According to the Lexington Herald-Leader, former Cat and agriculture commissioner of Kentucky has declared for bankruptcy. This comes after Farmer went to prison after misusing state money while he was in office, derailing his political career. The time is now for you to get out from under that mountain of debt. Bankruptcy can be the ideal financial tool to ensure you get the best chance at future prosperity. All you need is the sound legal wisdom of bankruptcy attorney for local business Attorneys. Since opening our firm, we have made a name for ourselves as Knoxville’s preeminent bankruptcy attorneys. We pride ourselves on providing high-quality legal services for consumers and small businesses, along with unparalleled levels of expertise. This combination of skill and experience is why we are confident that we can remedy whatever financial problems you have. You don’t have to go through this journey alone. Our team will be at your side through every step of the process to advocate for your rights and represent your interests. Fortunately, there are ways to unburden yourself from crippling financial debt. Knoxville Bankruptcy Attorney have helped countless people across the greater Knoxville metro area get back on their feet again—giving them the opportunity to get on with their lives with a clean slate. The new law had been prompted principally by the general clamor and intense outcry and lobbying of the well-financed, well-organized, and properly connected but powerful, American banking and credit card industries and the bankruptcy lawyers, who had contended that the old bankruptcy law was supposedly “too soft on debtors,” and that the “excessive generosity” of the old bankruptcy system supposedly encouraged abuse and allowed many undeserving debtors who, they said, could well have afforded to pay their debt consolidation in Elizabethton, to take undue advantage by using Chapter 7 bankruptcy to avoid repaying their debts. Historically, the ability of the average debtor reasonably to file for bankruptcy and to be reasonably discharged of his/her debt burden, and to obtain a fresh start to begin life anew relatively unhindered by the past debts, has been a fundamental but vital and long-standing part of the American law and life. In deed, that right is one of a handful of fundamental rights specifically named by the original U.S. Constitution and guaranteed under it. However, contrary to that fundamental American value, the new bankruptcy law of 2005 introduces into the bankruptcy system, perhaps for the first time ever, elements which drastically limit the extent of the exercise and enjoyment of this basic right by the average debtor. It does this by placing an array of new hurdles, financial as well as legal, on the path of the overburdened American debtor who seeks the “fresh start” protection that bankruptcy has traditionally offered the American debtor. In full Service bankruptcy work, the service of the non-lawyer debt relief agent or agency basically involves their staff gathering the various documents and required tons of papers and information together, and orderly arranging them and preparing all the legal forms and paperwork required by the debtor to file for bankruptcy with the bankruptcy court. For the better ones among them (they are not at all equal, some are far better than others, and quite a number of them are just about worthless!), these agencies use workers who are often highly trained and experienced paralegals (they average several years of work and/or training in the industry), and who are skilled at the preparation of legal documents and bankruptcy papers, and are often well versed and knowledgeable in bankruptcy filing law and procedures. With the Full Service bankruptcy petition preparers (at least those of them who are of the reputable and better categories), the debtor tends generally to get a better service and greater attention, and more one-on-one interaction for his or her case, along with the obvious far lower prices.
Farmer’s petition states that he is living off of $124 a month in food stamps, with assistance from his parents who give him $400 a month. He listed that his assets total $24,259, most of which is in his state pension, and liabilities are $385,745.
The two biggest liabilities that Farmer has is his Frankfort house, which was recently foreclosed, that he owes $207,904 and $120,000 in restitution to the state as part of his criminal case.
To read more about Farmer’s bankruptcy petition, click here.