Covington Bankruptcy Exemption Attorneys
Many people who are considering bankruptcy fear losing everything they have. But Kentucky law exempts many types of property from the reach of creditors. Most people filing bankruptcy can keep their property, including their vehicles, retirement accounts and personal property.
At Zingarelli & Lawrence, we take full advantage of all available property exemptions when we represent clients in bankruptcy proceedings. Our goal in your case will be to enable you to keep as much of your property as possible while obtaining maximum debt relief.
For more information about the property exemptions available in your case, contact our firm.
Kentucky Property Exemptions
In Kentucky, a person filing bankruptcy can choose to use either the Kentucky or federal property exemptions. In most cases, Zingarelli & Lawrence recommends that our clients use the more generous federal exemptions.
Some of the federal exemptions include:
- Personal home — $21,625 for a single filer/$43,250 for a married couple
- Vehicle — $3,450 for a single filer
- Household goods and furnishings — $11,525 for a single filer/$23,050 for a married couple
Many other items are exempt as well, such as tools of a trade. There is even a wild card exemption of $11,975 that can be spread over items valued at up to $1,150 per item. All qualified retirement accounts such as 401(k)s, 403(b)s and IRA accounts are exempt, as are 529 and Coverdell ESA contributions made more than two years before filing. You can also keep unemployment benefits, workers' compensation benefits and Social Security income.
Can I Keep My Property?
The answer in most cases is yes. A lawyer at our firm can provide you with specific details about the exemptions that are available to you.
Zingarelli & Lawrence will create a personalized debt relief plan for you, one that suits your needs. It will be designed to help you retain as much of your property as possible while providing you with debt relief.
Contact Us Today
For a no-obligation initial consultation with Zingarelli & Lawrence, contact our firm. We have offices in downtown Cincinnati, Ohio, and Florence and Warsaw, Kentucky, to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
