Bankruptcy . . . Just the sound of it evokes strong feelings in most people. It’s rarely anyone’s first choice when trying to cope with overwhelming debt, the decision of filing bankruptcy in Kentucky can be the right one when made with full awareness of all its consequences. Consulting a Lexington bankruptcy lawyer is a vital step in understanding your legal options.
Even hard workers and the diligent bill-payers can find themselves with more debts than they can pay as they become due. In such cases, a Lexington bankruptcy lawyer may provide a solution to what seems like an insurmountable problem. Once considered a last resort, bankruptcy has evolved into an accepted method of resolving serious financial problems. The bankruptcy lawyer’s goals are to help debtors make a fresh start. If you or someone you know is facing serious financial challenges, it is very important to seek the counsel of an experienced attorney. A skillful lawyer can guide you through the complicated legal maze of Kentucky bankruptcy law.
Bankruptcy law is primarily federal in origin and therefore varies little from state to state. The United States Constitution grants to Congress the power to establish uniform bankruptcy laws throughout the United States, which ensures consistency and predictability in how bankruptcy proceedings are conducted. The individual states do, however, retain jurisdiction over certain debtor-creditor issues that are not addressed by and do not conflict with federal bankruptcy law, such as which property remains exempt from creditors’ claims.