There are many important aspects to be watched carefully when you are claiming bankruptcy in Kentucky. Naturally you want to keep as many of your assets as possible. Some individuals are under the assumption that when they claim bankruptcy that they get to keep everything and what they owe is totally wiped out. Others believe they are going to lose everything. No matter what your thoughts are on bankruptcy, it is important to use a bankruptcy lawyer to assist you with your bankruptcy no matter whether it is a chapter 7 or chapter 13 filing.

Protecting Property

One of the big factors that have to be considered when going for this type of financial relief is the exemptions. Before filing you want to do some planning so you can take the best advantage of these. Planning may include the right timing for your bankruptcy and maybe even arranging so that some of your current non-exempt assets because exempt ones. It is highly important that you only do this type of pre planning under the guidance of your bankruptcy legal counsel. While some planning is acceptable, doing too much when it comes to your assets could be seen as attempt to defraud those who you owe money to.

You are also going to want to review the exemption list well. You need to know which list applies to you. There are Federal and State exemption lists. Some states will allow you to choose which list you want to use, while others will enforce their state lists. You need to know which is applicable to your bankruptcy.