Legal Question in Bankruptcy in Kentucky

Re: Assets

In Kentucky, as in many states, the assets you are allowed to

keep following a bankruptcy are determined by the state's exemptions

laws. For example, in Kentucky, debtor's can generally keep $2,500 of

equity in a motor vehicle. So, if you have a car worth $10,000, and owe

$7,500 on it, you can arrange to repay the creditor (reaffirm that particular

debt) and keep your equity.

Other examples are similar. You can keep up to $3,000 of household goods and

furnishings per debtor; $5,000 homestead exemption; $1,000 wildcard exemption.

The best advice is to sit down with an experienced bankruptcy

lawyer who can help categorize your assets in a way that allows you

to keep the maximum amount possible. Most Chapter 7 debtors in my

district keep all their personal property. Of course, Chapter 13 may be

a better solution for you.

Get a free consultation from someone who regularly practices in the area.

KENTUCKY DOES NOT CERTIFY SPECIALTIES OF LEGAL PRACTICE.

E. Brian Davis, Louisville, Kentucky 502 568-1337

Admitted to practice in Kentucky and Indiana

E. Brian Davis

Law office of E. Brian Davis

2000 Citizens Plaza,500 West Jefferson Street