According to the United States Bankruptcy Court, Western District of Kentucky, bankruptcy is a legal way in which individuals can exempt themselves of debts that they are unable to pay. In Kentucky (and also nationally), any person, corporation, or partnership can file for bankruptcy.
In 2005, a piece of legislation called the Bankruptcy Abuse Prevention and Consumer Protection Act passed. The new legislation required individuals to meet certain requirements when filing for bankruptcy. The main requirement for individuals was that they receive credit counseling. Those filing for bankruptcy must receive counseling sessions regarding debt management at an approved credit counseling agency.
What Chapter Should You File?
Individuals who need to have secure or unsecured debt relieved usually file a chapter 7 or chapter 13 bankruptcy. Those with a business may consider fling chapter 11. Corporations and sole proprietorships can file chapter 11 when their business can no longer pay its creditors.
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