If you are filing for bankruptcy, Fauver Law office in Louisville, Kentucky can help you interpret and apply these laws to your case. We understand the financial difficulties our clients face and how filing for bankruptcy may help you. Below is more information on bankruptcy.
There are different types of bankruptcy depending on your financial situation. It USED TO BE if you wanted to keep your house and your car, you had to file a Chapter 13, which meant you would have to pay back more money. Right now you can file a Chapter 7, which means wiping out your debt, and still keep your house and your car, if you can pay those debts once you wipe out the rest of them. Now this is a general statement and legal advice. In order for us to tell you specifics on your case, you would have to have all of your information in front of us.
A Chapter 7 allows you to get rid of most of your debt, other than what you choose to keep and a few things you cannot bankrupt. A Chapter 13 puts all of your debt together and allows you to pay a specific amount per month and is generally for 3 to 5 years. Which one is best for you depends on your circumstances.
In general, you would file a Chapter 7 unless you have filed a Chapter 7 in the last 8 years or your income is too high. For either of those situations you would have to find Chapter 13.
The thing s that you cannot bankrupt in general are 1. Student loans, 2. Taxes, 3. Child support and 4. an intentional crime (things like a DUI-related accident). In general, other than those four categories of debts, the rest of your debt should be cleared when you finish your bankruptcy.