Basic Bankruptcy Information

Kentucky Bankruptcy Attorney Answers Your Bankruptcy Questions

Providing Answers That Make Sense

If you are considering filing bankruptcy, you probably have a few questions about how it works. You probably also want to know how bankruptcy will impact your life.

At the law firm of Marcus H. Herbert & Associates in Paducah, Kentucky, we provide answers to your bankruptcy questions. With more than 20 years of experience practicing bankruptcy law on our side, we can respond to even the most unique concerns.

"I heard that I will lose everything I own if I file bankruptcy."

Definitely not. If you file for bankruptcy, you are entitled to keep a great deal of your property. You get to keep clothing, household furnishings, wedding rings and more.

Depending on your situation, you may also be able to hold onto other important pieces of property such as your car and your retirement plan. We will take great care to see that the only thing you lose during bankruptcy is your debt.

"Can I keep my house and my car?"

Most people can. In fact, Chapter 13 bankruptcy is specifically designed to help you deal with your debt while keeping your assets. It is intended to help you protect your property from being repossessed and your home from being foreclosed on.

Of course, keeping a particular asset during bankruptcy is your choice. If you decide to keep something that you still owe money for, you will simply have to continue to pay your bills for those things. As long as you do so, the bankruptcy laws provide a way that your property cannot be taken away from you. Bankruptcy may also be able to stop repossession and help you get your car or other personal property back if it has been recently repossessed.

When you hear about people losing their house in a bankruptcy case, it is most likely because they chose to lose it because they couldn't afford the mortgage payment. Bankruptcy lets people walk away from that sort of debt. We can help you whether you want to keep your property or walk away from it.

"Does bankruptcy get rid of all my debt?"

This is another common question about bankruptcy. The truth is that bankruptcy will eliminate most debt, but it may not eliminate all debt. It can help you get rid of credit card debt, medical bills, payday loans and more. Debts that can't be eliminated include some tax debts, student loans, child support payments and a few others.

"Will bankruptcy ruin my credit?"

The fact of the matter is that if you are considering bankruptcy, your credit is probably already severely damaged. Bankruptcy is the first step in repairing the damage to your credit score. By eliminating debt, bankruptcy always improves your debt-to-income ratio. This is one major component of a credit score. With an improved debt-to-income ratio, most peoples' credit score improves within one year. A credit report will show that you filed bankruptcy for a period of 10 years, but most people are able to obtain credit long before the bankruptcy disappears from the report.

A Free Consultation to Answer All Your Bankruptcy Questions

E-mail us or call us toll free at 866.702.8933 to talk to an experienced attorney and get answers to all of your bankruptcy questions.

We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.