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In Chapter 7 bankruptcy, you ask the court to discharge most of the debts you owe. In exchange for this discharge, the appointed bankruptcy trustee (and independent arbitrator) is able to take any property that you own (which is not exempt), sell it and then distribute the proceeds to the relevant creditors.

Those who file bankruptcy have several types of bankruptcy to choose from. The bankruptcy code mainly provides filers two personal bankruptcy chapter options: Chapter 7 (liquidation) and Chapter 13 (reorganization). Chapter 7 is also referred to as a ?Big Eraser? since it quickly eliminates most debts.

Debt consolidation: Debt consolidation is a common alternative to bankruptcy. If you want to lower your monthly payments or interest rates, you may consider a debt consolidation loan. This type of loan allows a borrower to roll multiple debts into a single loan with a fixed interest rate and one monthly payment.

Personal Property Exemption Ann § 427.010(1) protects: Up to $3,000 worth of household furnishings and clothing. Up to $3,000 worth of tools, equipment, and livestock used in farming. Up to $2,500 of equity in 1 motor vehicle with accessories, including 1 spare tire.

File Your Forms With Kentucky Bankruptcy Court For many people, filing online is a much easier option. Unfortunately, only attorneys are allowed to file online in all jurisdictions at this time.

While there are no actual limits on how many times you can file bankruptcy, there are limits to how often you are able to file. The general rule is that it is usually six years from the date of a prior bankruptcy discharge before you can be granted another discharge.