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March 2017 Archives

What is the purpose of the means test for Chapter 7 bankruptcy?

Consumers in Kentucky who have experienced unanticipated financial hardships due to loss of employment, medical emergencies or other misfortunes may be exploring their options under the Bankruptcy Code. If Chapter 7 seems the best solution for their circumstances, a means test will determine whether they qualify or whether they must file for Chapter 13 bankruptcy. The test will determine whether the consumer has enough disposable income to pay back some of his or her debts.

Benefits of Chapter 7 bankruptcy

When one hears the term "bankruptcy," one often associates it with a negative connotation. Many Kentucky residents have learned that this is actually far from the truth. For many, filing Chapter 7 bankruptcy added a positive dimension to a very difficult situation.

Chapter 7 bankruptcy and the reaffirmation agreement

The decision to file for bankruptcy can be a difficult one to make. Many throughout Kentucky are concerned that they will not be able to keep their family home or their car. These concerns raise questions regarding where the family will live and how they will be able to get to work or school. Generally, these concerns are unnecessary even with a Chapter 7 bankruptcy.

Anatomy of a typical Chapter 7 bankruptcy

Suddenly finding yourself in a tough financial position can be very confusing and frightening. You may also feel like an outcast, while you watch your friends and family sail through life without worrying about money. On the bright side, you are not alone. You are one of many that have found themselves drowning in debt due to unexpected medical expenses or a company downsizing.

Many look to Chapter 7 bankruptcy to solve financial dilemma

Bills are mounting and the thought of filing for bankruptcy becomes a valid consideration for some Kentucky residents. The tension and stress caused by the weight of debt can be more than one can handle. Chapter 7 bankruptcy is one way to relieve this burden and start over.

Chapter 7 bankruptcy basics

The term consumer bankruptcy can be confusing for many Kentucky residents. Many individuals do not understand exactly what bankruptcy entails and its purpose. Basically, it is a federal court proceeding that aids in getting the filer out from under the burden of debt. If eligible, it is possible for an individual to have his or her debts discharged under a Chapter 7 bankruptcy.

Chapter 13 bankruptcy and the repayment plan

On the surface, the bankruptcy process can be intimidating. In reality, it can be a fairly simple procedure that assists the individual in financially re-establishing him or herself. For many Kentucky residents, Chapter 13 bankruptcy provides the opportunity to start over.

Chapter 7 bankruptcy -- truth and fiction

What will people think? I'll never be able to get a credit card or car loan again! The bank is going to take away my home. Statements such as these are often the reasons why many Kentucky residents who should file for Chapter 7 bankruptcy do not do so.