Schwartz Bankruptcy Law Center
Louisville 502-485-9200
New Albany 812-945-9200
Toll Free 866-366-3328

chapter 7 bankruptcy Archives

What is "credit counseling" in a Kentucky Chapter 7 bankruptcy?

A previous post here examined the basics of the "debtor education course" that all Chapter 7 bankruptcy filers must complete before receiving a discharge of their debts. At that time, we mentioned the fact that the course should not be conflated with "credit counseling," which is also mandatory, but is a different requirement entirely. Our readers need to know about credit counseling as it is under a Chapter 7 bankruptcy.

What is the Kentucky Chapter 7 debtor education course?

Filing a Chapter 7 Bankruptcy is not an easy decision. There may be many reasons why Kentucky residents do not wish to file such a case, including the affect it may have on a person's credit rating and the perceived stigma that can sometimes be associated with such a filing. However, in many cases, the outcome of having debts discharged is worth the time and hassle, and other negative consequences that may result.

Chapter 7 bankruptcy is a viable option, but not the only option

The economic downturn 10 years ago did a lot of damage to many people's lives in Kentucky and around the world. Whether it was loss of retirement funds or the repossession of a home or vehicle, the experience has changed the way many individuals approach the ideas of wealth, income and bankruptcy. The hesitancy to use bankruptcy as an option to create a clean slate has eased over the past few years.

Dealing with creditors before filing a bankruptcy petition

One of the most unpleasant aspects of a difficult financial situation faced by Kentuckians is dealing with the collection efforts of creditors. While many debt collectors are honest and law-abiding, some resort to tactics that can only be described as harassment. A far-reaching federal statute intended to stop creditor harassment may offer some protection before the last resort of bankruptcy.

What debts cannot be discharged in a Chapter 7 bankruptcy?

Many Kentuckians who seek discharge of their debts under Chapter 7 of the United States Bankruptcy Code are surprised to learn that some debts cannot be discharged. The types of debts that cannot be discharged in a personal bankruptcy are enumerated in the Bankruptcy Code, and this post will provide a summary of these kinds of obligations.

Bankruptcy under Chapter 7 of the Bankruptcy Act

Kentuckians who struggle with debt, whether from overuse of credit cards or medical bills or other unexpected financial catastrophe, often view bankruptcy as a means of relief. However, personal bankruptcy comes in two different flavors known by their location in the United States Bankruptcy Act: Chapter 7 and Chapter 13. Chapter 7 is generally used to apply a debtor's assets to pay debts and to discharge all debts that are not repaid or settled. Chapter 13 is used to establish a plan to reorganize those debts and pay them off over time. In this post, we will provide an overview of the mechanics of Chapter 7.

Kentucky music festival completes bankruptcy process

Bankruptcy can strike any kind of business operation. While most people think of bankruptcy as a remedy for failed manufacturers or sellers of manufactured goods, the recent business bankruptcy of a Kentucky music festival that never opened its doors illustrates how ventures featuring popular performers and good food can fail.

Understanding the "means test" under Chapter 7

Kentuckians who file petitions under Chapter 7 of the United States Bankruptcy Code usually expect to have all of their debts discharged by the bankruptcy court at the close of the proceedings. However, persons who look to Chapter 7 to eliminate their debt do not always understand that they may be required to meet a threshold that requires them to submit their monthly income and expenses to the court for review before they are eligible for a Chapter 7 discharge. This test is commonly called the "means test."

What happens in a Chapter 7 bankruptcy?

Kentuckians who are contemplating filing a petition for bankruptcy have two choices: a Chapter 7 dissolution and a Chapter 13 reorganization. The consequences of this choice depend upon a number of factors in each person's financial situation. This post will summarize the potential outcomes of a Chapter 7 filing.

  • NACBA- National association of consumer bankruptcy attorneys
  • LexisNexis- AV -Peer review rated
  • Kruger & Schwartz BBB Business Review
Contact Our Attorneys

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.

Back to top