Bankruptcy

Let's face it, few things in life are as stressful and overwhelming as financial problems. Whether you're facing a mountain of individual debt, or you're running a business and haven't been able to find your way out from underneath your lenders, the feeling of insurmountable debt can be a scary and crippling feeling. That's why having an experienced attorney on your side to help with debt relief and bankruptcy can not only help relieve some of those stresses, but also help you outline a plan to successfully move forward while still protecting your interests as best as possible.

While it's always important to work with an attorney who has the knowledge and experience to help you understand the specifics of your situation, it's also important to understand some of the basic laws of bankruptcy that may apply to you and your situation. That's why we've outlined a few basic concepts to help keep you informed on Kentucky bankruptcy law.

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What's the difference between Chapter 7 and Chapter 13 bankruptcy?

In the state of Kentucky, there are several situations that may warrant filing for Chapter 13 bankruptcy over Chapter 7 bankruptcy. That's why it's important to understand both and how they could apply to your specific circumstances. First, a Chapter 13 bankruptcy is the only choice you have when you find yourself behind on your mortgage or business payments and you want to keep your property at the end of the bankruptcy process. This is because Chapter 13 bankruptcy allows for you to make up any overdue payments over time in an effort to reinstate the original mortgage agreement.

Also, you may be forced to file for Chapter 13 bankruptcy if you have too much income to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy is designed for the vast majority of Kentucky residents who simply want to reduce the heavy burden of debt without paying any of it back. Chapter 7 bankruptcy allows you to receive a fresh start, meaning you will only owe any debt you hold on secured assets for which you choose to sign a reaffirmation agreement. You will also receive immediate protection against any creditor's collection efforts including wage garnishments. Once you file for Chapter 7 bankruptcy, most cases are typically completely discharged in six months or less.

Whatever you're facing, don't let debt control your life.

At the end of the day, you don't have to allow your debts to completely control your life. The team at Bland & Birdwhistell, PLLC has the knowledge and experience you need to outline a plan for you and your family to successfully move forward. Call today for a free initial consultation and find out how we can help you.

Experienced Bankruptcy Attorneys Serving Elizabethtown, Kentucky

When it comes to facing financial struggles, we understand the amount of stress and anxiety one can face. The good news is, you don’t have to face these challenges alone. The bankruptcy experts at Bland & Birdwhistell, PLLC can help you understand your situation and the options you have available. Don’t wait, call for a consultation today to see how we can help you with your situation.