Bankruptcy
Consumer Bankruptcy Protection
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.
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 Duty Attorney at Law evaluate your financial situation to see if bankruptcy is an option for you.
Contact Russell Duty Attorney at Law today for a Free Initial Consultation
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Russell primarily concentrates in the areas of Personal Injury, Bankruptcy, Social Security Disability/SSI and Workers’ Compensation claims.
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© 2024 Russell Duty Attorney at Law.
All rights reserved.
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NOTICE: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
NOTICE: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.