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KENTUCKY CHAPTER 13
BANKRUPTCY BASICS
BANKRUPTCY CHAPTERS
The chapters a debtor may use
to file bankruptcy can be found in
the U.S. Bankruptcy Code
An individual debtor may file a
chapter 7, 11, 12, or 13 bankruptcy
Most individual debtors file either
a chapter 7 or chapter 13
Chapter 13 provides the debtor
with an extended period of time
(usually 3-5 years) to pay off debts
CHAPTER 13 PROCESS
Typical steps in a chapter 13 bankruptcy include:
Filing the petition
Court issues an automatic stay
Debtor and attorney develop a repayment plan
Meeting of creditors
Debtors adheres to the repayment plan
Bankruptcy is discharged
ASSETS IN A CHAPTER 13
BANKRUPTCY
With few exceptions,
debtors are able to keep their
assets in a chapter 13 bankruptcy
as they become part of the
repayment plan
This includes your home, vehicle and
other assets
If your home is in foreclosure,
bankruptcy can halt the process
YOUR CREDIT AND
BANKRUPTCY
Chances are your credit is already
suffering
Your credit score will go down when
you file but that is only temporary
Your credit score may begin to
rebound shortly after filing
Chapter 13 remains on your credit report
for 7 years
During the repayment period you can re-
build your credit because payments are
made on time
Upon discharge you have eliminated
debts, created a history of on-time
payments, and you have a much better
debt to income ratio
Learn More About Chapter 13
Bankruptcy in Kentucky
Click to visit:
www.mmslawonline.com

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Kentucky Chapter 13 Bankruptcy Basics