Bankruptcy Laws in Kentucky - KY Bankruptcy Attorneys
Kentucky bankruptcy laws are provided for KY debtors who are burdened with debts they are unable to repay. You have the right to a financial fresh start and bankruptcy could provide that start for you. Thousands of other people in Kentucky have taken advantage of the bankruptcy laws and have filed for bankruptcy in the past few years.
After you have filed for bankruptcy you have the right to rebuild your credit, get a credit card, and rebuild your financial stability and future.
A Kentucky bankruptcy lawyer can help you understand your rights and the debt relief options that are available to you. If you view the pages on our website before you meet with your bankruptcy attorney you can have a basic understanding of the laws so you can ask informed questions that will help you get all the information you need to make an informed decision about filing bankruptcy in Kentucky.
Kentucky bankruptcy laws provide debtors with the chance for filing bankruptcy under one of two chapters - chapter 7 or chapter 13.
Chapter 7 bankruptcy is the most common bankruptcy chapter of the Bankruptcy Code and is a liquidation bankruptcy. Chapter 7 is known as a liquidation bankruptcy because the debtor must turn over any of their assets not protected by the bankruptcy exemptions for liquidation when filing chapter 7. Chapter 7 bankruptcy is designed for debtors who have little income and little to no assets.
KY chapter 13 bankruptcy is for debtors who want to pay off a portion of their debts over a period of three to five years with insolvency court protection. Chapter 13 is known as a reorganization bankruptcy and is popular for debtors with a steady income and assets not covered by the Kentucky bankruptcy exemptions.