Bankruptcy: How To File For Louisville, Kentucky
With recession and credit crunch increasing across the globe
, a large number of home owners have found themselves knee deep in debt. Gloomy economy and inflation have affected the debtors very much and those debtors are finding out no way to come out of this debt loop. However, many of them are thinking of going for bankruptcy in order to avoid too much debt. The number of people opting for filing bankruptcy has never been very high.
If you are mulling over this and want to know about bankruptcy and how to file for Louisville Kentucky, then you will get few relevant points in this article.
As filing for bankruptcy is these days looking high, the New Federal Bankruptcy Laws were brought to have a put a check lid upon the number of debtors filing insolvency. For this, the norms associated with filing insolvency have been made a bit stringent. According to the new bankruptcy law (with effect from October 17, 2005), you have to take a credit counseling session before filing for bankruptcy. It has become mandatory for anyone willing to file for insolvency. Moreover, that credit counselor should have the approval of the US Trustee. So, if you are planning for opting for insolvency, it is better for you to consult and seek help of an expert and reliable bankruptcy lawyer. In doing so, you can make the process simplified.
Primarily, two kinds of consumer bankruptcies are there, namely Chapter 7 and Chapter 13. When one opts for Chapter 7 to file bankruptcy, Louisville Kentucky, one needs to meet the following requirements.
1. Passing the Means Test:
This clause tries to gauge of the debtors economic condition and take into consideration whether or not the person has any way to repay his debt. If it is found that the person has no condition to repay the debts but he can maintain a reasonable living with that much of money he has, then he can file for insolvency through this Chapter 7.
2. Turning over non-exempt property:
Expensive vehicles, second home, jewelry, antique collections, and the like are known as non-exempt properties. They are turned over to trustee who will sell them and pay off a portion of the dues.
Again, when one is planning to file insolvency case through Chapter 13, one needs to know some points relating to it before going for bankruptcy and how to file for Louisville Kentucky. One needs to meet the following requirements.
1. The debtor has to undergo credit counseling for 180 days before filing.
2. His secured debts must not be beyond $1,010,650. His unsecured debts must be less than $336,900.
3. He ought not to fail to appear before the court during the last 180 days.
If you are planning to declare
Bankruptcy How to file for Louisville Kentucky, you need to first consult with an approved attorney. Then, he needs to decide on the kind of bankruptcy and to make a detailed list of debts and assets. On clearing the means test, he can file for insolvency.
by: zebratechiesexp
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