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Kentucky Bankruptcy Laws

Kentucky residents usually have two options when they are faced with financial hardships. In the region, one can apply for debt consolidation or bankruptcy. Consolidation of debts usually amasses all the debts that one has and recognizes them as one single debt that is then cleared over time, but with bankruptcy discharge of the debts could be via relief or extended payment plans, but doesn’t consolidate the debts, however there are some exemptions in assets that are present when one is bankrupt according to State bankruptcy laws.


Kentucky Bankruptcy Exemptions:

Depending on the type of bankruptcy there are several exemptions that one mat rely on to keep the creditors off. Creditors are not allowed to sell ones exempted properties even if they move to court. The federal government provides for a number of exemptions depending on the chapter ones case falls. Some of the exemptions that one is offered include real estate, insurance, alimony, wages, tool of trade, public benefits and child support among other miscellaneous entities. The value that is associated with the exemptions is decided upon by the state and may vary with time and location.


Kentucky Chapter 7 Bankruptcy Laws:

The common chapters that most people file cases under are the 7th and 13th chapter. chapter 7 bankruptcy laws provides for exemptions of various kinds and liquidizes assets that are not exempted to cover the credit. The Kentucky bankruptcy laws might lead to loss of assets since the possessions are entrusted to a trustee who might sell the possessions to cover the credit that results to the debtor losing part of their investments, in addition to property loss bankruptcy hurts the credit score of the debtor and is reflected in records for 10 years.


Kentucky Chapter 11 Bankruptcy Laws:

Chapter13 bankruptcy laws provides for an extension in the payment plan giving the debtor a period of over three years to clear their debts if they have a regular income, but only commit a certain percentage to paying the debts.


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