The trustee must then submit their final report to the court, generally within 4 months of the completion of the repayment plan. This report will inform the court Kentucky Bankruptcy Lawyer of how the payments were disbursed to your creditors. Usually, a Chapter 13 repayment plan will last anywhere from 36 to 60 months. The duration of the plan usually depends on several factors, including the debtor’s income and how much time they will need to complete the plan.
We proudly help clients in Jefferson County and throughout the state of Kentucky, and we would be honored to be the firm to guide you to your safe harbor. Bankruptcy may seem like a scary prospect, but with the right legal team in your corner, it absolutely does not have to be. Schwartz Bankruptcy Law Center is here to be your number-one advocate, every step of the way. The repayment plan considers your income, expenses, and the value of your assets. You’re expected to pay creditors a portion or the full amount owed during this period. Typically, you can keep your property if you continue making payments according to the agreed-upon plan.
Louisville Bankruptcy Attorney
I know it can be scary but having the right people guide you makes all the difference. They were so professional and addressed every single question I had promptly. I finally have my life back and I couldn’t have done it without Clark and his team. There are also mortgage programs that let you refinance to a lower interest rate. Plus, you can pursue a mortgage modification, ask for an accounting of mortgage charges, and file motions to contest improper claims in Chapter 13.
This is especially true if you are someone who is currently falling behind on your mortgage payments or are otherwise in a significant amount of debt that you can’t get out of without help. Income Taxes can be discharged in bankruptcy after 3 years if you properly filed the returns. Student loans can sometimes be discharged because some of them are not from qualified… Three different federal reserve studies show your credit actually improves after you file bankruptcy. As a Wills & trusts lawyer, I help many individuals and families prepare for the future. When you have a Will in place, your family won’t be left guessing what your wishes may be or who your beneficiaries should be.
Tracy will work with your schedule when setting up consultations and follow-up appointments. If you need an evening or a Saturday opening, she’ll make it happen. Furthermore, if you need an emergency filing, she’ll work hard to get you a same day appointment.
How Does Chapter 13 Bankruptcy Work?
If you have some disposable income each month, it may be better to try another option, such as a debt consolidation loan or credit counseling. Chapter 7 bankruptcy is a type of bankruptcy available to individuals and businesses. It is sometimes referred to as “straight” or “liquidation” bankruptcy.
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.
Our attorneys have 20+ years of combined experience helping people like you get back on the right track. We use that experience to help guide you toward the results you need. Check out our success stories, and then schedule your free consultation today. Bankruptcy is the one financial tool that increases your financial worth by thousands or even millions of dollars within hours or days. As your attorney, Allan E. Dunaway of the Law Office of Allan E. Dunaway PLC, works hard to smoothly guide you through the often complex consumer bankruptcy legal process. Once you’ve completed all the required paperwork, you’ll need to file your petition with the bankruptcy court in your jurisdiction.
For more specific information related to the benefits of bankruptcy, we recommend reading our related article. You’ll also need to disclose any lawsuits that have been filed against you and any property that has been repossessed. At our firm, we assist clients with filing for bankruptcy and with other consumer protection matters. By sitting down to a free initial consultation with a skilled and knowledgeable bankruptcy lawyer, you can start taking control of your finances. Call our office or complete our online contact form to get started. The attorneys at Hodge & Smither understand that times can get tough for Kentucky households.
You get the work you needed done and in the long run you may pay less since more debt may be discharged or more property can be saved. One option for debt management that is growing in popularity is debt consolidation. However, we recommend exercising caution if you decide to explore this option. Debt consolidation is one way a debtor can roll multiple types of secured debt and unsecured debt into one easily manageable monthly payment. Once you have proposed your repayment plan, it will be reviewed by the bankruptcy trustee, your creditors, and the bankruptcy judge. If your plan is approved, you will begin making payments according to the plan, and you will be protected from foreclosure proceedings by the automatic stay.
Fortunately, with the right legal team in your corner, it doesn’t have to be. Whether you require a Louisville, Kentucky consumer bankruptcy lawyer or a Louisville, Kentucky business bankruptcy lawyer, Schwartz Bankruptcy Law Center is here to help. We have over 40 years of experience representing clients just like you, and we are here to put that experience to work in your case. Contact our Jefferson County bankruptcy lawyer to learn more about what we can do for you. The majority of garnished wages begin when a creditor, such as a credit card company or a bank, files a lawsuit against a client for nonpayment.
Filing for Chapter 13 bankruptcy will impact your credit score and report. Initially, your credit score may drop significantly due to the bankruptcy filing, and it will remain on your credit report for up to seven years or even 10 years in some cases. Most people choose between Chapter 7 and Chapter 13 to gain control over his or her financial affairs.
After you’ve filed your bankruptcy petition, the court will issue a notice of the filing to all of your creditors. This will put an automatic stay in place, which means your creditors cannot take any collection actions against you. The trustee will sell your nonexempt assets and use the proceeds to pay your creditors.
Hourly rates for bankruptcy cases in Louisville can range from $200 to $400 per hour. This depends on the attorney’s experience and the case’s complexity. At Hodge & Smither, we pride ourselves on our deep connection to the Louisville community. We understand the local economic pressures and are dedicated to providing solutions that are both practical and effective. If you’re considering filing for bankruptcy, reach out to us for a consultation.