Kentucky Bankruptcy Lawyer

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Nearly 30,000 bankruptcy filings occur each year in Kentucky alone. Thousands of individuals and businesses each year find themselves in an impossible financial situation. Bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief -- but is it the best answer? A lawyer can help you figure it out.

Bankruptcy is the legal inability to pay debts or the state of having already declared legal bankruptcy. Because bankruptcy laws can be complicated, due to the many different types, filing for bankruptcy can be confusing and difficult. Therefore, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case. This is especially important if you own your own business and have assets.

Finding a bankruptcy lawyer to represent you may involve some thorough research. You will want to hire an attorney who is a member of the Kentucky Bar Association and the American Bar Association. Filing for bankruptcy can be a very stressful event in your life. The good news is that you can make a fresh start and achieve good credit again.

A Kentucky bankruptcy lawyer or attorney will have the ability to successfully navigate through Kentucky's complicated bankruptcy codes, statutes, and exemption laws. They will explain the different types of bankruptcy and advise you on which one is best for you. They most common kinds of bankruptcies are Chapters 7, 11, and 13, while the less common types are Chapters 9,12, and 15. Married couples tend to utilize chapter 7 and businesses typically utilize chapter 7 and 11.

Recent changes to the bankruptcy laws make it more difficult for middle class Americans to completely discharge debt. You will likely have to negotiate a repayment plan for a portion of your debt. You will have to attend a credit counseling session and pay increased fees. A good bankruptcy lawyer will help you navigate the system, and decide whether Chapter 7 or Chapter 13 is right for you. Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only be required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.

Once a Kentucky bankruptcy lawyer or attorney has explained your options, they will oversee your case and ensure you do not handle difficult decisions alone. In some situations, you will go before a Kentucky judge and negotiate a payment plan. You may have a partial or full discharge of debt.

After you file for bankruptcy, your debts will be discharged, but your credit will be negatively affected for up to 10 years. A Kentucky bankruptcy lawyer or attorney will explain the risks. He or she will also explain to you the possible alternatives, including the various forms of debt management. Ultimately, it is you who must make the decision, but it\'s always wise to listen to an expert beforehand!

If you are ready to contact a Kentucky bankruptcy lawyer or attorney, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Kentucky. Access to the site and profiles is absolutely free. The negative stigma of bankruptcy is a thing of the past. So many people have found themselves in the same situation and understand that it is sometimes necessary to ask for a fresh start.

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