You Can Now Keep Much More Property!
In June 2005, the amount of
property you could keep increased to the Federal exemptions and will increase
every year adjusted for inflation. Listed below are the Bankruptcy
exemptions for Kentucky. Indiana has similar exemptions.
Most of our
bankruptcy clients keep all of their property when they file a Chapter 7
Bankruptcy, unless they want undesired property to go back and to not owe
lenders. You are allowed to keep a certain amount of property in a Chapter
7 Bankruptcy to start over with and you do not lose property that is
exempt. There is rarely a need to lose property in bankruptcy because you know
what property you own and you can plan with your lawyer to exempt your property.
For example, if a married couple in Kentucky owned a home and that home had
a $90,000 mortgage on a $130,000 home, they could keep it because
each person in Kentucky is allowed to keep $20,000 in equity in the home.
No longer do Kentucky chapter 13 bankruptcy
cases have the disadvantage of being required to repay 70% in their plans.
You
can repay as little as 10% if that is all you can afford.
The Bankruptcy Manual fully discusses
exemptions and how to keep your property in Bankruptcy. Download
your free copy.
If you can work with your attorney or lawyer to file a Chapter 7 Bankruptcy in
Kentucky, you are normally far better off. In order to save money, time, and
problems get a copy of our Bankruptcy Manual.
