Florence Attorney Helping With Bankruptcy Exemptions

In the process of a Chapter 7 bankruptcy, many wrongly assume that they will lose everything they own. Bankruptcy laws were not written to repay your creditors and leave you with nothing. Bankruptcy laws were written to give you a way to obtain relief from excessive debt and make a fresh financial start.

Under Kentucky and United States law, people who file for bankruptcy protection are entitled to keep certain assets that are necessary to live a normal life. These assets cannot be seized by the trustee for any reason. Both the State of Kentucky and the federal government have established bankruptcy exemptions that define which assets a person can keep in Chapter 7 bankruptcy. At the law office of attorney L. Craig Kendrick, we will help you determine which set of exemptions would provide the most benefit in your case.

What Can I Keep In Chapter 7 Bankruptcy?

Many categories of assets are exempt from liquidation in Chapter 7 bankruptcy. While the Kentucky and federal government lists may differ with regard to the specific types of assets and values that may be eligible for exemption, both contain provisions for property of a certain value in the following categories:

  • A certain amount of equity in your home
  • A vehicle
  • Household furnishings, including furniture, electronics and appliances
  • Clothing and jewelry
  • Tools necessary for your job
  • Health aids
  • Retirement and government benefits
  • Alimony and child support
  • Insurance proceeds
  • Damages awarded in a personal injury or other court proceeding

Contact Attorney Kendrick About Your Property Exemption Concerns

Schedule a free lawyer consultation at our Florence office to discuss your questions about what property you will be able to keep in Chapter 7 bankruptcy. You can reach us by phone at 859-795-4407, toll free at 888-856-8043 or via email to get started.

We are a Debt Relief Agency. We help people file for Bankruptcy relief under the Bankruptcy Code.