Before You File Bankruptcy In KY...

file bankruptcy in ky 







Trust Obyan Law Offices to help you file bankruptcy in KY. With years of experience and thousands of successful bankruptcy cases to date, Obryan Law Offices is the leading bankruptcy law firm in Kentucky. We can help you navigate through the complex bankruptcy proceedings and get the fresh start you need.

Before You File Bankruptcy

There are some things you want to avoid doing before filing your bankruptcy claim. For example, avoid running up your credit cards right before you file. If you run up your credit cards immediately before you file bankruptcy in KY, you can find yourself still responsible for those charges even after your bankruptcy, and depending on what kind of charges you've made, the creditor could ask the bankruptcy court to dismiss your bankruptcy case altogether. This means that you would be exposed to any collection action by all of your creditors, not just the credit card you ran up before filing your bankruptcy.

Before filing a bankruptcy claim, avoid repaying any relatives for debts you owe them. If you repay your family members in the twelve months before filing your bankruptcy, you will have to disclose that information to the court. If your payment exceeds a certain amount of money, then the bankruptcy trustee can recover the money you've paid to your relatives. If you're unable to repay that money to the trustee, then the trustee will ask the relative that you paid to repay that money. You can imagine how uncomfortable it would be for your relative to get a correspondence from the trustee asking them to repay your debt.

The third thing you need to avoid before filing a bankruptcy is transferring property. This includes any real estate or personal belongings. If you transfer (sell or give away) any of your belongings out of your personal possession, you need to get a fair market value for it. For example, if you get rid of your boat right before you file a bankruptcy because you don't want anyone to know that you have a boat, and you're expecting to get the boat back after you file the bankruptcy, the trustee may go after the boat to liquidate that asset. Even worse, you could face prosecution for failure to disclose assets to the bankruptcy court.

Don't Liquidate Your Retirement Accounts

If you are thinking about filing a bankruptcy in KY, but you're also trying to put off filing to keep your creditors at bay, you might be considering liquidating a retirement account as an alternative. Before you do that, contact Obryan Law Offices for advice. Retirement accounts, 401(k), and IRAs are protected by the bankruptcy laws. You can file bankruptcy, get rid of the debts you're struggling to pay off, and still be able to hold on to your retirement accounts.

Don't Hide from Creditors' Lawsuits

If a creditor has filed a lawsuit against you, then you should respond to that lawsuit. If you don't do anything, the court will give the creditor a default judgment. A default judgment will allow the creditor to garnish your paycheck, garnish your bank account, and they can place a lien against your real estate. To learn more, or if you're ready to file bankruptcy in KY, contact Obrayn Law Offices right away.

File Bankruptcy In Ky
O'Bryan Law Offices
2721 Taylorsville Rd, Louisville, KY 40205

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