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

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