This chapter of bankruptcy can also benefit small businesses, but Louisville Bankruptcy Attorney not large companies or corporations. Stakeholders may file for Chapter 13 individually over the other chapters of bankruptcy because it’s cheaper, and they can keep their business open while paying off their debts. Before declaring bankruptcy, it’s important to review all your options for debt relief.

 

What You Need To Know About Chapter 7 Bankruptcy In Louisville, Kentucky

 

The 341 meeting will generally be scheduled 21 to 40 days after you file for Chapter 7. I take the time to learn your goals and then personally draft petitions with clients to ensure the petition is prepared correctly. After the Chapter 7 petition filing, the client primarily needs to take the second class and show up in court. But, there are times when a client has to work with use to get some items completed. When we do a redemption to purchase an auto, a loan is reaffirmed, or the client asks us to remove a judicial lien there will be some added work we do together.

 

Too Much Debt? Let Us Help!

 

We are here to help you navigate this challenging time with confidence and clarity. Our Bankruptcy Attorney, Tracy L. Hirsch, has 23 years of experience, and has filed over 2,000 cases. Her attention to detail and extensive knowledge of local bankruptcy rules, means that things are done correctly the first time. If you don’t have enough time or money to reinstate or redeem your loan before the lender sells it off, you may be able to take a different route. The state of Kentucky allows a lender to sell the vehicle they repossessed from you at an auction, given you do not redeem it within their set deadline.

 

If they offer more than the amount you currently owe, this results in excess proceeds. This is any amount of money above your original loan or what you currently owe. Next, creating a plan to maximize case results and achieve your priorities for privacy, cost and deadlines.

 

The best way to avoid dealing with getting a repossessed car back is to ensure it doesn’t get repossessed at all. This may seem like a glaringly obvious statement, but many people aren’t familiar with the ways in which they can avoid repossession. Some simple measures you can take include making payments on time, limiting how many credit accounts you open, and paying down credit card debt in regular intervals. Our attorneys at O’Bryan Law Offices can help you formulate a plan to do this.

 

This period of time gives borrowers time to pursue a loss mitigation option from their lender. Many borrowers are unaware that they have certain rights and protections under state and federal law. Most attorneys are well aware of these protections, and will inform homeowners of their legal rights.

 

However, working with an experienced bankruptcy law firm can help you achieve bankruptcy relief as quickly and painlessly as possible. Additionally, it’s important to note that this is merely a meeting, not a hearing like in a bankruptcy court. Therefore, a bankruptcy judge won’t be there, and all decisions made during the meeting won’t be legally binding. However, you may need to pay the first few Chapter 13 plan payments into the attorney’s trust account.

 

We recommend seeking professional help from a Kentucky garnishment lawyer to better understand how to make use of these exemptions. O’Bryan Law Offices can help you file for bankruptcy, rectify your financial situation, and help you out from under crushing debt. Even though the dip in their credit score hurts at first, the effects won’t last forever. Even if you’re not sure that bankruptcy’s right for you, try to keep these ideas in mind as you deal with your debt problems.

 

Anyone with an unsecured debt of less than $250,000 and a secured debt of less than $750,000 can file for Chapter 13 bankruptcy. By providing you additional time and a plan to pay your housing expenses, Chapter 13 can help you avoid foreclosure. Chapter 13 bankruptcy restructures your debt rather than forgiving it. It allows you to preserve your assets while also giving you time to catch up on debt repayment.