Interested in learning more about Chapter 7 exemptions for KY residents? Obryan Law Offices will be happy to discuss your options with you. If you’re thinking about filing for Chapter 7 bankruptcy but are worried you’ll end up losing your home or assets, you may be surprised to learn that certain exemptions may apply to your case that will allow you to keep what you own while eliminating your debt.
Self-filing under Chapter 7 bankruptcy can be a costly mistake- one that may result in the loss of significant assets. It takes the expertise and knowledge of a bankruptcy attorney to make proper use of exemptions to ensure your property is listed correctly. In order to protect your home and vehicle, you must be current in your payments or the creditor can request that the Automatic Stay be lifted in order to proceed with foreclosure of the home, or repossession of the vehicle. If you’re currently behind in your payments, Chapter 13 may be a better option to protect what you own.
Chapter 7 exemptions in KY are typically designed to assist debtors in keeping fundamental assets. Luxury items are not usually a consideration when filing for bankruptcy. While exemptions vary from state to state. Chapter 7 exemptions in KY are considered quite generous. Personal property is typically the most limited of categories.
The first step in qualifying for Chapter 7 bankruptcy is to take the KY means test which will compare your total household income to the incomes of other families the same size who live where you live. OBryan Law Offices can help you through the process of taking the KY Bankruptcy Means Test to determine whether you qualify; if you do, you can file bankruptcy paperwork with the court. OBryan Law highly recommends that you file with the assistance of a lawyer to ensure the best possible outcome.
Employing chapter 7 exemptions under KY law requires the knowledge and professionalism that OBryan Law Offices offers. Any property that is not correctly filed under Chapter 7 exemptions will be liquidate by your trustee and sold to pay off some of the debt you owe, making it crucial that your assets are correctly categorized and entered into Schedule C where they are protected.
Chapter 7 bankruptcy may provide complete debt relief for you and pave the way to begin your financial life over again. OBryan Law has helped numerous KY residents obtain debt relief through Chapter 7. If you qualify, their firm can file a petition on your behalf that will effectively stop the harassment from creditors, threats of repossession, foreclosure, and wage garnishment, so you can have the fresh start you need to make a financial recovery. OBryan Law can even help you restore your credit after bankruptcy.
Find out more about Chapter 7 exemptions in KY by calling OBryan Law Offices at 502-400-4020 or click the Live Chat button on the bottom of the home page to get connected with a bankruptcy lawyer now. Filing for bankruptcy may be the smartest thing you can do to get out from under debt. Contact an attorney from OBryan Law Offices today.Chapter 7 Exemptions Ky
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