There is a bankruptcy court for every judicial district in the United States, totaling ninety. Each state has one or more, Kentucky has two. The Eastern district is located in Lexington, Kentucky and the Western district is located in Louisville, Kentucky.
Each state offers varying bankruptcy requirements and laws, but the overall process is similar. When filing bankruptcy in Kentucky, all property of the debtor goes towards the payment to the creditors. There are specific areas of property that are excluded or exempt. These assets are divided into nine categories.
Asset Categories
Homestead- house and land
Insurance- health policies
Miscellaneous- alimony, child support, etc.
Pensions- firefighter and police officer pensions
Personal property- jewelry, burial plot, vehicle, etc.
Public benefits- Unemployment and Disability
Tools of the trade- depending on profession items could include, tools, equipment and office furnishings
Wages- up to 75%
Wildcard- $1,000 in any other property
You will fill out a legal financial evaluation where your credit report, income, assets and debts are reviewed. If...
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