Bankruptcy Attorneys in Kentucky
Depressed over debt? Unsure as to what to do next? Find out your options fast by browsing our informative site and taking the free legal debt evaluation.
An experienced Kentucky Bankruptcy Attorney will contact you to discuss your possible case, whether Chapter 7, Chapter 13 or Bankruptcy Alternative. Our attorneys are from well established and well respected law firms dealing exclusively in consumer debt and are experienced in dealing with the laws in Kansas.
It is never too early to find and contact a lawyer. Let us help you regain your financial control now by helping you find experienced bankruptcy lawyers!
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Chapter 13 Bankruptcy in Kentucky
Many individuals will not qualify to file Chapter 7 Bankruptcy. Another option for your family may be to file Chapter 13 Bankruptcy. Filing Chapter 13 Bankruptcy does not immediately discharge your debts, but it will allow you to keep most of your assets. Under Chapter 13 Bankruptcy, you will pay all or a portion of your debt by developing a 3 to 5 year debt repayment plan, which may be constructed to give you more favorable debt repayment options.
A Kentucky Bankruptcy Attorney will file your bankruptcy petition, complete all necessary bankruptcy forms, help you develop you repayment plan and appear in court for you. If you complete the debt repayment schedule and make all required debt payment, all qualifying debt will be discharged at the end of your 3 to 5 year plan.
Certain assets or personal property will be exempt from the bankruptcy process. All exempt assets are outlined in the Federal Bankruptcy Code. Many states, however, have created their own list of exempt bankruptcy assets and depending on the state where you live, you may be able to choose either the state exemption list or the federal exemption list. Some states will require you to use the state exemption list. In the state of Kentucky, you may use either the federal bankruptcy exemption list or the Kentucky bankruptcy exemption list. The goal of the exemption list is to allow you to maintain certain assets after bankruptcy.
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Chapter 7 Bankruptcy in Kentucky
Chapter 7 Bankruptcy is called a "liquidation" bankruptcy. The first step is to meet with a Kentucky Bankruptcy Attorney. If they determine you qualify to file Chapter 7 Bankruptcy, they will work with you to file your bankruptcy petition in the appropriate Kentucky bankruptcy court. The bankruptcy petition and the Statement of your Financial Affairs will out line your creditors, the amount of debt you owe, your personal income and expenses and a list of your property. One of the benefits of filing bankruptcy is that the debt collection efforts will be delayed through an "automatic stay". Unfortunately, this delay may not be permanent if a Bankruptcy Judge decides the creditors have "cause" to continue their collection efforts.
A trustee will be assigned to your claim to sell your assets and use the proceeds to pay your creditors. Federal bankruptcy law determines which creditors are considered "priority creditors" and will be paid first. The main benefit of Chapter 7 Bankruptcy is that it is a quick, inexpensive, and easy way to discharge most of your unsecured debt. Chapter 7 Bankruptcy will take approximately 4 to 6 months to complete and will discharge unsecured debt such as hospital bills, unsecured personal loans and credit card debt. Individuals, corporations, married couples and partnerships all may be eligible to file Chapter 7 Bankruptcy.
Since 2005, the passage of the Bankruptcy Abuse Prevention and Consumer Act (BAPCA), has made it more difficult to qualify to file Chapter 7 Bankruptcy. The BAPCA added additional income tests that you must pass to file Chapter 7 Bankruptcy. The main purpose of the BAPCA was to require individuals who had a higher income or disposable income to pay their debt obligations through Chapter 13 Bankruptcy. In addition to the income tests, individuals must also take a credit counseling course before they file bankruptcy and complete a financial management course prior to the dismissal of your debt.
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Means Testing in Kentucky
To determine if you are eligible to file Chapter 7 Bankruptcy, you must compare your median income to other Kentucky residents. If your median income is below the state median income, you can file Chapter 7 Bankruptcy. If it above the Kentucky median income, a Kentucky Bankruptcy Attorney can help you perform additional "means testing."
The means testing generally will analyze your income and your disposable income to determine if you can pay your creditors. If you subtract your house payment, car payment, school tuition (up to a limit), and taxes owed from your income and you have disposable income up to $6,000 or $100 per month that could be used to pay your unsecured creditors for the next 60 months, you may have to file Chapter 13 Bankruptcy. If you do not pass this test, but still have enough income to pay 25% toward debt repayment over the next 60 months, you may have to file Chapter 13 Bankruptcy.
In the state of Kentucky, median income information is published by the United States Trustee program. . The State Median Income for the state of Kentucky after March 15, 2009, for a single wage earner is $36,628. For a family of two it is $45,474, for a family of three it is $55,391 and for a family of four it is $65,520.
The above information is general information. A Kentucky Bankruptcy Lawyer should be contacted to review your financial information to determine if you can file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
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Kentucky Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Kentucky. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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Louisville James Stayton 429 West Muhammad Ali Blvd Ste 1000 Louisville, KY 40202 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Related Pages
Bankruptcy Petition: as defined in our Bankruptcy Glossary
Bankruptcy Law Information in Kentucky:
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