Comments on: Bankruptcy , I have a friend that is considering it she lives in KY? http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/ Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You Thu, 03 Dec 2009 17:06:21 +0000 hourly 1 http://wordpress.org/?v=3.1 By: DLeibowitz http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1078 DLeibowitz Mon, 28 Sep 2009 07:16:18 +0000 http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1078 Kentucky has a very small homestead exemption of only $5,000. However, while I am not a Kentucky lawyer, it does appear that Kentucky has not "opted out" of allowing you to use federal exemptions which are more generous - just over $20,000 for each debtor. This means that a couple could protect $40,000 or so in equity if they could afford to continue to make mortgage payments. You really should contact a local attorney to be sure about this. Kentucky has a very small homestead exemption of only $5,000. However, while I am not a Kentucky lawyer, it does appear that Kentucky has not “opted out” of allowing you to use federal exemptions which are more generous – just over $20,000 for each debtor. This means that a couple could protect $40,000 or so in equity if they could afford to continue to make mortgage payments.

You really should contact a local attorney to be sure about this.

]]> By: Rosella W http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1077 Rosella W Sat, 26 Sep 2009 07:57:07 +0000 http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1077 I would Google the words bankruptcy and Kentucky. Every state has different rules on how much property you can keep when you declare bankruptcy. Also read the educational essays on bankruptcy and credit use at and I would Google the words bankruptcy and Kentucky. Every state has different rules on how much property you can keep when you declare bankruptcy.

Also read the educational essays on bankruptcy and credit use at and

]]> By: wartz http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1076 wartz Wed, 23 Sep 2009 05:45:32 +0000 http://www.bankruptcy-help-resources.com/bankruptcy-i-have-a-friend-that-is-considering-it-she-lives-in-ky/#comment-1076 Her right to a homestead exemption is based on state law so changes to the federal law would not affect this. Her right to a homestead exemption is based on state law so changes to the federal law would not affect this.

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