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Filing Bankruptcy In Kentucky
In 2005 Congress dramatically overhauled the existing bankruptcy laws to make it more difficult for Kentucky consumers (and all Americans) to file. The biggest change that they made is that it is now much more difficult to declare Chapter 7 bankruptcy, which was generally the preferred type of bankruptcy for most people. Specifically, consumers who earn more than the median income in Kentucky will be required to pass an income and expense examination, known as the means test, in order to qualify for Chapter 7. If not, they will be forced to file Chapter 13 bankruptcy, which involves paying off debt over three to five years on a court-approved payment plan.
Detailed below is the median income information in Kentucky as of 2006:
2-person families: 42,278
3-person families: 50,663
4-person families: 60,202
5-person families: 58,556
6-person families: 59,437
7-or-more-person families: 55,390
Kentucky Bankruptcy Statistics
2004: 27,799
2005: 39,865
2006: 12,174
Kentucky also saw a major decline in the number of consumers filing personal bankruptcy in 2006 due to the sweeping bankruptcy law changes that were implemented in 2005. In all, there was a 69.4% decrease in the number of bankruptcy cases from 2005 to 2006 in Kentucky. With a stricter set of bankruptcy laws that increasingly require the debtor to pay part or all of the debt back under a Chapter 13 plans, more consumers have begun finding ways to avoid bankruptcy, whether that is through a third party debt consolidation service or by using a debt diet plan instead.
Kentucky Consumer Credit Counseling Services
Kentucky Bankruptcy Laws
Kentucky Debt Collection
Filing Bankruptcy In Kentucky
In 2005 Congress dramatically overhauled the existing bankruptcy laws to make it more difficult for Kentucky consumers (and all Americans) to file. The biggest change that they made is that it is now much more difficult to declare Chapter 7 bankruptcy, which was generally the preferred type of bankruptcy for most people. Specifically, consumers who earn more than the median income in Kentucky will be required to pass an income and expense examination, known as the means test, in order to qualify for Chapter 7. If not, they will be forced to file Chapter 13 bankruptcy, which involves paying off debt over three to five years on a court-approved payment plan.
Detailed below is the median income information in Kentucky as of 2006:
2-person families: 42,278
3-person families: 50,663
4-person families: 60,202
5-person families: 58,556
6-person families: 59,437
7-or-more-person families: 55,390
Kentucky Bankruptcy Statistics
2004: 27,799
2005: 39,865
2006: 12,174
Kentucky also saw a major decline in the number of consumers filing personal bankruptcy in 2006 due to the sweeping bankruptcy law changes that were implemented in 2005. In all, there was a 69.4% decrease in the number of bankruptcy cases from 2005 to 2006 in Kentucky. With a stricter set of bankruptcy laws that increasingly require the debtor to pay part or all of the debt back under a Chapter 13 plans, more consumers have begun finding ways to avoid bankruptcy, whether that is through a third party debt consolidation service or by using a debt diet plan instead.
Kentucky Consumer Credit Counseling Services
Kentucky Bankruptcy Laws
Kentucky Debt Collection