When Kentucky residents are confronted with overwhelming debt they cannot pay and are feeling pressure from creditors and debt collectors, they are frequently unsure of what they can do to get into a better financial position. For many, bankruptcy is an untenable...
Will I lose my home if I file for bankruptcy?
When a Louisville area resident reaches the point where they are considering filing for bankruptcy they are in a serious financial situation. A person can find themselves behind in their bills due to no fault of their own. An unexpected medical condition, job loss, or...
Rebuilding credit after a bankruptcy filing
One of the main reasons Kentucky residents facing overwhelming debt are hesitant to file for Chapter 7 bankruptcy is because they are afraid they will not be able to rebuild their credit again. Often, it takes years of hard work and money management to build credit...
Chapter 7 bankruptcy overview for struggling consumers
Personal bankruptcy protections are able to help struggling consumers with crushing medical debt, credit card debt or who may be worried about hanging on to their family home through the foreclosure process. There are different types of personal bankruptcy protection...
Understanding how voidable preferences work
When residents of Louisville contemplate bankruptcy, they look forward to the day when most, if not all, of their debts will be cancelled. “Discharged” is the lawyer word for this outcome. However, some debts cannot be discharged in bankruptcy, and anyone looking file...
Chapter 7 bankruptcy’s meeting of creditors
For many Kentucky residents, it only takes one unexpected event to throw them into financial turmoil. Some of them try their hardest to escape the throes of overwhelming debt, from turning to friends and family for support to taking out personal and payday loans just...
Can expensive items be considered exempt?
While preparing for Chapter 7 bankruptcy, you should bear in mind that some of your possessions may be exempted from liquidation. Both federal and Kentucky law provide for some possessions to be exempted from Chapter 7 liquidation, meaning a bankruptcy trustee cannot...
How do courts determine presumptive abuse?
Courts are not always quick to grant Chapter 7 bankruptcy. One of the reasons is that bankruptcy courts are concerned about people abusing the Chapter 7 process by using liquidation to avoid paying off debts. If a Chapter 7 filer in Kentucky possesses income that is...
Qualifying for Chapter 7: the means test
Living on a restricted income and having ongoing medical needs can make it challenging for you to deal with the endless medical bills that you are incurring. Though you are living well within your means, you may find yourself feeling stressed about your medical debt....
Advice for buying a car while in Chapter 7 bankruptcy
You might be in the middle of Chapter 7 bankruptcy proceedings, but that does not change the fact that you need to drive an automobile to and from work, take your kids to school and basically get from A to B. When it comes to purchasing a vehicle while in Chapter 7...