Should I file Chapter 7 Bankruptcy?
There may be times in a person’s life that requires that person to seek bankruptcy relief. It could be a prolonged medical illness, the death of a spouse, divorce or unemployment. In some cases, it could be unwise financial decisions that lead a person to the brink of bankruptcy. Regardless of the reason why you may need to file Chapter 7 bankruptcy, our attorneys will not judge.
Our team of legal professionals is here to help you find an affordable resolution to your financial crisis. Everyone deserves another chance and a fresh start to recover from a financial problem. We can help you find that.
When Should You File Chapter 7 Bankruptcy
If you are wondering if you should file Chapter 7 bankruptcy, it is probably time for you to file. Most of our clients come into our office after they have exhausted all avenues to pay their debts including liquidating assets, depleting savings and dipping into retirement. However, some of these actions may be avoided if the debtor would have consulted our office before taking these steps. Through a Chapter 7 case, we can help protect some of your assets such as retirement while getting rid of your unsecured debts.
If you believe that you should file Chapter 7 bankruptcy, your first step is to schedule a meeting with our office. Our attorneys will discuss the income requirements for filing Chapter 7 bankruptcy to determine if you qualify to file under this chapter of bankruptcy. If you do qualify to file Chapter 7 bankruptcy, our next step would be to discuss the value of your assets. We want to ensure that your assets can be protected from the trustee and the creditors if you file a bankruptcy under this chapter. In most Chapter 7 cases filed in Kentucky, the debtors do not lose any of their property.
We will also discuss the various types of debts that you owe. Most debts are dischargeable in a Chapter 7 case including credit cards, personal loans, medical bills and payday advances; however, some debts such as student loans and taxes may not be dischargeable. In order to ensure that a Chapter 7 case is in your best interest, we want to address these issues in the beginning of the process.
One of the final things we will discuss before advising you if you should file Chapter 7 bankruptcy is your financial history. Some things you may have done recently such as sell assets, pay back family members, had your pay garnished or entered a personal loan may affect your case. Again, addressing these issues in advance helps us provide you with the best legal remedies for resolving your debt problems.
Contact an Experienced Kentucky Bankruptcy Attorney
We’ve Helped Thousands of KY Families, we can help you!
The bankruptcy attorneys of Musselwhite Meinhart & Staples, PSC have over 50 years of combined legal experience helping people just like you. Even though you may feel alone, you are not alone. We can help you find an affordable solution to your debt problems. We represent clients in Hardin County, Jefferson County and throughout central Kentucky from our offices in Radcliff and Elizabethtown and Louisville.
Contact us at (270) 351-6069 or 1-800-754-HELP to schedule a free consultation with one of our attorneys. You may also contact our office through our convenient online contact form.