Best Bankruptcy Lawyers in Frankfort

About Bankruptcy Law in Frankfort, United States

Bankruptcy law in Frankfort, United States is designed to provide individuals and businesses with a legal framework for dealing with overwhelming debt. Bankruptcy allows individuals and businesses to either eliminate or repay their debts under the protection of the bankruptcy court.

Why You May Need a Lawyer

Bankruptcy laws can be complex and navigating the legal process on your own can be overwhelming. A bankruptcy lawyer can help you understand your options, navigate the legal system, and protect your rights throughout the bankruptcy process. Common situations where people may require legal help in bankruptcy include filing for bankruptcy, dealing with creditors, and protecting assets.

Local Laws Overview

In Frankfort, United States, individuals and businesses can file for bankruptcy under Chapter 7, Chapter 13, or Chapter 11 of the Bankruptcy Code. Chapter 7 bankruptcy involves the liquidation of assets to repay creditors, while Chapter 13 bankruptcy allows individuals to reorganize their debts and create a repayment plan. Chapter 11 bankruptcy is typically used by businesses to reorganize debts and continue operating.

Frequently Asked Questions

1. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves the liquidation of assets to repay creditors, while Chapter 13 bankruptcy allows individuals to reorganize their debts and create a repayment plan.

2. Can I keep my house and car if I file for bankruptcy?

It depends on the type of bankruptcy you file and the equity you have in your house and car. A bankruptcy lawyer can help you understand your options and protect your assets.

3. Will bankruptcy stop creditor harassment and collection calls?

Yes, filing for bankruptcy triggers an automatic stay that halts creditor harassment, collection calls, and other collection actions.

4. How long does bankruptcy stay on my credit report?

Bankruptcy can stay on your credit report for 7 to 10 years, depending on the type of bankruptcy you file.

5. Can I file for bankruptcy more than once?

Yes, you can file for bankruptcy more than once, but there are restrictions on how often you can receive a discharge of debts.

6. What debts are not dischargeable in bankruptcy?

Some debts, such as student loans, child support, and certain taxes, are not dischargeable in bankruptcy.

7. Will bankruptcy stop foreclosure on my home?

Yes, filing for bankruptcy triggers an automatic stay that temporarily halts foreclosure proceedings on your home.

8. Do I need to go to court if I file for bankruptcy?

Yes, you will need to attend a meeting of creditors, also known as a 341 meeting, as part of the bankruptcy process.

9. Can I choose which type of bankruptcy to file?

Depending on your financial situation, you may be eligible for more than one type of bankruptcy. A bankruptcy lawyer can help you determine the best option for your circumstances.

10. Will I lose all my possessions if I file for bankruptcy?

It depends on the type of bankruptcy you file and the exemptions available to protect your assets. A bankruptcy lawyer can help you understand your options and protect your possessions.

Additional Resources

For more information on bankruptcy law in Frankfort, United States, you can visit the United States Bankruptcy Court for the Eastern District of Kentucky website. You can also contact the Kentucky Bar Association for a list of bankruptcy lawyers in your area.

Next Steps

If you are considering filing for bankruptcy or need legal advice on bankruptcy matters, it is important to consult with a qualified bankruptcy lawyer in Frankfort, United States. A bankruptcy lawyer can evaluate your financial situation, explain your options, and guide you through the bankruptcy process to help you achieve a fresh financial start.