Even the most financially responsible Kentucky residents can fall into monetary hardship. Indeed, unexpected medical expenses, a relative who is down on his or her luck and personal tragedies of every variety can crop up in a heartbeat. These events are completely out of our control and they can send us into down-spiraling economic conditions that are impossible to get out of.
This where Chapter 7 bankruptcy proceedings might be able to help. Bankruptcy should not be viewed as a negative. They are, in fact, a very important step that a financially responsible person can take in order to reclaim his or her financial security. Furthermore, contrary to popular belief, Chapter 7 proceedings do not require you to liquidate all of your assets. Those who file for Chapter 7 will have most, if not all, of their personal items required for life exempted from the liquidation process.
It is in the process of determining what items are exempt, and trying to make sure as many assets as possible are exempt, where a bankruptcy attorney can be very helpful. In many cases, the question of what items will be exempt from Chapter 7 liquidation, can be legally debated. A skilled bankruptcy attorney will always advocate to ensure that as much property as possible will be exempt through the proceedings. Many Kentucky residents are surprised just how much of their personal assets they are able to retain in this process.
Bankruptcy is not intended to leave a debtor possessionless and poor. It is intended to give the individual a more solid financial base upon which he or she can restart life again -- free from the chains of debt that were formerly making life so impossible. At the Law Office of Allan E. Dunaway, PLC, this is exactly what we strive to achieve for all of our bankruptcy clients. We want them to feel safe and financially secure again, so they can live a prosperous life.