Along with the above resources, there are many other state and federal agencies that can help those struggling with debt. Speak with an experienced Kentucky Bankruptcy Lawyer attorney to fully explore your options and discuss potential tax consequences. If they see a significant increase in income, they will be asked to increase their monthly payments. A debtor’s failure to report increased income brings the risk of bankruptcy case dismissal, losing their right to a debt discharge, and even punitive bankruptcy fraud charges.
In some cases, we can find a way to keep your company in business through a debt repayment plan. In other situations, we can show you that the business entity is not worth saving, and we’ll concentrate on minimizing your exposure to personal liability. Where the distinction between business and personal assets has been reasonably well-preserved, it might make sense to file separate bankruptcy cases for the business and the individual.
1) Bankruptcy can pay 0 zero back to creditors 2) Bankruptcy is a court order from a federal judge you dont have to beg 3) Bankruptcy places you into control… There are a fes simple steps I outline on my website how people can get a high FICO score after filing bankruptcy. Determining which process is best for your situation can be difficult, but you don’t have to face it alone. Seek the advice of an experienced attorney before making any important decisions on how you want your estate to be handled. While it is possible to establish a Will without legal counsel, I certainly wouldn’t recommend it. If you want to ensure that your Will is valid and effective, you’ll need the advice of an experienced estate planning attorney.
Kentucky’s exemptions on personal property are also not as generous as other states. According to the Kentucky bankruptcy exemptions, the following forms of real or personal property are exempt. Kentucky allows filers who have lived in the state for at least two years to choose between using Kentucky bankruptcy exemptions and federal exemptions. Below, we outline the Kentucky-specific exemptions as well as federal bankruptcy exemptions. Having an understanding of both sets is important for your bankruptcy case. It’s important to know where the bankruptcy court that will handle your case is located.
If you have been garnished before you filed for bankruptcy, it is possible to get some of your garnished wages back. Funds in excess of $600 taken within the ninety days prior to filing can be recovered. Any amount that is taken after the filing date can also be recovered. Usually, a refund check will be sent to your attorney for you to pick up. Federal law places a limit of a maximum of 50% of your weekly disposable earnings.
Chapter 11 Bankruptcy Lawyer Here To Help Your Business
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.
If these benefits outweigh the benefits of bankruptcy for you, we invite you to a free consultation at one of our locations. Our Kentucky bankruptcy lawyers can analyze your situation inside and out to determine which course of action is best for you. Even though we dedicate a large portion of our practice to helping consumers file Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, we also understand that it’s not for everyone. In fact, there are some notable positives to consolidating debts that don’t come with bankruptcy filings. Often, when consumers hear the word “bankruptcy,” they immediately shy away, because there’s a widespread misconception about how damaging filing for bankruptcy actually is.
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.
Michelle has lived in Louisville her whole life and has practiced at the same location for 26 years. Michelle has a daughter in college and enjoys tennis, squash, and pickleball in her free time. At O’Bryan Law Offices, we stand ready to help Kentucky residents handle a multitude of different situations, including the following. However, it’s also important to note that poverty levels have actually fallen in Kentucky in recent years. While it may not be a radical change, it is still a noticeable level of improvement.
Discuss Your Bankruptcy Options With An Experienced Lawyer
” Each state has its own unique laws and protections for borrowers, as well as specific processes. Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure. In the following sections, we briefly outline the Kentucky foreclosure process. From there, you are released from personal liability for your unsecured debts, and you may continue making payments on secured debts to ensure you can keep your property. Additionally, you should collect and store all of your bankruptcy paperwork in a safe place, in case your future lenders ask to see them. Also, while Chapter 7 bankruptcy can stay on a person’s credit report for up to 10 years, you can still have a life after bankruptcy.
Should I ever have another issue, I certainly know who I’ll be calling. After the loss of a loved one, our experience will help you get through the probate process. As long as you bring your picture ID and appropriate proof of your Social Security number, it will be over before you know it.
In addition to helping you choose which chapter of the bankruptcy code you should file under, they can also help you file a claim to have your debts discharged. If you make all your required plan payments, you’ll be discharged from your remaining qualifying debts at the end of your bankruptcy case. A Chapter 13 bankruptcy discharge is more expansive than a Chapter 7 discharge because it absolves certain debts that can’t be annulled in Chapter 7 bankruptcy. In some cases, you may be able to have your repayment period reduced if you make payments early or pay more than required.
If that happens, you’ll have to start from scratch and pay the fee again. While this is a great benefit, there’s one drawback to paying in installments. If you don’t make your payments as agreed, the court can dismiss your case. So, if you don’t have to file quickly, wait until you have the full filing fee so you don’t risk a dismissal later if you’re late with a payment. The Western district oversees 53 counties, and has its main court location in Louisville. Three other locations in Owensboro, Paducah, and Bowling Green act as divisional offices.
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.
Not only do state and federal laws protect consumers from shady lending practices, but they also prevent debt collectors from acting in certain ways. Debt collectors may not continue to contact you if they know that you are represented by a creditor harassment attorney. If a debt collector calls you after you’ve retained a lawyer, give them the name and contact information of your attorney and ask them to stop calling you.