With the ongoing financial situation, lots of people are experiencing hardships which are leading to anxiety and stress. Through a 12-month period coming to an end on June 30th, 2019, there was 9,863 Chapter 7 filing in Kentucky and 5,174 Chapter 13 filling in Kentucky.This article aims to empower you on how you can achieve debt freedom. Also, we will look at all aspects of Chapter 13 and Chapter 7 bankruptcy in Kentucky as a type of debt relief.
Maybe you are wondering why on earth we are focusing so much on Chapter 13 bankruptcy in Kentucky. This is because while there are bankruptcy aspects that are nation-related, there are also bankruptcy aspects that are Kentucky specific.
Chapter 13 Bankruptcy vs Chapter 7 Bankruptcy
Even before we can look at Kentucky-specific bankruptcy details, it is advisable to know the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Another name for Chapter 13 bankruptcy is ‘wage earners’ bankruptcy. In this type of bankruptcy, debtors enter into a payment agreement which can run for thirty-six to sixty months, payable monthly. Please keep in mind that ineligibility for Chapter 7 is what drives most people to Chapter 13. Other reasons why they choose Chapter 13 is a high monthly income and high-value assets.
Chapter 7 bankruptcy, on the other hand, is known as ‘liquidation bankruptcy.’ It is a type of debt relief for debtors who can’t pay their debts and would like to be discharged from the debts. As long as you are eligible, a Chapter 7 process can be finalized in 120 days, and it is less expensive. You can make use of our calculator below to receive an estimate of your monthly Chapter 13 payment schedule and find out if you qualify for Chapter 7.
Chapter 13 Bankruptcy in Kentucky
In this piece, we will go through the following aspects of a Chapter 13 Bankruptcy.
- Chapter 13 Bankruptcy Plan Payment in Kentucky
- Kentucky Bankruptcy Exemptions
- Chapter 13 Bankruptcy Kentucky Trustees
- Kentucky Bankruptcy Districts and Court Locations
- Should I File a Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy Plan Payment in Kentucky
The Chapter 13 bankruptcy Kentucky estimate payment plan factors in the IRS National expense figures, plus specific Kentucky expenditures.
The majority of people with debts are usually eager to know if they are eligible for Chapter 7 and their possible payment arrangement under Chapter 13. Now, the bankruptcy forms used in Chapter 13 bankruptcy can be a little bit complex, making it difficult for debtors who personally want to get an accurate estimate of their payment plan. Nevertheless, we came up with the calculator to help establish whether debtors qualify for Chapter 7 and assist in getting estimates of a Chapter 13 bankruptcy payment arrangement.
Chapter 13 calculator:
- The Rough Estimate Calculator appearing below is not complicated, and it only takes a moment to complete. Sadly, you will not get a detailed picture with this calculator. So you should opt for a more precise calculator.
- The More Precise Chapter 13 Repayment Calculator will provide a better estimation. Still, it is good to note that these numbers are estimated, and you can consult an experienced attorney for more particular figures.
Kentucky Means Testing
The calculator above has utilized Kentucky means testing data found here to establish debtor’s eligibility for Chapter 7. Also, the table shows information regarding the Kentucky Means Test from May 1, 2020.
|# of People||Annual Income|
Chapter 13 Bankruptcy Kentucky Exemptions
Before you can start the Chapter 13 bankruptcy process, find out if you own any property that is higher than the stipulated exemption amount. You may qualify for Chapter 7, but the fact that you possess high equity assets makes debt settlement or Chapter 13 a more logical choice.
While you are filing for bankruptcy in Kentucky, ensure that you consider the bankruptcy exemptions and statutes relevant to the state. Liquidation of your assets is a real possibility in case they are higher than the Kentucky exemptions. Check out the Kentucky bankruptcy exemptions if you plan on filing for bankruptcy in Kentucky.
Kentucky Bankruptcy Trustees
The responsibility of administering the bankruptcy and liquidating the nonexempt assets of the debtor falls upon the trustee. Note that there there the Chapter 7 Trustees in Kentucky and Chapter 13 Trustees in Kentucky can be found on the Justice Department’s website.
Chapter 7 Trustees in Kentucky
|Eastern||Michael L. Baker||(859) 426-1300|
|Eastern||J. Clair Edwards||(859) 225-5275|
|Eastern||L. Craig Kendrick||(859) 371-4321|
|Eastern||James D. Lyon||(859) 252-4148|
|Eastern||Mark T. Miller||(859) 887-1087|
|Eastern||Lori A. Schlarman||(859) 586-1526|
|Eastern||Phaedra Spradlin||(859) 263-3210|
|Eastern||James R. Westenhoefer||(859) 624-0145|
|Western||Jerry A. Burns||(270) 796-9090|
|Western||Mark H. Flener||(270) 783-8400|
|Western||Robert W. Keats||(502) 587-8787|
|Western||William W. Lawrence||(502) 581-9042|
|Western||Maurice R. Little||(270) 821-0110|
|Western||Harry L. Mathison, Jr.||(270) 827-1852|
|Western||W. Stephen Reisz||(502) 584-1000|
|Western||Bradley S. Salyer||(270) 842-9005|
|Western||Michael E. Wheatley||(502) 744-6484|
Chapter 13 Trustees in Kentucky
|Eastern||Beverly M. Burden||(859) 233-1527|
|Western||William W. Lawrence||(502) 581-9042|
Kentucky Bankruptcy Districts and Court Locations
Kentucky has two bankruptcy districts. Check out the two links below to read more about the court locations and details.
Should you pursue a bankruptcy in Knetucky?
As a debtor who is not eligible for Chapter 7 or doesn’t want to go that route, choosing a Chapter 13 can be an option. But it is vital to study other alternative solutions apart from Chapter 13. Such alternatives include debt settlement and debt management. By utilizing our Chapter 13 calculator, you will view your choices, plus all the disadvantages and advantages. The calculator can come in handy as a resource or as a personal research tool. Although debt can make life unbearable, we believe that you have learned some vital tips from this article that will set you on a debt-free life.