A Trustee’s questions are often to test to see if you could Louisville Bankruptcy Attorney have filed as a Chapter 13. The bankruptcy estate is all of the property of the debtor in the bankruptcy court Southern District. We can have an ownership interest in the property we do not yet possess.
Is Bankruptcy Right For You?
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. Debt consolidations involve rolling multiple types of debt, such as credit card debt, into one monthly payment.
The debtor must give over all of their expendable cash to the Chapter 12 trustee during the plan period. When it comes to filing multiple bankruptcy petitions, the most important factor is time. If you had your debts dismissed in a prior bankruptcy, you will have to wait a specific length of time before being eligible for another discharge.
Farmers who file under Chapter 12 can restructure their debts quickly and predictably, avoiding asset liquidation or foreclosure. Only a family farmer or fisherman with a consistent yearly income is eligible for Chapter 12 relief under the bankruptcy rules. Seasonal earnings are acceptable as long as they are predictable and consistent enough to enable the debtor to make the payments under a Chapter 12 plan. O’Bryan Law Offices is Louisville, Kentucky’s top bankruptcy law firm. If you are considering filing for bankruptcy, you’ve come to the right place.
Get A Fresh Start
Fortunately, if you find yourself in this situation, you’re in the right place. Schwartz Bankruptcy Law Center is here to help you get your life back. Hiring an experienced lawyer, gets you an attorney with experience. If you file your own Chapter 13, you typically pay the creditors more.
In some cases, you may find that the path you wanted to take initially just won’t work for your situation. Below, we list other Kentucky debt relief options that are available to those who owe money. Additionally, anyone filing for bankruptcy must complete a financial management course, and failure to do so may be grounds for denial. If you are experiencing undue hardship as a result of your debts, you can file for bankruptcy and have your debts discharged. If you need to file quickly but you don’t have the money to pay the full fee, you can make a down payment toward the filing fee and ask to pay the rest in installments. The court will tell you how much the down payment and installments will be.
Be sure to check before you go to make sure in-person are currently available. Chapter 7 bankruptcy may not be a topic you ever thought you’d want to learn more about. But remember, bankruptcy relief is available to everyone who needs a fresh start, without judgment of how they got there. The fact that you’re looking at your options should make you feel better already.
With years of experience in bankruptcy law, our firm understands the unique challenges faced by individuals and families in Louisville and surrounding areas. We pride ourselves on our compassionate approach and our ability to tailor solutions that meet your specific needs. If you’re in desperate need of debt relief, and are considering bankruptcy, you’ve come to the right place. At Hirsch Law, there’s no judgment — only compassion, respect, and understanding.
Your employer then holds part of an employee’s wages from each paycheck and sends it to the creditor. The garnishment ends once you repay the entire judgment or reach a debt settlement or payment plan with the creditor. Child support payments, back taxes, and student loans follow a similar process. Chapter 7 Bankruptcy is best for people with less than $25,000 per person in equity in their home and average or below-average income, and a majority of unsecured debts. Filing Chapter 7 bankruptcy in Louisville can be quick and inexpensive.
You need to complete the course and file the certificate of completion with the court within 60 days of your creditor’s meeting. If you don’t, the court won’t enter your discharge, which is the main benefit of filing bankruptcy. Filing a chapter 7 bankruptcy or a chapter 13 bankruptcy can put an end to your wage garnishment.
For starters, practically every secured debt may be crammed down. During the filing process, a cramdown occurs when a debtor pays the current market value of a property as opposed to the entire amount. Trustees retain a fee from the plan payments, then distribute the balance to creditors. Chapter 12 is, in essence, more efficient, less difficult, and less costly than Chapter 11, which is better suited to large-scale company restructuring.
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. You can begin saving up and building your credit as soon as your debts are discharged.