Russell Duty

Attorney at Law

CONSUMER BANKRUPTCY PROTECTION

The United States Constitution authorizes Congress to enact a bankruptcy act to protect the citizens. Our founding fathers understood that this great country would be built by risk takers. They also knew that some of these risks would be unsuccessful causing the need for financial relief. Congress has enacted various bankruptcy acts throughout our history to protect individuals and business.

Two of the Chapters which protect Individuals are:

Chapter 7 Bankruptcy: This chapter is sometimes called the liquidation chapter. Chapter 7 provides the individual with a fresh start by discharging the individual’s debt which includes contracts, promissory notes, credit cards and various other debts. In order to obtain this relief, the consumer is required to liquidate his or her assets. However, Kentucky provides exemptions for certain property such as the homestead exemption and exemptions for household goods, automobiles, trade tools, livestock and certain retirement benefits and accounts. Chapter 7 can provide the following relief:

  • Stop creditor harassment
  • Stop wage garnishment
  • Stop lawsuits
  • Eliminates debt while protecting many of your assets
  • Even eliminates some taxes

Chapter 13 Bankruptcy: This chapter is designed to allow the consumer to repay debts over a period of time. Chapter 13 can provide the following relief:

  • Repayment plan of up to 60 months with Court Protection.
  •  Allows you to eliminate interest and finance charges on most debts
  • Stops Foreclosure
  • Allows you to pay past due taxes without interest or penalties
  •  Protects Cosigners

Bankruptcy can provide you with a fresh start. Stop the harassing telephone calls, high interest rates and penalties. Let Russell evaluate your financial situation to see if bankruptcy is an option for you. For more information click on bankruptcy click on http://www.kywb.uscourts.gov/fpweb/bankruptcy_faqs.htm.

CALL FOR FREE INITIAL CONSULTATION:
685-0033 
(OWENSBORO AND DAVIESS CO., KENTUCKY)
1(866)685-0033 (ALL OTHER AREAS)