A personal Bankruptcy is a Chapter 7 (personal liquidation) or Chapter 13 filing (personal repayment plan).   

Your bankruptcy lawyer will explain:

1. You may not be able to bankrupt some personal debts such as Income Taxes less than 3 years old, student loans and Child Support.  But if no objection is filed many non dischargeable debts may be bankrupted regardless. 
2. Your bankruptcy lawyer is required to list personal assets, income and expenses and supply documentation so the Trustee understands your filing. The failure to list personal assets or personal income may be viewed as fraud.  
3. Your bankruptcy lawyer will have to calculate whether or not you must file a Chapter 13 in a Means test of your personal income and expenses compared to normal personal expenses for Covington Kentucky.  Many people qualify for a Chapter 7 personal bankruptcy with incomes above Covington averages.  
4. Your bankruptcy lawyer will help you keep your personal property.  Your bankruptcy lawyer will maximize your Kentucky exemptions , may file a redemption or motions to avoid mortgages and liens.
5. If you file a Chapter 13 your bankruptcy lawyer will review Chapter 13 claims and the filing of budgets to insure you pay the least amount and do not lose tax refunds.   Filing  annual budgets improperly may cause plan payments to increase.
6. Although you may have to wait 2,4,6 or 8 years between filing one bankruptcy until getting a discharge in another personal bankruptcy .  There is no waiting period to file a Chapter 13 to stop a foreclosure since you may not need a discharge. 

That is why planning your personal bankruptcy filing with your Covington Kentucky lawyer is esential.