What is the bankruptcy law in kentucky?

Bankruptcy Law Kentucky - When checking out the bankruptcy law Kentucky residence should keep in mind that these laws may change, and you should always seek the advice of a competent attorney or Certified Public Accountant before attempting to file for bankruptcy. As far as bankruptcy law Kentucky has a fairly open and easy to understand process for filing bankruptcy. You can find detailed information on the process by going to http://www.kentuckybankruptcy.info/process.html, and reading the pertinent articles contained therein.

This article will briefly discuss the basic concepts of bankruptcy law Kentucky residents may want to know, as it pertains to them. It is by no means a complete description of all of the different ins and outs of the bankruptcy law in Kentucky, but should help you at least decide if bakruptcy is a good decision for you and whether or not you might want to pursue this avenue further.

There are basically four different kinds of bankruptcy filings, according to the bankruptcy law Kentucky has instituted. There is a chapter 7 bankruptcy filing, which you may only file once every 6 years. There is also the chapter 13 bankruptcy, which can be filed at any time. These are the main two types of bankruptcy filings which are normally filed by an individual. There are also the chapter 11 and 12 bankruptcy filings. According to the bankruptcy law Kentucky statutes, chapter 11 bankruptcy, known as reorganization is usually used by businesses who’s debts are in the millions and chapter 12 bankruptcy is reserved for family farmers.

The bankruptcy law Kentucky states that a chapter 7 bankruptcy requires a debtor to give up property which exceeds certain limits called "exemptions", so that the property can be sold to help pay the creditors. There are a few pros and cons to filing a chapter 7 bankruptcy. For instance, if you own allot of property that isn’t exempt, you stand a chance of losing some, or all of it.

Chapter 13 bankruptcy, according to the bankruptcy law Kentucky lays down, requires a debtor to pay their debts from their current income, by a provided payment plan. This option is usually better for those who have a good steady job and allot of property, by filing a chapter 13 a person will agree to set up a payment plan, usually to have their debts paid directly from their checks.

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