February 2010 Archives

Can I Keep Certain Local Creditors And That Debt?

Many clients to our firm have special relationships with local lenders and do not want to file on their debt.  After filing bankruptcy, you are no longer obligated to repay them, but you always have that opportunity.If your conscience won't let you sleep nights because you didn't pay your debts, there's nothing in the bankruptcy code that prevents you from doing that once you're back on your feet.But bankruptcy is an all-or-nothing deal, so you have to include all your creditors in the petition but you have every right to repay certain ones.

Am I A Loser If I File For Bankruptcy?

No....and here's why.Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind.We have had all income levels, education levels and ages levels ask us for help in filing for bankruptcy.Still not convinced?Then let me ask you this - Are Delta Airlines, General Motors, Chrysler or Donald Trump losers?Don't be afraid that your reputation will be ruined.And don't be afraid to discuss your personal issues with a qualified professional - call me at 859.824.3361 for Bankruptcy help in the Northern Kentucky area.

Does My Spouse Have To File As Well?

Not necessarily. It is not uncommon for one spouse in Northern Kentucky to have a significant amount of debt in their name only.  However, if spouses have debts they want to discharge that they're both liable for, they should file together.Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file.   These situations need to be evaluated by the lawyer who is handling your case.If you are a married couple and reside in the Northern Kentucky area, call my office at 859.824.3361 for a no-cost, confidential consultation .

Will My Credit Be Ruined Forever?

While your credit score will in all likelihood lower once bankruptcy is filed, within time your credit score will be higher within a year or two after you file.I have had many clients refinance their homes, purchase cars, and get credit a year or two after the bankruptcy is filed.While the credit bureaus will report your bankruptcy for 7 to 10 years after you file, the negative effect can be quickly countered by re-establishing your credit immediately after your discharge.If you have any questions about filing Bankruptcy and reside in Grant, Boone, Campbell or Kenton Counties, give me a call at  859.824.3361 for a free consultation.

Will The Court Come To My House And Take My Furniture, My Cars, Or My House?

I tell my potential clients in Northern Kentucky that there are very liberal exemptions that are allowed in the state of Kentucky and in most cases, people can file bankruptcy and exempt all of their assets that are not securing debt.Here's a chart of the exemptions you are allowed to have.
These Kentucky Exemptions are approximate and increase by Cost of Living increases every year
Real Property Exemption is now over 20,000 per debtor($20,000). But you must live in the property or it is reduced by 1/2.Tools Equipment and Livestock Exemption is now over ($1,850)
Household goods Exemption is now over per debtor ($10,000)Personal Injury Case  Exemption is now over($18,450)
Automobiles Exemption is now over per debtor ($3,250)Property Any Kind  Exemption is now over ($950 + 1/2 of any unused homestead up to $10,000)
Professional Library ($1,000) (attorneys lawyers doctors)Retirement Accounts  Unlimited Amount Exemption
Professional Vehicle ($2,500) (attorneys lawyers doctors)Professional Library and Professional Tools ($300)

Are All Of My Debts Wiped Out When I File Bankruptcy?

The only debts that cannot be erased in a bankruptcy are child support and alimony, student loans, debts incurred as the result of fraud, criminal fines, and certain taxes.All other debts including but not limited to judgments, garnishments, medical bills, credit card debts, mortgage debt, car debt, check exchanges, and utilities are dischargeable in a bankruptcy.If you reside in the Northern Kentucky area and have questions about Bankruptcy, give my office a call at 859.824.3361 for your free consultation.

Does My Spouse Have To File As Well?

Not necessarily. It is not uncommon for one spouse in Northern Kentucky to have a significant amount of debt in their name only. However, if spouses have debts they want to discharge that they're both liable for, they should file together.

Will All My Friends And Family Know We Filed For Bankruptcy?

No, bankruptcy is very confidential.  In fact, many of your friends and family have probably filed for bankruptcy already.While it's true that bankruptcy is a public legal proceeding, the numbers of people filing are so massive, very few publications have the space, the manpower or the inclination to run all of them.Our offices are very private and discreet in our representation.  If  you live in the Northern Kentucky area and need assistance with debt relief - or are considering bankruptcy, please call my office at 859.824.3361 for your free consultation.
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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
2500 Chamber Center Dr.
Ste. 203
Fort Mitchell, KY 41017

Phone: 859-905-0946
Fax: 888-456-9179
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Call : 859-781-9100