Law Office of Ginger C. Cord, PSC
Free Initial Consultation
859-963-2073

Exemptions and Chapter 7 bankruptcy

Filing for bankruptcy could be the best financial decision that a Kentucky resident makes. Although the decision often brings with it a certain degree of uncertainty and emotional concerns, it provides the individual with the financial relief needed to start over financially. For many, Chapter 7 bankruptcy is the solution to what has become an overwhelming financial dilemma.

Under Chapter 7 bankruptcy, the majority -- and, in some cases, all -- of the individual's debts are discharged. This means that they go away and repayment is no longer required. However, along with this type of bankruptcy, the individual may be required to liquidate certain assets to help offset some of these debts.

One of the areas of uncertainty for many individuals revolves around exactly what property they will give up and what property they will be able to keep. In Kentucky, the homestead exemption helps to protect the family home from being taken during the bankruptcy process. However, if there is a mortgage on the home and it is not being reaffirmed in the process, the exemption may not apply. There are also exemptions for vehicles up to a certain dollar amount, unless used as collateral to secure a loan. Other exemptions cover personal property such as clothing, jewelry, burial plots and more.

Chapter 7 bankruptcy can provide much needed financial relief for a Kentucky resident. While it is possible that some assets will be used to offset outstanding debt, the goal is to help the individual be able to start over financially and live a productive life. An experienced bankruptcy attorney can help guide one through the necessary steps.

Source: legalconsumer.com, "Kentucky Bankruptcy Exemption Laws", Accessed on June 12, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

How May I Assist You?

How May I Assist You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

Toll Free: 800-762-6916
Phone: 859-963-2073
Fax: 859-254-2192
Lexington Law Office Map