Legal Question in Bankruptcy in Kentucky

Bankruptcy Law

I was wondering , what qualifies you to file bankruptcy. Also, how can you file and keep your home, vehicles, and farm machinery. We have approx. 25,000 in credit card , loan , doctor bill debt. Does that qualify and as above how can we keep home, vehicles and farm machinery. Also do you have to list pets.


Asked on 5/12/03, 4:05 pm

1 Answer from Attorneys
Steven Schiller Steven L. Schiller, Attorney at Law

Re: Bankruptcy Law

Depending on how much NET assets you have, you are generally going to be able to file either a chapter 7 or chapter 13 bankruptcy action. It is possible to keep the property you mention, although you may have to pay some or all of any debts which constitute a lien on that item of property. If you have more than a certain amount of equity in the property, you may have to file a chapter 13, which involves paying a certain percentage of your unsecured debts back over a 3 to 5 year period. The best way to see which type would be best for you would be to sit down with you and go over all of your assets and debts, and calculate the right course of action. If you wish to do so in a no-cost consultation, feel free to contact me. I am not too far from where you live.

Steven schiller, Attorney at Law

4 W. Fourth St., #200

Newport, KY 41071

859-261-6811

[email protected]

Read more
Answered on 5/12/03, 5:58 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Kentucky