12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Fisherville, KY

Frequently Asked Questions about Personal Bankruptcy in Fisherville, KY


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free KY Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free KY Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Fisherville, KY
    Fadel Ronald B
    2525 Nelson Miller Pkwy
    Louisville, KY 40223
    (502) 254-9544
    Attorneys
    Briggs Law Office
    1301 Clear Springs Trce # 205
    Louisville, KY 40223
    (502) 412-9222
    General Practice Attorneys, Attorneys
    Grabhorn Law Office P
    2525 Nelson Miller Pkwy
    Louisville, KY 40223
    (502) 244-9151
    Corporation & Partnership Law Attorneys, Employee Benefits & Worker Compensation Attorneys, Attorney
    Kentucky Trial Attorneys
    10602 Timberwood Cir
    Louisville, KY 40223
    (502) 339-8890
    General Practice Attorneys, Attorneys
    Furman Nilsen & Lomond
    2527 Nelson Miller Pkwy
    Louisville, KY 40223
    (502) 245-8883
    Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,  Attorneys
    English Law Group
    10213 Linn Station Rd
    Louisville, KY 40223
    (502) 425-8717
    Attorneys, Real Estate Attorneys
    Oehler Kathiejane ESQ
    9780 Ormsby Station Rd
    Louisville, KY 40223
    (502) 339-8188
    Attorneys
    Wilt Ronald M
    13800 Lake Point Cir
    Louisville, KY 40223
    (502) 244-7772
    Personal Injury Law Attorneys, Attorneys, Malpractice Law Attorneys
    Gersh Law Offices
    1300 Clear Springs Trce Ste 3
    Louisville, KY 40223
    (502) 423-7023
    Attorneys,  Estate Planning Attorneys,  General Practice Attorneys,  Legal Service Plans
    Bardenwerper Talbott & Roberts PLLC
    1000 N Hurstbourne Pkwy
    Louisville, KY 40223
    (502) 426-6688
    Attorneys, Real Estate Attorneys
    Beard John R
    3012 Eastpoint Pkwy
    Louisville, KY 40223
    (502) 339-6550
    Attorneys
    Jon-Michael Murphy
    804 Stone Creek Parkway, Suite
    Louisville, KY 40223
    (502) 473-6446
    Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys,  
    Hogancamp Law Office
    985 US Highway 62
    Bardwell, KY 42023
    (270) 628-5492
    General Practice Attorneys, Attorneys, Legal Service Plans
    Grace Title Group
    800 Stone Creek Pkwy # 4
    Louisville, KY 40223
    (502) 412-4381
    Real Estate Attorneys, Attorneys, Title Companies
    Dolt, Thompson, Shepherd & Kinney PSC
    13800 Lake Point Circle
    Louisville, KY 40223
    (502) 410-3809
    Personal Injury Law Attorneys
    Meehan Gwen
    10351 Linn Station Rd
    Louisville, KY 40223
    (502) 326-3600
    Attorneys, General Practice Attorneys
    Pedley & Gordinier PLLC
    10600 Timberwood Cir Unit 1
    Louisville, KY 40223
    (502) 214-3120
    Corporation & Partnership Law Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorn
    Nick Thompson
    800 Stone Creek Parkway Suite
    Louisville, KY 40223
    (502) 625-0905
    Foreclosure Services,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Business Bankruptcy Law Atto
    Sutton Dean H
    800 Stone Creek Pkwy # 6
    Louisville, KY 40223
    (502) 625-0902
    Attorneys, Family Law Attorneys
    Pitt & Frank --
    10527 Timberwood Cir Ste A
    Louisville, KY 40223
    (502) 412-0161
    Attorneys, General Practice Attorneys, Legal Service Plans
    Cordell & Cordell
    10200 Forest Green Blvd, #407
    Louisville, KY 40223
    (502) 710-0050
    Child Custody Attorneys, Divorce Assistance, Divorce Attorneys
    Jack Tolliver, MD & Associates, PLLC
    13800 Lake Point Cir, Suite102
    Louisville, KY 40223
    (502) 333-0037
    Medical Malpractice Attorneys, Attorneys, Nursing Home Litigation Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US