A Chapter 7 Bankruptcy Lawyer
If you are struggling with credit card debts, medical debts and monthly bills you are not able to pay, you are not alone. Every year, more than a million people in America file bankruptcy because they are struggling with debt problems. The purpose of bankruptcy is to provide a "fresh start" to your financial life.
If you are sick of creditor harassment and the worry of debt problems, bankruptcy may be the answer for you. With a Chapter 7 bankruptcy, you may be able to:
- Eliminate or significantly reduce your debt
- Stop creditor harassment
- Avoid home foreclosure
- Stop wage garnishment
- Prevent car repossession
If you need to speak with a bankruptcy lawyer, contact me, attorney Alisha Triplett. I offer experienced and dedicated representation for people throughout Louisville, Kentucky, and the surrounding areas. To contact my Louisville office, call 502-410-3851 or contact me toll free at 866-787-0243.
How Does Chapter 7 Work?
If you are in debt, you can obtain relief through a Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is typically best for people who do not have significant income or assets. Chapter 7 is a debt liquidation bankruptcy in which you, the debtor, must turn over all non-exempt assets to the bankruptcy trustee, who then sells the property and pays your creditors with the proceeds of the sale.
What Debts Can Be Discharged?
A discharge in bankruptcy eliminates your liability for paying certain debts and creditors can no longer try to collect the debt. In a Chapter 7 case, the following types of debt are dischargeable:
- Credit cards
- Medical bills
- Some judgments against you
- Business debts
- Deficiencies existing after car repossession
- Other unsecured debts
What Debts Cannot Be Discharged?
- Taxes
- Alimony and Child Support
- Student Loans
- Most charges within 90 days of filing bankruptcy
- Criminal Fines and Penalties
- Liability for injury or death from driving while intoxicated
Can I Keep My Home?
Yes. Kentucky law allows debtors to choose the federal bankruptcy homestead exemption, which provides an exemption of up to $20,200 of equity in your principal residence. To calculate equity, subtract the amount owed from the fair market value of your home.
However, if you are not current with your mortgage payments or your home property taxes, you need to file under Chapter 13.
Can I Keep My Car?
Yes. Under federal bankruptcy law, you may exempt up to $3, 225 in equity for your car. When calculating your equity, you should use the Kelly Blue Book for determining the car's value. To calculate equity, subtract the amount you owe from the Kelly Blue Book value.
Most people who are leasing a car have no equity and the car is entirely exempt. If you owe money on your car and you wish to keep it after bankruptcy, you must reaffirm or redeem this debt and continue making payments.
Contact Me - Get a Fresh Start
If you are sick of creditor harassment, staying up late worrying about debts and not knowing how you will pay your bills, bankruptcy may provide the fresh start you have been seeking. Contact me to learn if bankruptcy may be the answer to your debt problems.
Get the Information You Need
Making the decision to file for bankruptcy can be intimidating. Learn more about your legal rights and options so you can make an informed decision about bankruptcy. I offer a free and informative consultation to discuss the process of bankruptcy and answer your questions.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
