Bowling Green Chapter 7 Bankruptcy Attorney
Are you burdened by overwhelming debt and seeking a way to navigate your way out of this financial mess? Chapter 7 of the United States Bankruptcy Code allows debtors to wipe away their debts and get a fresh start on their finances.
Chapter 7 is the liquidation form of bankruptcy in which a trustee collects all assets and sells the assets that are nonexempt. Proceeds of the liquidation are distributed to creditors with commission taken by the trustee who has overseen the distribution. Discuss your situation with our Bowling Green lawyer for further information.
Chapter 7 Regulations
Only certain types of debt can be discharged in a Chapter 7 bankruptcy. Some of the debts that cannot be discharged include:
- Child support
- Fraudulent debts
- Student loans
Commonly, the debts that can be discharged are unsecured bills and credit card debt, which is often completely eliminated through the Chapter 7 process. You can often keep certain secured debts, including your car or furniture, by reaffirming those debts. In such circumstances, that debt will not be discharged for six more years. Also, if you want to reaffirm that debt, you must make it current.
Before you pursue Chapter 7 bankruptcy, you will need to get pre-bankruptcy credit counseling and pre-discharge debtor education in the state of Kentucky. In order to prove eligibility to file under this chapter, you will need to take the means test. The means test compares your income to the median income for households that are your size.
If your income is less than the median, then you will be eligible to file under Chapter 7. If you are ineligible, then you may be able to file for bankruptcy under Chapter 13.
Learn More About The Process Today
When you are prepared to file for bankruptcy, contact the Law Offices of Dwight Burton, PLLC at 270-495-0074 for legal assistance through the process. We can help you navigate the difficulties associated with your case.