Bankruptcy and What You Own and Want to Keep

Posted on March 6, 2018. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts | Tags: , |

 

If you decide that filing for bankruptcy protection is in your best interest, you want to keep as much of your property as you can, while at the same time obtaining relief from your debts.  Without an experienced bankruptcy lawyer guiding you through the bankruptcy process, your property and the discharge of your debts may be at risk.  Our firm believes that the best way to represent you is to personally know you, your situation, and your reason for considering bankruptcy.

 

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Bankruptcy and What You Own

Posted on March 28, 2016. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , , |

If you decide that filing for bankruptcy protection is in your best interest, you will want to retain as much of your property, or what you own, while at the same time obtaining relief from your debts.  Without an experienced bankruptcy lawyer guiding you through the bankruptcy process, your property, or what you own,  and the discharge of your debts may be at risk.  A good bankruptcy attorney will want to personally know you, your situation, and your reason for considering bankruptcy. Ask questions of any bankruptcy lawyer you talk with about what can or may happen to what you own if you file bankruptcy.

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Your Property and Bankruptcy

Posted on November 4, 2015. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney | Tags: , |

If you decide that filing for bankruptcy protection is in your best interest, you want to retain as much of your property, while at the same time obtaining relief from your debts.  Without an experienced bankruptcy lawyer guiding you through the bankruptcy process, your property and the discharge of your debts may be at risk.  Here at Kentucky Bankruptcy Attorney John Rogers we believe that the best way to represent you is to personally know you, your situation, and your reason for considering bankruptcy.

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What property do debtors have to give up in Chapter 7? What about tax refunds and lawsuits?

Posted on August 16, 2013. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Bankruptcy Attorney | Tags: , |

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Debtors in Chapter 7 are required to give up “nonexempt” property that they own at the time of the filing; they are allowed to keep both “exempt” property that they own at the time of filing and any property that they receive a right to own after the bankruptcy filing. Exempt property is property that, according to the law, is necessary for the debtors’ support and the support of their dependents. In Kentucky, either Federal or State exemptions are available for you to use. If all of a debtor’s property is exempt, then the debtor does not have to give up any property in Chapter 7, but may still obtain a discharge.

As long a debtor has a right to payment at the time of the bankruptcy filing—from a tax refund, a lawsuit, or some other source—that right to payment is property that must be given to the Chapter 7 trustee unless it is exempt, even though the debtor has not yet received any money. Thus, a debtor may have to turn over all or a portion of a tax refund to the trustee that is received, and a debtor may not be entitled to all or a portion of the settlement of a personal injury action that is entered into after the bankruptcy is filed.

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