I have been practicing bankruptcy law primarily since 2016 and I truly enjoy the work that I do. The quick and complete relief I am able to provide my bankruptcy clients makes all of the hard work worth while. My career has been solely focused on helping people file for bankruptcy under Chapter 7 and Louisville Bankruptcy Lawyer Chapter 13 since 2007. It enables individuals with a steady income to develop a strategy to repay all or part of their debts.
Many states forbid lawyers to say they “specialize” in a specific practice, but for bankruptcy law you wouldn’t want it any other way. As we stated previously, filing bankruptcy on credit cards is a very real option. When you file for bankruptcy, you essentially get a second chance with your debts. However, it’s important to understand that not everyone qualifies to file Chapter 7 bankruptcy or Chapter 13 bankruptcy.
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.
The longer you wait to pursue debt management, the fewer options you’ll have for your credit card debt incurred. Below, we outline some ways to examine your financial situation and achieve relief for your unsecured debt. That said, with all the misconceptions swirling around bankruptcy, it’s no shock that people often look to other options before committing to bankruptcy. The truth is, for some people, there are some viable options other than bankruptcy, such as short sales or obtaining loan modifications.
When Does Foreclosure Start In Kentucky?
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.
The automatic stay that bankruptcy offers stops creditor harassment. One of the most important benefits of bankruptcy appears as soon as you file for relief under any chapter of the U.S. Collections come to a sudden stop, and your creditors have to leave you alone.
Contact A Qualified Credit Counseling Agency
You need to know that there are options for resolving your medical debt. If you are overburdened by existing medical debt, give us a call for your Free Bankruptcy Consultation. Other areas of law often involve some sort of loss, but that’s usually not the case with bankruptcy.
At Hirsch Law, there’s no judgment — only compassion, respect, and understanding. In the case that the debtor’s monthly income is greater than the applicable state median income, the plan will generally occur over a period of 5 years. There is no case under Chapter 13 bankruptcy where the payment plan can last any longer than 5 years. After the final report is approved by the court and the debtor has certified certain information, the court will issue a Notice of Intent to Enter Discharge to all concerned parties.
What tends to differ the most is what each state lists as its bankruptcy exemptions. Also, some states allow you to choose between state and federal exemptions, while others do not. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”).
Here is a 56-minute February 2015 audio of a judge hauling both the attorney and his clients into court over collecting attorney fees after their cases filed. In fact, about 30 of his clients were hauled in for paying his fees after the case filed. Proposing a repayment plan is a crucial step in the Chapter 13 bankruptcy process. When filing for Chapter 13 bankruptcy, you will need to propose a repayment plan that outlines how you intend to pay off your debts over a period of three to five years. This plan must be approved by the bankruptcy trustee, your creditors, and the bankruptcy judge. However, Chapter 13 shows an effort to repay debts, which can be viewed more favorably by creditors compared to Chapter 7 bankruptcy, which involves the liquidation of assets.
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.
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.
The good news is that you don’t have to have a lawyer to file Chapter 7. You can keep the costs down by filing without one, either using Upsolve’s filing tool or going it alone. If you’re facing bankruptcy in Kentucky, you may feel lost in terms of where to start or who to talk to. The bankruptcy process is often confusing and complicated for many people, which is why we recommend working with a Kentucky bankruptcy lawyer.
Before submitting your bankruptcy petition to the bankruptcy court, there are certain steps you and your attorney must take. You will need the certificate of completion in order to begin your bankruptcy case. To give the client a low price, you can always cut corners and do less work.
Waiting too long could prevent attorneys from being able to help you effectively. Let’s say you have fallen behind on your mortgage payments, but the foreclosure process has yet to officially start. The servicer of your mortgage can begin to charge fees during this time. Some examples of these fees include late fees and inspection fees.