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But first, let’s learn about some important facts about Kentucky bankruptcy law so you can have an idea of which chapter may suit you best.
Kentucky Bankruptcy Facts
Bankruptcy involves petitioning a court for protection against creditors who are after you because of unpaid debt. You can file for several different kinds of chapters, which are all geared toward different debtors’ needs. Because it’s not easy to determine which option may suit you best, hiring an experienced bankruptcy lawyer in Kentucky is always a wise choice to protect you interests.
Which Chapter is Best to File?
When it comes to figuring out which chapter you should file, the first thing you should determine is whether you are filing as an individual or a business. There are several chapters that both kinds of debtors may qualify for, so it’s all a matter of determining where your income lies in comparison to the state average and whether you are willing to part ways with your assets in order to get rid of your debt.
The most commonly filed chapter in Kentucky is liquidation bankruptcy, also known as Chapter 7. This is a popular chapter because both consumers and businesses may file and usually results in the total wipe out of debts. However, assets are liquefied in order to achieve financial freedom, so you have to think about whether this is something you are comfortable with.
The other option to explore is Chapter 13, which is the second most commonly filed chapter in Kentucky. Also known as reorganization bankruptcy, this chapter does not require asset liquidation, but instead, puts debtors on a payment plan so creditors can be repaid. This chapter takes longer to emerge from than Chapter 7 and can only be filed by individuals.
If you are still unsure of what to do, then it’s time to consult with a leading bankruptcy lawyer in your area to make sure no mistakes are made in the petition.
Obtaining Legal Counsel
By now you may be starting to realize that filing for bankruptcy protection in Kentucky may not be the easiest thing in the world. When creditors are on your back and debt is piling up beyond control, you need an experienced legal representative who knows just what to do to achieve a favorable outcome for you case. You need a Kentucky bankruptcy lawyer and we are here to make sure you retain the best in your state.
Through our site, you can get connected to some of the most trusted and experienced bankruptcy lawyers in Kentucky who will take care of every aspect of your case and make sure you emerge with the most favorable outcome in your case.
Schedule a consultation with one of our attorneys today and take a huge step toward the debt relief you deserve.