Kentucky Chapter 7 Bankruptcy Attorney
Many people experience financial difficulties. There are a variety of reasons individuals face hard times, and the reality is that many people do not see a way out of these situations. However, the Chapter 7 bankruptcy process does offer a way for Kentucky residents to regain their financial footing.
At Couch and Fugate, our Kentucky Chapter 7 bankruptcy attorneys have extensive experience helping clients get through this process. We have the resources necessary to get you through every part of your bankruptcy claim so you can get back the forward motion of your financial life.
Why choose Couch and Fugate for this case?
- The attorneys at Couch and Fugate have been helping clients in eastern Kentucky get through their bankruptcy claims for decades.
- We have a thorough understanding of all bankruptcy laws, including all exemptions that you may be able to claim.
- Our Kentucky Chapter 7 bankruptcy attorneys offer our services at reasonable rates because we understand that you deserve adequate legal representation when going through these difficult times.
How will a bankruptcy attorney help this case?
A skilled attorney is a necessity when filing for Chapter 7 bankruptcy. First, a Kentucky bankruptcy attorney will analyze every aspect of your situation and consider any alternatives you have to bankruptcy. Additionally, a bankruptcy attorney can help apply the means test to ensure that you qualify for Chapter 7.
An attorney will also be responsible for determining the value of your property, which they will accomplish by completely analyzing all of your assets and debts. An attorney will ensure that you choose and apply for the correct exemptions so you can keep some of your property and help finalize the discharge of your debts.
Understanding Chapter 7 bankruptcy
Chapter 7 bankruptcy is the most common form of bankruptcy in the United States, and this is usually the quickest type of bankruptcy available to individuals, married couples, corporations, and partnerships. This type of bankruptcy is appropriate for those who do not have a current stream of income to pay their debt obligations. Chapter 7 bankruptcy is meant to help alleviate debt obligations while allowing the person who files a chance to make a financial recovery.
Chapter 7 bankruptcy begins by filing an official petition that includes a statement of all of your financial affairs. This will include a list of all assets and debts, but please understand that this can become complicated. You will need to include all of your creditors as well as the creditors’ information.
Any person filing for Chapter 7 bankruptcy will have to list all of their property, including property that they choose to exempt. Kentucky and federal law allow a person various exemptions during the Chapter 7 bankruptcy process, including:
- A homestead up to a certain value
- A vehicle up to a certain value
- Some household furnishings
- Certain tools and equipment used for farming
- Prescribed health aids
- A certain amount of alimony
- Wrongful death compensation awards
- Personal injury awards up to a certain limit
After a person successfully files for Chapter 7 bankruptcy, most of their debts will effectively be discharged. Essentially, individuals will be given a clean slate, a chance to start again at rebuilding their financial life.
Call a Kentucky Chapter 7 bankruptcy attorney today
If you and your loved ones are experiencing significant financial difficulties and you do not see a way out of your current path, you may need to consider filing Chapter 7 bankruptcy in Kentucky. At Couch and Fugate, our attorneys have extensive experience helping clients through this process. We have the resources necessary to handle every aspect of your claim, including filing the claim in court, uncovering and listing all of your assets and debts, and ensuring you are treated fairly throughout the entire process. When you need a Kentucky Chapter 7 bankruptcy attorney, contact us for a free consultation.