Bankruptcy Exemptions in Kentucky
Are you in a financial crisis with no idea how to solve it? Well, you are not the first person to experience such a situation in Kentucky, let alone across the U.S.
You could find yourself in this situation may be due to a job loss, illness, divorce, or an accident, among other reasons. Regardless of your reasons, you do not have to lose your home or personal valuables to pay up all your debts. Wondering how? Bankruptcy Exemption is the solution.
If you are in Kentucky, below are some of the options you will get from your bankruptcy attorney.
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Chapter 7 – This is one of the most common insolvency filings, and it best applies to people with low incomes or those with small businesses. Chapter 7 bankruptcy eliminates some debts and also allows you to keep some properties. The process can take less than six months, and in this period, your assets are appraised and liquidated to settle debts owed.
Chapter 13 – Unlike chapter 7, this is a plan for those with a reliable or relatively high income. Chapter 13 bankruptcy involves debt reconstruction and renegotiation to come up with a better payment term that is favorable considering your current situation.
Kentucky Exemptions in Bankruptcy
This is one of the states that allow its residents to choose between the state and federal bankruptcy exemptions. The exemptions are different, and it is good to note that you can only choose one. For that reason, you will need the best bankruptcy attorney to help you assess your assets and determine which list works best for you.
Some of the chapter 7 bankruptcy exemptions under federal law include $23,675 of equity as a homestead exemption. Additionally, there are other significant federal exemptions for household properties, vehicles, and retirement schemes, among others.
As for chapter 13 bankruptcy exemptions under federal law, the exceptions incline towards the debt owed to creditors. Some of the debts get discharged while others, such as a home mortgage, pay the remaining balances.
However, it is good to note that while filing for bankruptcy can exempt you from many debts, some cannot be exempt. Some of these debts include student loans, child support, and tax debts.
We know that bankruptcy can be complicated and stressful. However, you do not need to stress. Call the W. Ron Adams Law offices and get in contact with an experienced bankruptcy attorney to guide you through the process.
Ron Adams Law has been in operation for the last 33 years, which means we have had an opportunity to work with many individuals experiencing bankruptcy.
Contact us today to schedule a free consultation and feel free to fill our online form so that one of our experienced lawyers can contact you.
LET OUR EXPERIENCE GUIDE YOU
Call to schedule your Free Bankruptcy Consultation!