See also: Qualifying for Chapter 7 Bankruptcy: Timing and the Means Test Kentucky Bankruptcy Exemptions: Can I keep my house? Once you decide to file bankruptcy in Kentucky, one of your most important decisions will be whether to use the federal exemptions that are part of the U.S. Bankrupt...
Foster Law Offices, LLC assists consmers with obtaining a fresh start through Chapter 7 Bankruptcy. Credit card debt, medical bills, loans? We can help.
Hayden & Butler, PSC, are bankruptcy attorneys near Lexington. We help solve your debt problems. Call us for Chapter 7 & Chapter 13 bankruptcy filings now!
The schedules also list your property, any debts secured by that property, and the sale value of the property. “Property” here means “assets” or “possessions”, not just real estate. More onproperty in bankruptcy. Your choice ofexemptionsis made on one of the schedules. ...
Many Chapter 7 cases are considered to be "no asset" cases. There's little or nothing left for the trustee to sell or liquidate after exemptions are applied.4 Note Creditors rarely receive all that they're owed, because most Chapter 7 bankruptcy estates don't have enough funds left to cov...
In some cases, a Chapter 7 bankruptcy may be the only way to get much-needed relief. Chapter 7 bankruptcy is also known as Liquidation Bankruptcy, and essentially allows a person who finds themselves drowning in debt to permanently avoid the majority of their unsecured financial debts. Those wh...
Often referred to as “straight bankruptcy,” Chapter 7 bankruptcy is a process, organized under federal law, that provides consumers with the opportunity to discharge their unsecured debts. Common debts eliminated by filing for Chapter 7 bankruptcy include:credit cards,medical bills, personal loans ...
A Chapter 7 bankruptcy is a liquidation. Most of the debtor's assets with market value and not covered by exemptions are sold by the trustee to pay off creditors. Hence, 2 forms of a Chapter 7 bankruptcy petition are Schedule A — Real Property and Schedule B — Personal Property, in ...
Chapter 7 bankruptcy allows you to continue making payments on your secured debt like your mortgage and vehicle. Generally, your personally belongings are protected under state exemptions. Chapter 7 bankruptcy will stop lawsuits, garnishments, foreclosures and repossessions, even if these processes have...
While Chapter 7 involves liquidating non-exempt assets, debtors can keep certain exempt assets which vary by state. These exemptions ensure that debtors can maintain a basic standard of living post-bankruptcy. Plus, unlike Chapter 13 bankruptcy which requires a repayment plan, Chapter 7 does not i...