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The Chapter 7 bankruptcy process

A great deal of the information available pertaining to bankruptcy filings is not necessarily reliable. Some Kentucky residents may be hesitant about the prospect of filing for Chapter 7 bankruptcy. However, a bankruptcy filing can sometimes be the best decision for a stronger financial future.

Bankruptcy refers to a procedure in federal court that helps consumers and businesses discharge debts they can't pay, and repay creditors that they can. When debts become unmanageable bankruptcy offers protection from creditors and a way to confront one's financial problems responsibly and directly. However, this process requires a considerable amount of paperwork, including a full accounting of all assets and debts related to the individual filing the petition.

If the court accepts the petition, a trustee is appointed. The trustee presides over a meeting of creditors and helps determine which debts must be paid down by liquidating existing assets, and which can be discharged. Debts that fall under this category are usually unsecured, and can include credit card debt and medical debt. In certain circumstances, even student debt can be discharged, though this is a rare occurrence under current laws; in fact, proof of an undue hardship must be documented before a discharge is possible.

Ultimately, if a Kentucky resident is facing significant debt problems, Chapter 7 bankruptcy can be a helpful tool to deal with the situation. While bankruptcy does not work for everyone, for those who choose to follow this path, the support of an experienced bankruptcy attorney can be invaluable. With their help, the path to financial security can be considerably shortened and simplified.

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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
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