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A person with a lot of debt carries the weight of the world on their shoulders. Sometimes they need help to get out from under crushing debt, and the bankruptcy may be the only way to get the financial relief you need. A fresh start is in your grasp if you successfully complete bankruptcy.
Bankruptcy Laws in Kentucky
Bankruptcy laws are federal, but Kentucky has different laws that apply to anyone filing for bankruptcy in the state. The 2005 Bankruptcy Act requires you to undergo a means test to determine in your case can move forward. If your income is above the state’s median income for your family size, you can file for Chapter 7 bankruptcy, but if your income is above the median income, you can only file for Chapter 13.
Kentucky’s bankruptcy law also requires individuals who file for bankruptcy to undergo credit counseling within six months of being discharged from the bankruptcy court. You also need to complete a financial management course after their bankruptcy is complete.
Which Chapter of Bankruptcy Should I File?
Some bankruptcy options apply to just few filers. They include:
Chapter 9- Municipality bankruptcy
Chapter 12. Family farmer or family fisherman bankruptcy
Chapter 15- Ancillary and other cross-border cases
The following filings apply to most individuals and businesses:
Chapter 7- Liquidation of assets
Chapter 11- Reorganization under the Bankruptcy Code
Chapter 13- Individual debt adjustment
Before you file for bankruptcy, you need to know what your obligations are under each plan and what effect it will have on your financial future. A debt relief lawyer can explain each structure and help you choose the right filing. They will ensure you can meet crucial deadlines and help you gather and crucial financial statements. When you retain an attorney, they will explain the pros and cons of each structure, so you choose the right path to get rid of your debt.
If you need debt relief for any of the following reasons, speak to a bankruptcy lawyer in Kentucky:
Failed business ventures
Medical bills
Credit cards
Divorce
Civil judgment
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