Filing for Chapter 13 bankruptcy protection Louisville Bankruptcy Lawyer may allow a person to keep their home, car, or other valuables while paying off their debts. Reorganization bankruptcy filers generally make payments over three to five years, depending on their discretionary income. Any remaining debt balances after the payback term has ended may be dismissed.
Chapter 12 Bankruptcy
Banks that sue homeowners following a foreclosure are included in this category. They receive a judgment against the individual if they win in court. As a result of the ruling, they are now able to get a garnishment order. At O’Bryan Law Offices, we can help you achieve debt relief in Kentucky and Indiana, as well as handle garnished wages without notification. Once you establish an attorney-client relationship with us, we can offer a free evaluation of your case. This means we don’t accept a cent from you during your initial consultation.
Defaulting on mortgage payments means that the foreclosure will be judicial. This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale. If this happens, your lender must notify you of the lawsuit by serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint. Homeowners who are facing foreclosures should seek legal aid from a qualified foreclosure defense attorney. A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision.
If you want to start your intake, we need your Name, email address, and phone number so it can be set up and you can complete your intake at work or home. If you have questions send us a message with your email address so we can respond. We understand the hard-working individuals who are struggling to provide for their families and having difficulties doing so. We believe in offering every single client patience, compassion, and education to help relieve the anxiety and stress bankruptcy often brings. Hard-working Louisville residents turn to Social Security disability (SSD) for help when an injury or condition makes full-time work impossible. Unfortunately, the Social Security Administration denies the majority of disability applications.
Chapter 11 Bankruptcy Basics
Creditors can attend the meeting and ask you questions, but that rarely happens. More often than not, the meeting is over after the trustee checks your IDs and asks you some questions about your Kentucky bankruptcy paperwork. Even if you are behind on federal student loans, you can have your disposable earnings garnished.
This is known as a default judgment, and it’s similar to forfeiting a softball game because your team didn’t show up. Federal law places a limit of a maximum of 50% of your weekly disposable earnings. This limit applies to those individuals who are currently supporting a different spouse or a child that is not involved in the support order. Those who are not supporting others may have up to 60% of their disposable earnings garnished. Additionally, they can increase the garnishment amount by 5% if you are behind by more than 12 weeks in payments.
Not obtaining a discharge on a debt means the creditor can collect what you owe, regardless of the court order. However, if you receive a discharge for that debt, the creditor may no longer engage in collection activities against it. It’s faster than Chapter 13 bankruptcy, as it only takes around three or four months to finish. Also, it erases certain debts without requiring you to repay your creditors. You also have the option of keeping or “exempting” the property that you require to work and live.
The bankruptcy process is often confusing and complicated for many people, which is why we recommend working with a Kentucky bankruptcy lawyer. Working with a bankruptcy attorney will ensure that you correctly fill out and file all necessary paperwork, meet important deadlines, and avoid certain bankruptcy mistakes. They will also be well-acquainted with both federal law and Kentucky law when it comes to filing bankruptcy. Filing for bankruptcy immediately stops foreclosure, garnishments, and those harassing creditors’ phone calls.
These organizations are a wonderful option if you’re not comfortable with handling the bankruptcy process on your own. If you use Upsolve to file for bankruptcy, you’ll receive all your forms in a downloadable packet. Instead, once you’ve completed the forms, go ahead and print two copies of everything. The Kentucky bankruptcy court will keep the original as your official case documents. Now that you’ve collected your documents and completed the required credit counseling course, it is time to tackle your bankruptcy forms. All forms are available online for free, and you can access them as fillable PDFs.
How Long After 341 Meeting Until I Receive A Discharge?
Most courts release the standard fee that the attorneys may charge for a Chapter 13 bankruptcy without the court reviewing it called a no-look fee. Unless more than the standard work is required, attorneys cannot charge more than this no-look fee. If the case is unusual, the attorney may document the work and file a motion for fees documenting the work done and the cost.
However, bankruptcy is simply a legal tool that allows debtors to regain control of their finances. Filing Chapter 7 bankruptcy is a simple and straightforward way to eliminate most debts, especially unsecured debt. This includes credit card debt, bank loans, medical bills, pay-day loans, and old utility bills. Chapter 7 is designed to give consumers a fresh start while quickly halting creditor garnishments, lawsuits, and harassment.