Under the federal homestead exemption, however, one filer can exempt $27,900 of the equity in their home. However, if you file jointly with your spouse, this figure doubles to $55,800. There are Kentucky Bankruptcy Lawyer other types of exemptions when you file bankruptcy in Kentucky that don’t really fit in the above categories.
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Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common form of consumer (non-business) debtor bankruptcy. Chapter 7 will halt collections activity including lawsuits, garnishments and threatening phone calls. It will also help you to eliminate most, if not all, of your debt and give you a great chance of keeping your assets. Additionally, a Chapter 7 Bankruptcy may be resolved in a matter of months. While there are many benefits to filing a Chapter 7 Bankruptcy in Kentucky, there are certain considerations that may lead you to choosing another form of bankruptcy.
An individual may qualify if he or she has a certain amount of debt and assets. Someone who owes an amount just above the Chapter 13 debt limits may result in the filing for Chapter 11 bankruptcy. In addition, under Chapter 13, debtors will have no direct contact with creditors. The payment plan acts like a consolidation loan in which the individual makes payments to a trustee, who will then distribute the money to creditors. O’Bryan Law Offices can help you file for bankruptcy, rectify your financial situation, and help you out from under crushing debt.
Also, the value of non-exempt property (assets that aren’t protected) might affect the amount you need to repay creditors. After filing, you’re required to complete a second bankruptcy course. 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. If you’re feeling overwhelmed by your debt, then the complexity of the bankruptcy code may be even more frustrating. Your Louisville bankruptcy attorney will send notice to the creditor and their attorney to get the wage garnishment stopped immediately.
This allows them to pay back creditors either partially or completely. No matter what your reason for Chapter 13 bankruptcy, an experienced Louisville bankruptcy lawyer can help you achieve debt relief. Bankruptcy is one of many debt relief options out there that helps individuals and businesses get a fresh start by completely eliminating or repaying debt. A bankruptcy lawyer can help you achieve debt relief as smoothly and as quickly as possible. If you’re looking for bankruptcy alternatives, bankruptcy attorneys at O’Bryan Law Offices also offer debt counseling. Having an experienced Louisville bankruptcy lawyer help with your calculations is a must for your Chapter 13 repayment plan.
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Louisville, being the largest city in Kentucky, has its own set of financial stressors, from fluctuating employment rates to the rising cost of living. We make it a priority to ensure that each of our clients feels respected, heard, and understood. Don’t lose another night of sleep due to creditor phone calls and unpaid bills. We can protect you, and help you obtain the financial freedom you deserve. From the gal at the front desk to the lawyer who got on the phone with me and was kind and thorough in a quick 5 min consult, these guys are consummate professionals and it shows.
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In order to begin the process, you must first determine whether you need to file Chapter 7 bankruptcy or Chapter 13 bankruptcy. Working with an attorney will also help you immensely if you come across a question on any of the forms that you’re not sure how to answer. Our bankruptcy professionals have all the experience you need to make filing for bankruptcy go as smoothly as possible. You’ll likely need to fill out and submit at least 20 different forms throughout the process. 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.