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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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What Can a Bankruptcy Lawyer Do for Me?

The U.S. bankruptcy code is complex, and your decision will have far-reaching implications. You need to be fully informed of each debt relief plan and what they will mean for your credit. USAttorneys.com encourages you to meet with a bankruptcy attorney in Kentucky first; then you can decide how to move forward. One of our legal team will meet with you and explain how the process works.

When filing for any bankruptcy structure, you must submit detailed financial documents. Our team of attorneys will help you gather and compile your financial documents and explain to you what bankruptcy organization will work better considering your circumstances. USAttorneys can connect you with a knowledgeable and trustworthy bankruptcy attorney in Kentucky to take control of your case and ensure you have the best outcome for your case.

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Finding a Lawyer Should Be Simple

When an accident or any form of injustice is suffered, obtaining an attorney quickly is critical to ensuring a positive outcome for your case – and that’s exactly what we’re here to help you with. USAttorneys.com is your one-stop-shop to find any kind of lawyer you might need to assist you with your legal matters. We’ve got you covered, whether you are seeking an accident attorney following a car crash, medical malpractice attorney after losing a loved one during surgery, or a tax attorney to fight back against the IRS.