Bankruptcy financing kentucky redemption

New Kentucky bankruptcy law provides homestead exemption.

A change in Kentucky's bankruptcy law could help some of the state's poor, unemployed and disabled save their homes if their debts cause them to file for bankruptcy. Legislation passed in the recent session of the Kentucky General Assembly will let debtors protect more of their property, including the value in their homes, when they file for Chapter 7 bankruptcy. The new law allows debtors to follow federal bankruptcy taw in determining how much of their assets can be protected from creditors. Kentucky had opted out of the federal law years ago and had imposed its own, lower exemptions. When the change goes into effect June 20, it will let bankrupt debtors protect up to $18,450 of equity. The new exemption is not a lot compared to the value of most homes, but it could make the difference for some Kentuckians who risk losing their homes under existing law. To read full article, sign up for free at allbusiness.com.

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