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Chapter 13 bankruptcy may be way to save family home

The home is perhaps the most important asset that most Kentucky families or individuals own. In an effort to protect the home, owners purchase insurance, make necessary repairs and make sure that the home is taken care of. Unfortunately, when financial problems arise, the home can be placed in jeopardy. When this happens, many find that Chapter 13 bankruptcy offers the protection they need to continue protecting the family home.

Recently, Earl Simmons, better known as rapper DMX, found his home to be in jeopardy. Reports indicate that he currently owes more than $2 million; however, he lists his only asset as his $350,000 home. Even though he has performances scheduled, he claims that there is no money in his bank account. Although it appears that Simmons has filed for Chapter 13 bankruptcy protection on two previous occasions, those petitions were never completed.

Chapter 13 bankruptcy affords protection for the home in that it allows the debt to be restructured, upon approval of a plan submitted to the court. The payment plan is established based upon the individual's income and current debt situation. Many times, the individual is able to save the home as a result of this restructuring.

Families and individuals throughout Kentucky, as well as across the nation, can find their home in jeopardy within a fairly short time period. Loss of income, medical expenses or other financial problems can quickly make it to where debt obligations cannot be met. For some, this problem can be alleviated and the home saved by restructuring the debt under Chapter 13 bankruptcy. Experienced legal counsel can help one decide if this is the appropriate legal option.

Source: eurweb.com, "DMX Files for Bankruptcy a 3rd Time; Claims He's $2M in Debt and Has $0 in Bank Account", Dec. 30, 2016

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