Missouri residents who follow the news already know that bankruptcies across the nation have increased over the last few years. Credit card debt, medical bills and unemployment are all causes of financial troubles for families throughout the country. But bankruptcy is also hitting some of America's iconic institutions. A case in point involves the St. Louis Post Dispatch, the parent company of which recently filed for Chapter 11 bankruptcy.

Lee Enterprises -- one of the largest newspaper chains in the country -- filed for bankruptcy on Dec. 12. According to the St. Louis Post Dispatch, which is the largest of the newspapers run by Lee, the filing will allow the parent company to refinance some $1 billion in debt. In simple terms, Chapter 11 protects a company from its creditors while the company restructures its debt. Lee Enterprises reportedly owns an estimated 50 newspapers, and publication will continue while the company restructures.

While filing for Chapter 11 may be appropriate for some businesses, most proprietors may do well to file for Chapter 7 bankruptcy instead. For instance, not many small businesses have the credit, time or resources to make filing for Chapter 11 worthwhile. That is why business owners who are considering filing for bankruptcy will likely want to explore all of their legal options in order to ensure that the proper type of filing is made -- one that duly addresses the challenges of debt and personal liability.

In addition, for individuals and families living in Missouri, medical bills and other types of financial burdens have led to bankruptcy as a logical option. For those individuals, Chapter 7 is also the preferred method of ensuring a fresh financial start. This type of filing can be especially useful for those with hefty credit card debt, mortgage payments and medical bills.

Source: AFP, "St. Louis Post Dispatch owner files for bankruptcy," Dec. 13, 2011