Stakeholders may file for Chapter 13 individually over the other chapters of bankruptcy because it’s cheaper, and they can keep their business open Kentucky Bankruptcy Lawyer while paying off their debts. In order to start the Chapter 11 bankruptcy process, you should start by hiring a bankruptcy attorney. They will walk you through the entire process, ensure that your rights are protected, keep your best interest in mind, and pay off your business debts. Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. If you have questions regarding bankruptcy law contact one of our recommended attorneys today.

 

Practices

 

They can, however, garnish any disposable income that is greater than 30 times the federal minimum wage. Between this amount and 25% of someone’s income, they must choose to garnish the smaller amount. Unsecured debts, however, don’t have any collateral attached to them. This means that if you don’t pay, there’s nothing that’s taken away from you. However, your credit card company extends a line of credit for you. If you can’t pay back what you owe, they can’t take your property.

 

For example, many people are led to believe that if they file for bankruptcy, they will wreck their credit permanently and may not be able to secure credit after filing. Many others believe that they’ll lose their home if they file for bankruptcy. In fact, filing for bankruptcy, for many people, is the only surefire way for them to actually keep their home in the face of financial adversity. Your ability to obtain financing might be more challenging due to the bankruptcy, potentially resulting in higher interest rates or stricter terms. Filing for Chapter 13 bankruptcy might enable you to get a repossessed car back by including it in your repayment plan. If your car was repossessed before filing, Chapter 13 allows you to catch up on missed payments and potentially retrieve the vehicle.

 

In a Chapter 7 bankruptcy filing, the debtor’s outstanding debts are discharged, meaning the debtor no longer has a responsibility to make payments on them. In a Chapter 13 bankruptcy, however, the debtor is given a multi-year repayment plan to pay their outstanding debt. If you are experiencing undue hardship as a result of your debts, you can file for bankruptcy and have your debts discharged. The experienced Louisville bankruptcy attorneys at O’Bryan Law Offices are here to help you file your bankruptcy petition and are even prepared to defend your interests in bankruptcy court.

 

Bankruptcy Lawyers In Louisville, Kentucky

 

5thlargest family law firm in Louisville according to Louisville Business First. There are a number of state-sponsored programs and federally-sponsored programs available for the working residents of Kentucky that may help. Below, we list some of the assistance plans that could help those struggling with debt and bills. With more than 600,000 people living within city limits, it’s no wonder that many of our cases come from families and individuals who live or work in the city of Louisville.

 

This is because the monthly payments are an essential part of the plan. In order to modify your Chapter 13 plan, we recommend going back to the calculator. Take into account the priority debts, secured debts, unsecured debts, secured claims, unsecured claims, and feasibility. On the other hand, Chapter 7 is not the best choice for small businesses, and many don’t undergo this bankruptcy proceeding. Generally, businesses undergoing Chapter 7 will be forced to shut down while not receiving a debt discharge. Small business owners would receive more benefits through this chapter of bankruptcy if they just filed as an individual.

 

If you cannot produce copies of canceled checks or receipts for payments, the home will simply go back into foreclosure. We understand how scary and frustrating it can be to face aggressive or persistent debt collectors on your own. Luckily, our attorneys are here to help protect consumers in Kentucky and Indiana from deceptive practices from their creditors. We will also outline and explain your options for dealing with debt collectors and getting your finances back on track. Debt consolidations involve rolling multiple types of debt, such as credit card debt, into one monthly payment.

 

Call Your Credit Card Company

 

This is why you should call us today for your Free Bankruptcy Consultation. By providing affordable, one-on-one personal bankruptcy services, attorney Michael B. Marks can help you make financial freedom a reality. As you begin the filing process, Michael will work alongside you to silence the creditors and help you get started down the path of restarting your financial life. Filing for bankruptcy can be difficult, but working with an experienced attorney can make the process smoother and more manageable. The benefits of their expertise and guidance can make it a worthwhile investment.

 

If you have questions send us a message with your email address so we can respond. If you’re ready to set up a free consultation with Tracy, you can call, text, or email her directly. Tracy believes that everyone should be treated with respect, compassion, and understanding. Her warm, relatable approach combined with her extensive knowledge and experience, lets you know that you’re in good hands.

 

Be sure to choose your attorney wisely and not just based on their cost. We represent a diverse group of clients in a wide range of business matters, including general corporate law, commercial real estate transactions and corporate reorganizations. We also represent both companies and individuals in bankruptcy matters and handle a wide range of civil litigation matters at both the trial and appellate levels. We also represent clients in probate and domestic relations matters.

 

Having helped numerous people through the bankruptcy process, Michael is a lawyer who understands that resolving your issues quickly, efficiently and affordably is your top priority. While the cost of hiring a bankruptcy attorney in Louisville can seem daunting, it’s important to consider the potential benefits. A knowledgeable and experienced attorney can help you navigate the complex legal process. And they can protect your rights throughout the bankruptcy proceedings. In Louisville, KY, filing for bankruptcy may be the best option for those facing financial hardship, but it’s essential to consider the cost of hiring an attorney to help navigate the process.

 

Once your questions have been answered we’ll get to work drafting a suite of documents which make your wishes clear and provide for your loved ones as you see fit. Generally, creditors will only show up if they suspect the debtor has lied or misrepresented certain information. Your bankruptcy trustee will also ask you questions under oath, so make sure that you are completely truthful with your answers. If the meeting ends up being a bit long, it may be continued to another date. You and your attorney must gather many financial documents, as well as copies of your credit reports, a list of all your debts, and a list of all your creditors. The important financial documents you must gather include the following.

 

In addition, your creditors will have to work with your attorney and the courts instead of harassing you for payment. The best way to determine if Kentucky debt consolidation loans are right for you is to speak with a qualified attorney. An attorney can help you make the best decisions to protect your financial future without paying more than you should to achieve debt relief. If you have credit card debt, are struggling to handle a debt collector, or are in need of a credit counselor, we’re here for you. Chapter 7 bankruptcy is a relatively quick process to eliminate common debts like credit card debt and medical bills. Hiring a lawyer to represent you is typically the most expensive part of filing for bankruptcy.

 

There is also about $750 to $1000 in additional attorney fees from such a motion. So, these attorney fees will be part of what the homeowner has to catch up. If you know you’ll have some money in the future, then give them an estimated time when you expect to pay the debt off. First off, it’s important to know that Kentucky actually has a statute of limitations on debt. According to the state laws in Kentucky, the statute of limitations on filing a lawsuit for debt owed is five years from the last action on the account.