Who Is The Bankruptcy Trustee

Who Is The Bankruptcy Trustee & What Do They Do?

If you have already or are thinking about filing for bankruptcy, you may have heard of a bankruptcy trustee. Many people don’t know or understand who a trustee is or what there purpose is in a bankruptcy.

The simplest answer, is a bankruptcy trustee manages your bankruptcy estate. Once you have filed for bankruptcy, the Court assumes control of your debts and property not protected by your Kentucky or Federal exemptions. A trustee is appointed to your case by the Court. The job of the trustee is to see that your creditors are paid as much as possible. This person will thoroughly review your paperwork, particularly the assets you have in your possession and the exemptions you wish to claim. The trustee can challenge any element of your case. Continue reading

Bankruptcy 341 Meeting

What Is A 341 Meeting Of Creditors In A Bankruptcy

A 341 Meeting of Creditors occurs approximately a month after you file for bankruptcy. At the meeting the trustee will call a first meeting of creditors, which the debtor must attend. This meeting is also referred to as the § 341 meeting, named after the corresponding section of the bankruptcy code.

Creditors rarely attend a Chapter 7 bankruptcy meeting. However, for a Chapter 13 bankruptcy, one or two creditors may attend, especially if there is some question regarding the plan. If there are objections they are typically resolved by negotiation between the debtor or the debtor’s counsel and the creditor. If a compromise cannot be reached, a judge will intervene. Continue reading

Utility Services After Bankruptcy

Are Utility Services Affected After Filing For Bankruptcy?

You should still be able to get utility service after bankruptcy. Public utilities, such as the electric or water company, are not allowed to refuse to provide utility service or to cut off your services because you have filed for or completed a Chapter 7 Bankruptcy.

However, there can be repercussions of filing bankruptcy on utility costs. The utility company can require you to give a deposit to receive future services. Additionally, you do have to pay bills which arise after the bankruptcy is filed.

Legal Help With Bankruptcys In Kentucky

If you are thinking about filing for bankruptcy, or have questions about Bankruptcy, please call to speak to an experienced bankruptcy attorney at Hurst & Hurst Law at (859) 209-2101.

Life After Bankruptcy

Can I Own Anything After Bankruptcy?

In short, yes, you absolutely can. Many people believe they cannot own anything for a period of time after filing for Bankruptcy. This is just not true. Life does go on after bankruptcy.

You will have any property that was exempted from your Bankruptcy. In addition to anything you obtain after the Bankruptcy is filed. You still have the ability to purchase and even finance property after a bankruptcy. Be aware that you may be charged a higher financing percentage after filing for bankruptcy for a period of time.  However, that will start to go away as time passes after your bankruptcy discharge. Continue reading

Bankruptcy And Marriage

If I Am Married Does My Spouse Have To File?

No, your spouse is not required to file for Bankruptcy just becasue you did. You have the option to file as an individual, even if you are married. However, there can be negative consequences if you and your spouse have jointly owned debt or property and only one of you files for Bankruptcy.

How Can My Marriage Affect My Bankruptcy?

Married individuals must gather the following information about their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing.

Continue reading

Exempt Property From Bankruptcy

What Is Exempt Property In A Bankruptcy In Kentucky?

Under Chapter 7 Bankruptcy there is property that is exempt from the Bankruptcy.  Exempt property is property which Bankruptcy Law considers protected and allows you to keep. There are specific categories of exempt property.  And different categories have different dollar amounts for the amount of property that can be exempted or protected.  You can exempt any property that falls into one of the exemptions categories, up to the dollar amount allowed. Under bankruptcy law married couples filing jointly each get to claim a full set of exemptions, unless otherwise noted.

If property is exempted, you will be able to kept this property after you file bankruptcy. In most Continue reading

Tax Debts In Bankruptcy

Filing Bankruptcy On Tax Debts

Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.

Chapter 7 v. Chapter 13 Bankruptcy Tax Debts

Chapter 7 provides for full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged. Under the current bankruptcy tax debts are treated identically in both Chapter 7 and Chapter 13 bankruptcies. Continue reading

Reaffirmation in KY

Can I Keep My Car Or House If I Still Owe Money On Them In A Chapter 7 Bankruptcy?

Maybe.  Depending on individual circumstances, if a debtor wishes to keep certain secured property (such as a car or house), he or she may decide to “reaffirm” the debt. That will require you to sign a reaffirmation agreement.

A reaffirmation is an agreement between the debtor and the creditor that the debtor will remain liable and will pay all or a portion of the money owed, even though the debt would otherwise be Continue reading

What Can’t A Debt Discharge Do

Debt Discharge

The purpose of filing bankruptcy is normally to discharge as many dischargable debts. However, not all debts are dischargable. Such as student loans and maintenance. Or, if you decide to reaffirm a debt then it will survive the discharge.

Can My Property Still Be Taken If I Get A Chapter 7 Bankruptcy Discharge?

Yes.  Secured creditors may retain some rights to seize property securing an underlying debt even after a discharge is granted. If the property, like a car, was financed and the creditor took a security interest in the property, if money is still owed on the property then it is subject to repossession.

If you want to keep secured property after a Chapter 7 Bankruptcy you need to speak with a Bankruptcy lawyer about a reaffirmation. Continue reading

Bankruptcy Discharge

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 Continue reading