Filing for bankruptcy can be done through various chapters in the bankruptcy code, but in terms of personal bankruptcy, there are a couple more common options: Chapter 13 and Chapter 7 bankruptcy.
While it can be intimidating to file for bankruptcy, it can provide immediate relief from such difficult financial situations as wage garnishment, foreclosure, creditor harassment, and having liens or levies placed on property.
As a Lexington, Kentucky, personal bankruptcy lawyer at the Law Office of Ginger C. Cord, PSC., I provide individuals who are struggling with debts the opportunity to start over, even when they are considering bankruptcy in retirement. I primarily work with:
- Chapter 7 bankruptcy: This form of bankruptcy is sometimes known as "straight liquidation." Most individuals do not face liquidation of assets because of the many property exemptions under the law. Individuals must qualify for this form of bankruptcy by passing a "means test" that assesses a person's income level and his or her ability to pay off debts. Assets, if any, are typically collected to the fullest extent possible by a bankruptcy trustee and are divided between various creditors. The individual will have most, if not all, of his debts discharged, or wiped out, when all is said and done.
- Chapter 13 bankruptcy: If an individual has a steady income or a high level of financial and personal assets, this form of bankruptcy is typically more appropriate. The individual maintains ownership of assets while debts are restructured into payment plans that are more affordable. This form of bankruptcy process takes longer than Chapter 7, with debts discharged in three to five years.
Contact Lexington Attorney Ginger C. Cord Today
Bankruptcy does not have to be the last resort. I will work directly with you to help you get the information and understanding you need to make an educated decision about how to handle your debts.
I can be reached directly, either online or by telephone at 859-963-2073, to help you start on the path to financial freedom.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.