Legal Question in Bankruptcy in Kentucky

exemptions, how do they work?

how do exemptions work when you file bankruptcy in kentucky? I owe 67000 on my home 23000 in home equity line of credit and about 35000 in other credit debt. I also owe 3800 on my car and my wife who does not work owes 12700 on her car. I make about 29000 a year now with my new job but those outrageous credit card interest and their new 4 percent minimum payment has taken its toll on my wallet. I have worked hard to pay this but its overwhelmed me now im very desperate. My wife ha a 7 year old daughter who I pay everything for and try to get her everything she needs in life I adore her and do the best to get her everything. So its hard to make it on one check but i hope to get rid of alot of this debt and believe me things will different from then on also i dont want to lose my home its a part of me and when crush me to lose it thanks for your time


Asked on 10/07/06, 12:20 pm

1 Answer from Attorneys
John Rogers John Rogers, Attorney at Law

Re: exemptions, how do they work?

Exemptions protect any equity that you have in a home or vehicle, or household goods.

It does not appear that you have equity in your home, but we would need to know the value of the home to determine that. Also, we would need to know the value of the vehicles as well. If you need assistance filing bankruptcy and live in one of the following Kentucky Counties: Barren, Monroe, Allen, Warren, Edmonson, Hart, Metcalfe Adair, Butler, Casey, Clinton, Cumberland, Green, Logan, Russell, Simpson, Taylor & Todd---we would be happy to assist you. Please visit our website at www.johnrogersattorney.com if you need to contact us.

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Answered on 10/07/06, 1:29 pm


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