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Our Legal Blog

What Is Preferential Payment in Bankruptcy?

No matter which side of a bankruptcy case you fall on, it’s important to understand the answer to the commonly asked question, “What is preferential payment in bankruptcy” and why did I get sued by the trustee for the disgorgement of money that someone rightfully owed and paid to me? Bankruptcy laws are designed to protect debtors and creditors alike. That approach often leads to difficult decisions that can leave few parties feeling fully satisfied. That’s why it’s important that you understand the rules and work with an experienced bankruptcy attorney to know your rights. […]

What is the purpose of probate?

The purpose of probate in Kentucky is to ensure that the assets of a person who has passed away are transferred to the rightful heirs. Probate can happen with or without a will, though the presence of a valid will often makes the probate process easier. A will ensures that the deceased person’s wishes are carried out explicitly, whereas the absence of a will means the court will determine who inherits what, based on Kentucky’s succession laws. This may or may not reflect what the deceased person intended. The purpose of probate is also to […]

Is Probate Needed if There is No Will?

Depending on the circumstances, probate may be needed if there is no will. A Kentucky probate attorney can help you determine if probate is needed in your individual situation. Many people believe that if you have a will in Kentucky, then there is no need for probate when you die, but this is not true. While many estates must go through probate if they have no will, not all of them will have to do so. And, depending on your situation, your estate may be subject to probate, even if you have a will. Probate […]

Do All Assets Have to Pass Through Probate?

Going through probate can be a lengthy, expensive and stressful process, but the attorneys at Bunch & Brock make that process easy and straight-forward for their clients. If you’re wondering whether all assets have to pass though probate, the general answer is no. The things that are typically required to pass through probate are assets that have a paper title in the deceased name. Some of these things might include a house, land, vehicle, bank accounts and investment accounts. But with effective and knowledgeable estate planning, most people can avoid the headaches of a long, […]

What is the Statute of Limitations on Debt in Kentucky?

If you’re behind in your bills and fear you’ll be sued, you may be wondering, what is the statute of limitations on debt in Kentucky? The Kentucky statute of limitations on debt collection is a deadline for a lawsuit to be filed. You may have many valid defenses against a collection lawsuit. Depending on the facts, this may be one of them. The bankruptcy lawyers at Bunch & Brock have helped countless clients just like you handle their debts. Bankruptcy may or may not be the best choice for you, so call us at 859-254-5522 […]

What is the difference between Chapter 7, 11 and 13?

If you are facing mounting debt with no end in sight, then you may be considering bankruptcy as a way to get back on your feet and pursue a fresh start. But then the question becomes: what is the difference between Chapter 7, 11 and 13? The type of bankruptcy you choose will depend on several factors, including your current income, your future goals, and whether you’re seeking a personal or business bankruptcy. All bankruptcy is governed by federal law (rather than state law), which is commonly referred to as the Bankruptcy Code.  The purpose […]

Your Estate Planning Checklist

New Year’s is a perfect time to take a snapshot of your future goals, including evaluating the status of your estate plan.  Whether you already have an estate plan that needs to be updated or you are just starting to explore the idea of creating a will, the beginning of a new year is the perfect time to tackle your estate planning checklist. Your estate planning checklist should contain most or all of the following documents: Will Durable Power of Attorney Advance Healthcare Directive Healthcare Power of Attorney Trusts Guardianship Designations Beneficiary Designations Letter of Intent […]

What Happens When a Company Files Chapter 11?

What happens when a company files Chapter 11? You may be a business owner who has built a prized business over the years, but because of economic uncertainty and difficult times, you find yourself burdened with significant debt.  You are likely stressed and worried, and you may not know where to turn.  This could be the time to talk to a  Chapter 11 bankruptcy lawyer to find out more about your options. Chapter 11 bankruptcy – often known as “reorganization” bankruptcy – gives business owners a chance to catch their breath and reorganize business affairs, […]

Estate Planning for Blended Families

Estate Planning for Blended Families   Estate planning for blended families can be tricky, especially if there are children, step-children and half-siblings involved.  A married couple often wants to make sure all children are accounted for and taken care of in future years, though sometimes in different ways.  In addition, a couple may have aging parents, other family members, trusts and charities that they want included in an estate plan.  This is when it’s time to call a skilled estate planning attorney.  There’s a lot to know about taxes, trusts, wills and other financial instruments, […]

Preference Actions Under Bankruptcy

If you’re a creditor, you may prefer not to deal with preference actions under bankruptcy. When you hear the word “preference,” you probably think it’s a good thing; it’s what you want or like. When it comes to bankruptcy, depending on your position in the proceeding, a preference action may or may not be what you want. Bankruptcy is a fact of life for some Kentucky businesses, whether your industry is as old as coal mines or as new as legal hemp production. It could be the beginning of the end of a company, such […]