Bankruptcy Discharge
Probate Checklist For KY
April 24, 2014
BlueBird Cafe, Stanford, KY
April 25, 2014
What Does A Chapter 7 Bankruptcy Discharge Do In Kentucky?
A bankruptcy discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.
Because a Chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge.
Generally, (excluding cases that are dismissed or converted) individual debtors receive a discharge in more than 99 percent of Chapter 7 cases. In most cases, the bankruptcy court will issue a discharge order relatively early in the case – generally, 60 to 90 days after the date first set for the meeting of creditors. Fed. R. Bankr. P. 4004(c).
Can I Be Denied A Chapter 7 Bankruptcy Discharge?
Yes, but the grounds for denying an individual debtor a discharge in a Chapter 7 case are narrow and looked at in the best light for the debtor. The Court can deny to order a discharge if the debtor:
- failed to keep or produce adequate books or financial records;
- failed to explain satisfactorily any loss of assets; committed a bankruptcy crime such as perjury;
- failed to obey a lawful order of the bankruptcy court;
- fraudulently transferred, concealed, or destroyed property that would have become property of the estate; or
- failed to complete an approved instructional course concerning financial management. 11 U.S.C. § 727; Fed. R. Bankr. P. 4005.
Legal Help With Bankruptcys In Kentucky
If you have questions about a Bankruptcy Discharge you should contact a bankruptcy attorney to help you explore your options. If you are interested in filing for bankruptcy contact Rebecca Hurst of Hurst & Hurst Law at (859) 209-2101.
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