Legal Question in Bankruptcy in Kentucky
Bankruptcy and Assets
We own our home with 9 acres with no mortgage.. We lease two cars and own one. Would we have to sell our home if we decide to file bankruptcy. Or will we be able to keep our home and the one car we own. Thank you
1 Answer from Attorneys
Re: Bankruptcy and Assets
Kentucky's homestead exemption, that is, the value of the house you
are allowed to keep in a Chapter 7 Liquidation bankruptcy, is regrettably
low.
That said, your bankruptcy lawyer's primary goal in advising you should be to
figure out a way to get you out from under your debts while allowing you to keep
your home. This may mean that you need to file a Chapter 13 or Chapter 11 reorganization
bankruptcy. Your lawyer should be willing to work with you to find the best possible
solution allowed by law.
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