Under Chapter 13 bankruptcy, Louisville Foreclosure Lawyer debtors must propose a detailed three to five-year repayment plan to creditors. Are you looking for an experienced bankruptcy lawyer in Louisville, KY? We have over 20 years of experience in helping our Louisville clients resolve and restructure their debt obligations. Call us today for your Free Bankruptcy Consultation and let’s begin working toward a future of debt relief. One of the common pain points for Louisville residents is the threat of foreclosure. With the help of our experienced attorneys, filing for Chapter 13 bankruptcy can be a strategic move to halt foreclosure proceedings and create a manageable repayment plan.
Again, a filed judgment is not required for owed child support, student loans, or taxes. Having a judgment filed against you does not automatically mean they will garnish your wages, and you often have some time before you have to take action. Other things that could happen include a bank levy or judgment lien filed on your property.
Sometimes, a debt consolidation loan or debt settlement plan is ultimately a ploy to trick consumers into paying more than they owe. Unfortunately, the relative newness and popularity of this industry mean it is largely unregulated. At O’Bryan Law Offices, we offer Kentucky residents a chance to achieve debt relief without being left worse off than they were before. In Chapter 13 bankruptcy, you can generally keep your property while reorganizing your debts. Unlike Chapter 7, which may involve liquidating assets to pay creditors, Chapter 13 allows you to create a repayment plan spanning three to five years to settle debts.
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There is also about $750 to $1000 in additional attorney fees from such a motion. So, these attorney fees will be part of what the homeowner has to catch up. If you know you’ll have some money in the future, then give them an estimated time when you expect to pay the debt off. First off, it’s important to know that Kentucky actually has a statute of limitations on debt. According to the state laws in Kentucky, the statute of limitations on filing a lawsuit for debt owed is five years from the last action on the account.
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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.
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”).
In other words, it is an amount equal to a debtor’s property value that’s unprotected by exemptions. In order to file for Chapter 13 bankruptcy, you’ll need to fill out a form that will help determine your disposable monthly income. The amount of money left over after deducting a debtor’s monthly living expenses is the number that should be paid each month towards their unsecured debts and non-priority debts. Lastly, add a payment to your unsecured creditors that equals what you would pay them in a Chapter 7 bankruptcy. The total amount that you end up with is your minimum plan payment for each month.
How Chapter 11 Compares To Other Chapters Of Bankruptcy
Deciding over whether or not bankruptcy is the best option for you is not an easy one. That’s why consulting with an experienced bankruptcy attorney can help you make the right decision for your unique financial situation. There are a number of important decisions to make, such as whether you want to file for Chapter 13 or Chapter 7 bankruptcy. I can help you understand the pros and cons of each so you can make an informed decision. Garnished wages can be devastating to an individual or family and often makes an already bad financial situation much worse. It can take away a large portion of your total monthly income, making it harder to pay your debts.
Additionally, these judgments fall off of your credit report after 7 years, so you won’t live with the consequences forever. Unfortunately, you must wait for this 7-year period to pass before the garnishment falls off your credit report. However, there are ways to build your credit score after the fact. Once you establish a confidential relationship with our firm, we can help you determine how to restore credit and achieve debt relief. If you owe back taxes, the federal government can garnish your wages through tax levies. However, there is a certain weekly exempt amount that you can take advantage of.
Shopping for a cheaper or lower-cost attorney to file Chapter 7 bankruptcy often hurts. When firms advertise a lower cost, it normally means the debtor gets a lawyer with little experience. It is also a discriminatory practice that preys on minority clients. The problem with cheap low-cost attorney fees in Chapter 7 Bankruptcy is you get a cheap 500 – 600-dollar attorney.
For example, many people are led to believe that if they file for bankruptcy, they will wreck their credit permanently and may not be able to secure credit after filing. Many others believe that they’ll lose their home if they file for bankruptcy. In fact, filing for bankruptcy, for many people, is the only surefire way for them to actually keep their home in the face of financial adversity. Your ability to obtain financing might be more challenging due to the bankruptcy, potentially resulting in higher interest rates or stricter terms. Filing for Chapter 13 bankruptcy might enable you to get a repossessed car back by including it in your repayment plan. If your car was repossessed before filing, Chapter 13 allows you to catch up on missed payments and potentially retrieve the vehicle.
“You won’t find a more conscientious, competent, or nicer attorney than Tracy Hirsch. If you find yourself in a situation where you have no choice and may lose your home, certainly call Tracy. If any of the issues below apply to you, click on the box to find out how bankruptcy can help.