Douglas Law Office, PLLC                                                 (606) 337-3330
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Bankruptcy - Chapter 7 Liquidation                                                   This is an advertisement.

Kentucky Bankruptcy Chapter 7 Attorney

Chapter 7 bankruptcy is the "simplest" and least expensive bankruptcy to file under.  It is commonly referred to as a "straight liquidation."

When you file a chapter 7 case, an independent "trustee" is appointed to liquidate your non-exempt assets. What this means is that any assets that you have which are not exempt under applicable state or federal laws, can be sold by the Trustee in your bankruptcy case and the money distributed to your creditors according to their priority in the bankruptcy code.  Exemptions are protections for value you have in certain assets and these exemptions vary from State to State.  Understated, an exemption is the amount of value you are entitled to keep after the trustee sells the item.  

The ultimate purpose of filing a chapter 7 bankruptcy is to discharge your debts. Most debts, like credit cards, are typically dischargeable.  However, some types of debts are specifically non-dischargeable.  Examples of items which are non-dischargeable are:

·        Taxes which are less than 3 years old

·        Alimony or child support obligations

·        Debts incurred by fraud, embezzlement, theft, etc,

·        Student loans (unless you can prove an undue burden is present)

To discuss whether filing a chapter 7 bankruptcy would be beneficial to you, contact the Douglas Law Office at (606) 337-3330.



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