports The Economist, the city spent around $100 million more than it brought in. Detroit has long been in decline, caused by a dwindling population and a failing auto industry, and attempts to balance the budget in recent years have largely failed. [Read more…]

Protect yourself from identity theft

Identify theft protection - Wallace Spalding Law OfficeIdentity theft—when someone steals your personal and/or financial information and uses it without your knowledge or permission—is a serious problem in the U.S. today: millions of Americans are affected.

In fact, according to the Identity Theft Resource Center, 23 million Americans had information such as their Social Security number, driver’s license number, medical records, or financial accounts exposed in 2011.

Why is identity theft such a problem? When you are the victim of identity theft, it can wreak havoc on your credit and finances, not to mention your reputation. The person who takes your identity could even commit a crime. [Read more…]

Food trucks come to Louisville

Food Truck Louisville - Wallace Spalding Law OfficeIt’s a culinary invasion! An LSFA Food Truck Invasion, that is.

The Louisville Street Food Alliance (LSFA) will be bringing their gourmet food trucks to the mayor’s office on the first Tuesday of every month. This Tuesday, August 6, come sample culinary treats at 6th and Jefferson!

From 11 a.m. to 2 p.m., you and your friends and family have the opportunity to chow down on delicious, reasonably priced menu options from seven different food trucks: [Read more…]

America’s pastime in Louisville

For many people in Louisville, and really all across America, summer brings something special to mind: baseball.

Louisville is a city with a great baseball tradition, focused around its most popular export: the Louisville Slugger.

The local bat factory has a rich history and is a family-owned company founded in 1884. Currently, John A. Hillerich IV is the CEO and President, the great-grandson of Bud Hillerich. Bud was the baseball fan that introduced the family woodworking business to the game in the 1800s.

I highly recommend taking a tour of the Louisville Slugger Museum, if you haven’t done so already. The manufacturer boasts the number one bat in Major League Baseball, with the famous Louisville Slugger logo burnt into each product.

Louisville baseball - Spalding & SpaldingAt the factory, experience history in the making as you stroll through the actual areas where the bats are made.

It’s hard not to notice the factory when you pass by, as the world’s largest bat leans on the building, standing at 120 feet.

After watching the beginning of a bat’s life, why not watch them at work? Nothing says Louisville summer like a day at Louisville Slugger Field. Here, you can fill up on peanuts, cracker jacks, or whatever baseball food you enjoy while watching the Louisville Bats. [Read more…]

Last will, living will, and living trust

Last Will - Spalding & SpaldingLet’s face it: estate planning can become confusing quickly. A question I often get from clients is, “What’s the difference between a living trust, a last will, and a living will?”

As all have similar, seemingly interchangeable names, so it’s easy to mix them up. To simplify things, here is an overview of each:

Last Will

A last will is used to distribute property to beneficiaries, specifically last wishes, and name guardians for minor children. [Read more…]

Louisville parks

Louisville Park - Spalding & SpaldingIn July, we all need to step away from our busy offices and our hectic housework to enjoy some time in the warmth of the outdoors. Luckily, Louisville boasts many great parks, both downtown and outside of the city.

In hopes that you, your family, and friends will take advantage of these great escapes, we’ve researched some of the best parks in Louisville: [Read more…]

Former NCAA football coach reaches bankruptcy settlement

Football coach files bankruptcy - Spalding & SpaldingFiling bankruptcy can help many people recover from very tough financial situations. In many cases, people can become financially stable after bankruptcy, with time of course. As we’ve often mentioned, bankruptcy is designed to help an honest person get out of debt.

Unfortunately, there are situations where bankruptcy is abused.

A recent CBS Sports article about former Arkansas Razorbacks coach John L. Smith demonstrates how being honest up front can save you from headaches later. [Read more…]

Louisville Fourth of July Festival!

Louisville fireworks - Spalding & SpaldingLouisville is home to some of the best festivals around, and our Waterfront Independence Festival is no exception.

This year’s Fourth of July festival promises to be bigger and better than ever. Best of all, it’s completely free!

Festival organizers have packed quite a few exciting activities into the two-day celebration, which is set for July 3 and 4. Among some of the many great events planned are a festival food market, a baseball game between Bats Baseball and the Indianapolis Indiana, and performances by country music star Justin Moore, jazz group Kool & the Gang, and others. [Read more…]

Bankruptcy Hits Home with Seven Counties Services Inc.

Bankruptcy closes business - Spalding & SpaldingMolly Burchett’s report “Bankruptcy Filing By Mental Health Agency A Loser For Kentucky” shows that bankruptcy can strike both businesses and individuals and depicts a tricky situation the state and public are now facing.

Rather than paying the Kentucky Employee Retirement System, Seven Counties Services Inc. (one of the state’s largest mental health agencies) will file bankruptcy, according to the article. This creates a series of problems. Most obviously, the state will lose money to the Kentucky Employee Retirement System. [Read more…]

Behind Bankruptcy – Common Causes

Bankruptcy causes - Spalding & SpaldingThere are several big misconceptions about bankruptcy and the individuals who file bankruptcy. One of those misconceptions is the “why.” Many outsiders (individuals who have not filed bankruptcy or not had someone close to them go through it) believe that individuals who file bankruptcy are simply irresponsible. They think individuals who file bankruptcy spent lavishly and lived beyond their means with no thought as to how they would pay the money back later on. Believe it or not, most bankruptcy filers do not fit that description.Sure, there are probably some who do, but the vast majority had other reasons for filing bankruptcy. Here is a look behind bankruptcy: [Read more…]