CONSUMER BANKRUPTCY
PROTECTION
The United States
Constitution authorizes Congress to
enact a bankruptcy act to protect
the citizens. Our founding fathers
understood that this great country
would be built by risk takers. They
also knew that some of these risks
would be unsuccessful causing the
need for financial relief. Congress
has enacted various bankruptcy acts
throughout our history to protect
individuals and business.
Two of the Chapters
which protect Individuals are:
Chapter 7 Bankruptcy:
This chapter is
sometimes called the liquidation
chapter.
Chapter 7
provides the individual with a
fresh start by discharging the
individual’s debt which includes
contracts, promissory notes,
credit cards and various other
debts. In order to obtain this
relief, the consumer is required
to liquidate his or her assets.
However, Kentucky provides
exemptions for certain property
such as the homestead exemption
and exemptions for household
goods, automobiles, trade tools,
livestock and certain retirement
benefits and accounts. Chapter
7 can provide the following
relief:
-
Stops Creditor
Harassment, Wage Garnishment &
Lawsuits
-
Eliminates Debt
while protect many of your
assets
-
Even eliminates
some taxes
Chapter 13
Bankruptcy:
This chapter is
designed to allow the consumer to
repay debts over a period of time.
Chapter 13 can provide the following
relief:
- Repayment plan of
up to 60 months with Court
Protection.
- Allows you to
eliminate interest on most debts
and Finance charges
- Stops Foreclosure
and allows you to pay past due
taxes without interest or
penalties
- Protects Cosigners
Bankruptcy can
provide you with a fresh start.
Stop the harassing telephone calls,
high interest rates and penalties.
Let Russell evaluate your financial
situation to see if bankruptcy is an
option for you.
For more information
click on bankruptcy click on
http://www.kywb.uscourts.gov/fpweb/bankruptcy_faqs.htm.
CALL FOR FREE INITIAL
CONSULTATION:
685-0033
(OWENSBORO AND
DAVIESS CO., KENTUCKY)
1 (877) 685-0033
(ALL OTHER AREAS)
