Overwhelmed by Debt? Work with a Skilled Central and Eastern Kentucky Bankruptcy Attorney
Facing the prospect of bankruptcy can be a shocking realization. But sometimes filing is the best option for your financial situation. Declaring bankruptcy in Kentucky doesn’t always come with a negative stigma. Many, many times people who file are able to get back on their feet afterward, and on track to a more financially secure future.
If you’re considering bankruptcy in London or anywhere in Laurel County, contact Bruce R. Bentley Attorney at Law PLLC. He will evaluate your situation and help determine if filing for bankruptcy really is the best option for you.
Bruce R. Bentley has years of experience actively practicing bankruptcy law in Kentucky. His knowledge and guidance can help you settle your debts, stop the harassing calls and help you breathe a much-needed sigh of relief. For more than 15 years, our firm has helped clients throughout Kentucky regain their financial footing. We know what works, and can tailor a legal plan specifically to your individual needs. Don’t face bankruptcy alone—work with a London lawyer who cares.
Kentucky Bankruptcy Laws
Filing for bankruptcy is like pressing the pause button on your collections and debts. It can stop a foreclosure and prevent repossession of your vehicle, and debt collectors are, by law, required to immediately stop harassing you for payment. A bankruptcy can help alleviate your legal obligation to pay off some or all of your debts (what’s known as debt “discharge”) and is meant to help give people a fresh financial start to their lives.
Bankruptcy is not a cure-all for every financial issue, however. It’s not a safety net, meaning you can’t just go out and accumulate massive amounts of credit card debt with the intention of declaring bankruptcy afterward; it doesn’t work like that. Bankruptcy is meant to help those who have found themselves in financial dire straits due to medical bills, unforeseen expenses and the like. It’s also not for everyone. Because every situation is unique, it’s best to consult with a skilled London bankruptcy attorney if you’re considering it as a solution to your financial problems.
Types of Debts
Only certain debts are eligible for dismissal via bankruptcy. Other debts are what’s called non-dischargeable, and cannot be eliminated through bankruptcy. An example of a non-dischargeable debt includes child support payments (current and back child support), certain student loans, income tax debts, and fines and penalties acquired from breaking the law (including traffic tickets). Speak with a Kentucky lawyer to get a better idea of what kinds of debts are eligible for elimination through bankruptcy.
The Bankruptcy Process in Kentucky
Following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all people looking to file bankruptcy must first receive credit counseling sometime within a six-month period before filing. They must also complete a financial management course after the process is complete. This act is meant to direct filers toward a Chapter 13 bankruptcy instead of a Chapter 7 bankruptcy, and is a means of deterring people from acquiring debt with the intention of having it discharged later.
When you file for bankruptcy in Kentucky, the courts will analyze your expenses and income to determine the chapter of bankruptcy for which you are eligible to file. The last six months of your income will be examined and subsequently compared to the median income for Kentucky.
Once the type of bankruptcy you will file has been determined, you will need to itemize all of your current sources of income, your monthly living expenses, any major financial transactions from the last two years, as well as any property owned and current debts. Any official documents (such as car titles, house deeds and previous tax documents) will be helpful to have on hand as well.
A bankruptcy petition will be filed with the Kentucky courts once everything has been collected and properly filled out. A bankruptcy lawyer can help you with this process, and the sooner you consult with one the easier the process will be.
Don’t Go Through Bankruptcy Alone – Contact a Trusted London Bankruptcy Lawyer Today!
You’ve undoubtedly already faced significant challenges leading up to your decision to file for bankruptcy in Kentucky. Don’t face this challenge alone. By consulting Bruce R. Bentley Attorney at Law PLLC, you can rest assured your case is in good hands moving forward. Our attorneys will be dedicated to your case from the moment you allow us to work with you, and will keep you informed throughout the entire bankruptcy process from start to finish. If you’re thinking about filing bankruptcy in Kentucky, call a lawyer who will stand by you every step of the way.