The main types of bankruptcy proceedings are Chapter 7, Chapter 11, and Chapter 13. If you are an individual, you will be looking at Chapter 7 or Chapter 13; Chapter 11 is designed for businesses with a substantial amount of debt that the debtor wants to reorganize.

But what are the differences between Chapter 7 and Chapter 13? How can you know which one is right for your particular financial situation?

Chapter 13 bankruptcy is, in essence, the creation of a payment plan for your debts. This payment plan usually lasts 3-5 years. In the plan, you agree to pay a certain amount of money per month or per week (depending on your paycheck) for a specified length of time to pay off your debts. This plan is proposed by you (and/or your lawyer) and puts forth what you can afford. It is then reviewed by the court, who decides whether or not to approve it. Depending on your financial situation, your plan may require you to pay anywhere from 100 cents on the dollar to one cent on the dollar. If your plan is reasonable and the court approves it, this plan goes into effect for the time specified. At the end of that time (usually 5 years), you are finished with the plan, and you no longer have to pay your creditors: you’re debt-free.
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Bankruptcy was designed to help an honest person get out of debt. Essentially, bankruptcy can help wipe the financial slate clean for those who are buried under their debt.

Bankruptcy laws take into account both the needs of the individual in debt and the creditor who wants to get their money. If you file for bankruptcy, you’ll have to disclose all of your assets to the bankruptcy court (there is no hiding your assets), and the law will determine which of your assets are exempt. Depending on the type of bankruptcy that you file for, some of your assets may be taken by the trustee to help pay your debts, or you may have to set up a payment plan to pay your debts in part or in full.

Filing for bankruptcy is an important decision, one which should not be taken lightly; bankruptcy can have serious repercussions to your finances and credit score for 7-10 years.
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In Germany, Oktoberfest is a 16-18 day festival held each year in Munich. It is the largest public festival in the world, bringing in more than six million visitors. The festival in Munich celebrates Bavarian culture and German Reunification Day.  Many festival attendees wear the traditional Lederhosen for men or Dirndl dresses for women.

The Oktoberfest celebrations migrated to the U.S. along with German immigrants and have given Americans a taste of German culture for years.   During the weekend of Setember 21^st, you can embrace your inner German at Louisville’s original Oktoberfest.  The German-American Club is sponsoring the event and is bringing a full collection of authentic German singers and dancers to the event.  Headlining entertainment includes performances by Louisville’s Rheingold Band, Cincinnati’s Gebhard Erler and Indianapolis’ The Knappers.

Authentic German Food including bratwurst, kartoffelsuppe (potato soup), and a variety of German breads and desserts will be offered at the event from 4pm. until midnight. Wash down the rich German cuisine with a stein of authentic German Beer, which will be offered in plenty at the event.

For more information on the event or for a feel of Louisville’s German heritage, go the German-American Club’s website at http://www.german-americanclub.com or call 502-451-3100.

Louisville, Kentucky is known for many things. On September 15^th, the National Jug Band Jubilee reminds us that jug band music will always be on that list.  Bring friends and family to the Brown-Forman Amphitheater on River Road for the free jug band concerts, workshops, and activities.

The National Jug Band Jubilee is a gathering of the nation’s best jug bands to their old Kentucky home.  Louisville is known in the jug band community as “the city that started it all” and has been dedicated to preserving jug band music since the late 19^th century.

Jug band music features the sound of whiskey jugs mixed in with traditional fiddle and guitar tunes.  In the 1900’s through the 1920’s, jug band music gained popularity as the infectious rhythm of jug bands serenaded steamboat passengers on their way down the Ohio River. Today, jug band music has spread to Europe, Asia and Australia.

At the National Jug Band Jubilee, you can experience one of Louisville’s contributions to the musical world with performances from the local Juggernaut Jug Band and others from across the country.  If the thrill of the music alone isn’t enough, come to shop for unique jug band merchandise or to have a taste of local cuisine and locally brewed beers.  The event is family-friendly and offers a number of kid’s activities alongside the live music.

For more information about the National Jug Band Jubilee or its connections to Louisville’s history, call 502-417-1107 or visit www.jugbandjubilee.org.