| Chapter 7 Bankruptcy | |
|
Kentucky Chapter 7 Bankruptcy Lawyers |
At Breen & Morgan, Attorneys at Law, PSC, we represent individuals in Chapter 7 bankruptcy proceedings. The main goal of our bankruptcy practice is to help people deal with the difficulty of declaring bankruptcy and start over. We understand the stress that usually comes with the burden of debt, and we can to help. Chapter 7 is also known as "liquidation bankruptcy." When a debtor files a bankruptcy petition, he or she lists all assets as well as outstanding debt. Assets fall into two categories: "exempt" assets are those that the debtor will be able to keep after the bankruptcy proceeding, and "non-exempt" assets will be liquidated. The trustee who is appointed in the Chapter 7 bankruptcy will collect all of the debtor's non-exempt assets and sell them to pay their debts, according to the priority of the debt. Unpaid amounts on "dischargeable debts" will be discharged. Often, most or all of a debtor's assets will be exempt. There are different categories of debts. Some debts are non-dischargeable even by a Chapter 7 bankruptcy proceeding. This means that you will still have to pay the debt off, even after going through bankruptcy. Examples of non-dischargeable debts include student loans, child support, DUI or DWI fines and taxes. Normally, the most significant advantage of Chapter 7 is that the debtor emerges from bankruptcy without any future obligations on the discharged debts. |
|
| our Chapter 7 Bankruptcy lawyers can help you | |
 |
Our Chapter 7 bankruptcy advice can help you avoid debt-related troubles such as foreclosures, repossessions and wage garnishment. Often, we can help protect your home, your vehicle, and your retirement account, as well as other valuable assets, from creditors. For free answers to your legal questions about Chapter 7 Bankruptcy, just complete our convenient online contact form. |
| © 2008 by Breen & Morgan, Attorneys at Law, P.S.C. | |
