Anyone that has gone through a bankruptcy once doesn't cherish the thought of having to do it a second time. They don't even know if they are allowed to. There are no regulations that say you can only claim bankruptcy a certain number of times. This is unless a bankruptcy court made an order pertaining to this.
You know that you are an honest individual, and your problem is that you have run into some financial difficulties where you need to file for bankruptcy. You know that this is a resource that is available, but you have also heard of some people being charged with bankruptcy fraud. For the average individual who is being up front with their bankruptcy filing this is not an issue. Usually the grounds for being charged with bankruptcy fraud are when an individual willingly conceals their assets and does not disclose them during the bankruptcy filing.
It is quite common for individuals to get family or friends to co-sign for them. It could be they don't have a credit history, or their financial situation is a bit shaky and they can't qualify for the loan they are after. This could be a personal loan, or perhaps a loan for a car. Then the financial situation gets bad and the individual has to file for Kentucky bankruptcy but is worried about how this will affect their co-signer.
One of the biggest reasons an individual runs into financial difficulty is because they have been hit with a ton of medical bills. Many times this is as a result of a personal injury. In some cases these people are fighting for a personal injury claim, which can take months or even years to settle. In these circumstances the person may end up in the meantime having to file for bankruptcy.
There are several different types of bankruptcies and which one you are eligible for depends on your circumstances, and whether you meet the set criteria. The most common forms of bankruptcy are Chapter 7 and Chapter 13. If you are concerned about a confirmation hearing then this relates to the chapter 13 form of bankruptcy.
This is something that you will learn about concerning your Chapter 13 bankruptcy. The personal financial management course is something that you must complete once you have filed for your bankruptcy and before the discharge of the bankruptcy. It is different from the credit counseling requirement. This is a 2 hour course that you must take through an approved agency. Your Kentucky bankruptcy lawyer should be able to supply you with a list of those agencies that have been government approved.
Many times both partners in the marriage do not intend on going bankrupt. Perhaps the man has decided this is what is best. Both are working and the wife does not want to claim bankruptcy. This will still have an effect on how you as the man must do your bankruptcy filing. You definitely should consult with a Louisville bankruptcy lawyer to gain assistance through your bankruptcy.
If you or your spouse decides to go bankrupt, unfortunately you will have to include your spouse's income along with yours no matter whether you are going for a Chapter 7 or Chapter 13 bankruptcy. Your New Albany bankruptcy attorney will explain this to you, and will also tell you about the marital adjustment deduction.