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Filing Bankruptcy in Kentucky with an Attorney

Kentucky, much like many other states, follows the federal bankruptcy laws, with minor quirks or additional pre-requisites.

Kentucky Bankruptcy Process

The first step in filing for bankruptcy in the state is to sign up for and attend credit counseling up to six months before filing. This course is of one of the two education requirements that will be necessary to be granted relief. Before enrolling in a credit counseling course, check with the U.S trustee of Kentucky for a list of approved vendors.

Kentucky Bankruptcy Rules

Kentucky provides specific rules on what property you can exempt from your bankruptcy action. By exemption, this means, what property the court lets you keep in exchange for relief of debit. The important thing to remember when claiming exemptions in your bankruptcy is that should you decide to use the Kentucky specific bankruptcy exemptions you cannot use the exemptions provided by federal bankruptcy laws. It is recommended that you review these rules carefully before deciding which exemption list to use.

Getting an Attorney to File Bankruptcy In Kentucky

For most people, they have arrived in their current financial situation due to having trouble with money because of the economy. there are many things which are often out of our control. This is the same with filing bankruptcy. There are rules and procedures to file bankruptcy in Kentucky, and if you don’t follow the rules properly, you could lose many of your assets which otherwise you would be legally entitled to keep. A good bankruptcy lawyer will help you to navigate this process and do so with the maximum preservation of your assets such as especially your car, your house, heirlooms and other essential cash which are legally protected under the bankruptcy code.

Because bankruptcy is a sensitive financial issue, when you fill out the form at the right, you’ll receive confidential assistance from an attorney who is licensed to help you file bankruptcy in Kentucky. You won’t have to worry about your private, sensitive financial information or financial situation being disclosed to anyone other than your bankruptcy lawyer.

Qualifying for Chapter 7 Bankruptcy in Kentucky

Typically, the bankruptcy forms necessary will include your petition, additional schedules, and the means test. A means test is an analysis to inform the debtor which chapter of bankruptcy they will be allowed to file under. In Kentucky, you must compare your salary with that of the median family and the results will tell you if you are eligible for Chapter 7 of Chapter 13 bankruptcy.The calculation is not only based on salary, but household size as well. The average mediation income is adjusted yearly to meet the cost of living, so be sure to find the correct figures. On the plus side- you will receive credit for common household expenses. In Kentucky, the allowable credits vary by county, and can be located on the U.S Trustee’s office.

What Court Do I File Bankruptcy in Kentucky?

The final step before filing bankruptcy in Kentucky is to determine which Bankruptcy Court to file in. Since Kentucky has two district courts, to determine which is the correct location you can choose either:

  1. The district in which you reside in the 180 day span before filing
  2. Or; our domiciled district, which is your homestead or home-based location

Before your bankruptcy concludes, you will be required to take a Debtor education course and provide the certificate to the court. The purpose of this class is to educate the debtor on how to avoid similar situations and post-bankruptcy life changes.

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