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Important Considerations Regarding Debtors and Their Spouses in a Chapter 7 Bankruptcy in Kentucky

When considering filing for Chapter 7 bankruptcy in Kentucky, a debtor who is married needs to take into account how one’s marriage will affect his or her ability to file. For example, according to the U.S. Dept. of Justice, the state median family income for filing a Chapter 7 bankruptcy in … [Read more...]

Should I Take Out New Debt Before a Bankruptcy? The Don’ts and the Don’ts

Should you take out new debt just before filing bankruptcy? No. No no no no. Please don’t. For those who are looking for a short and easy answer from an attorney, look no further. For those who want to know how taking out new debt right before filing bankruptcy can ruin your chances for a discharge, … [Read more...]

Know the Consequences of Sending Gifts, Payments, and Transfers to Family Before Filing for Chapter 7 Bankruptcy

Once you file for Chapter 7 Bankruptcy, the bankruptcy code provides a trustee to check into any assets that were transferred for up to a year before you filed. The trustee will be looking for "gifts" and "favorable payments." A favorable repayments can show a preference in paying one debt over … [Read more...]