Bankruptcy Lawyers in KY Help You Keep Property
The good news is that you will not lose all your property in bankruptcy. There are federal and Kentucky bankruptcy exemptions that list what you can keep. You can choose which list you choose from but you can’t mix and match exemptions from both sets. Amounts for each exemption change every few years.
The following are some exemptions you may be able to utilize:
Homestead Exemption for equity in any real or personal property in Kentucky that you use as a permanent residence or for a burial plot.
Motor Vehicle Exemption for equity in one motor vehicle with accessories.
Wildcare Exemption for any real or personal property of your choosing up to the allowed value. (Ky. Rev. Stat. Ann § 427.160)
Alimony and awards such as wrongful death or personal injury awards and some life insurance.
Personal property, including household goods and wearing apparel; farming tools, equipment, and livestock; professionally prescribed health aids for debtor and dependents.
Pensions and retirement accounts. ERISA-qualified retirement and police and firefighters’ pensions, state and county employees’ pensions. You can keep your tax-exempt retirement accounts, including 401(K)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans and traditional and Roth IRAs to $1,512,350 per person (for cases filed between April 1, 2022, and March 31, 2025). (11 U.S.C. 522(b)(3)(C); (n))
Public benefits. Public assistance, unemployment compensation, and workers’ compensation.
Tools of the trade. Instruments, tools, equipment, devices, and machinery used in the normal course and scope of a person’s profession, trade, or occupation.
Be aware that while bankruptcy will eliminate most dischargeable depts, exemption laws do not protect you from every debt or creditor. There are certain debts that are “nondischargeable”; these may include child support, most student loans, most tax debts and debts incurred as a result of fraud or theft. However, while bankruptcy may not discharge every debt that you have, it can be the best remedy available to solve the greatest number of your debt difficulties.
Our bankruptcy attorneys will examine your individual situation and fight for all the exemptions you are entitled to.
Why You Need an Experienced Bankruptcy Lawyer in Lexington, KY
If you are facing bankruptcy, an experienced bankruptcy lawyer in Lexington, KY, will ensure that you receive full protection under the law and will prevent mistakes that can prove costly. A seasoned bankruptcy attorney knows the system and how to utilize federal bankruptcy laws to your benefit. With help, a bankruptcy setback can be the beginning of your launch to a much brighter future.
When you have our bankruptcy lawyers on your side, we can simplify the whole process for you. We will walk you through the legal process, tell you what things to do and not to do, stop the annoying phone calls from collections agencies, and prepare and file all legal documents with the court. The best thing is that an attorney will always be on hand to answer your questions and settle your worries so that you can focus on making a fresh start.
For an initial consultation about your case, call us at (859) 353-6883. You’ll be glad you did.
How Our Bankruptcy Lawyers Can Help
What Makes a Good Bankruptcy Attorney?
A good bankruptcy attorney is always prepared to go the extra mile to meet individual client needs. A skilled Lexington bankruptcy attorney at Bunch & Brock will take the time to sit down with you, answer all of your questions, explain the law, and help you explore your legal options. First and foremost, we listen carefully to understand important details; then we bring the full benefit of our experience and dedication to each case. You don’t ever have to feel alone or overwhelmed by the legal system. We will always be with you, guiding you through the process to achieve the best possible outcome.
Our Bunch & Brock bankruptcy lawyer can handle all aspects of your bankruptcy case, so you can turn debt problems over to us and prepare to get on with life. We deal directly with your creditors so they are not bothering you with harassing phone calls and letters, and we provide direction and counsel to help you avoid unnecessary losses and expenses. Our bankruptcy attorneys can also help you learn how to re-establish credit and move forward with confidence. It’s true that bankruptcy can feel like a serious blow. But it doesn’t have to paralyze you or cause you to be discouraged. There is light at the end of the tunnel. With legal guidance, an honest look at your finances and renewed commitment to fiscal thrift, all of your tomorrows can be brighter than today and you can continue to build a meaningful future.
None of us ever dreams of pursuing bankruptcy, but sometimes it is the smart choice and the quickest way to get your life back on track. With a fresh perspective and lower stress, you’ll be able to make wise changes and plan effectively to pursue future goals. Talk to Bunch & Brock today at (859) 353-6883 to learn your options.