You’ll also need to attend a creditors meeting, typically Louisville Bankruptcy Attorney about days after you file for bankruptcy. At this meeting, your creditors will have the opportunity to ask you questions about your bankruptcy case. Once your petition and schedules are completed, you’ll need to file them with the bankruptcy court in your district. You’ll also need to pay a filing fee, which is currently $338 for Chapter 7 cases.
Chapter 11 Bankruptcies are designed for corporations and small businesses with an extensive debt load. In Chapter 13 Bankruptcies, (also known as restructuring or reorganization) we can develop a plan to protect many of your assets including your home or car. We will develop a plan to repay a portion of the debt you owe over 3 to 5 years, in a payment plan which can easily work for your budget. The rest of the allowable debt will be discharged with the completion of the plan. If you make regular payments on your car loan, the lien will never come into play. If you eventually pay off the entire loan, the lien will be removed.
Benefits Of The Automatic Stay
If you are interested in filing for Chapter 7 bankruptcy, or you want to learn more about which chapter of bankruptcy is right for you and your situation, call O’Bryan Law Offices. We can help you understand the advantages and disadvantages of a Chapter 7 filing and can help you file your petition for bankruptcy. By submitting, you agree the phone number you provided may be used to contact you by the law firm and its affiliates (including autodialed, pre-recorded calls or text messages). If you don’t want us to contact you, feel free to call our numbers. Louisville Lawyer List is is a local directory of attorneys in Louisville.
Depending on your financial situation and goals, we may or may not recommend that you file bankruptcy for debt relief. Another important consideration is finding one of the better credit counseling agencies that offer a free consultation. O’Bryan Law Offices offers a free consultation for consumers who are looking for a fresh start financially. Another option to help achieve debt relief is calling your creditors. If you have debts related to credit card use, this means calling your credit card companies. Explaining your financial life and your attempts at debt management to creditors could at least put you in control of your situation.
Our mission is to help low-income families resolve their debt and fix their credit using free software tools. Our team includes debt experts and engineers who care deeply about making the financial system accessible to everyone. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. These organizations are a wonderful option if you’re not comfortable with handling the bankruptcy process on your own. If you can’t afford a lawyer to help you with your Chapter 7 bankruptcy in Kentucky, you may be eligible to get help from one of the four legal aid programs in the Bluegrass State.
What Decisions Does The Bankruptcy Court Make During Chapter 11 Proceedings?
For many people, this type of debt management plan appeals to their desire for a lower interest rate. In fact, it can even be a good idea for those handling a more manageable amount of debt. It essentially allows you to combine different debts with different due dates, payments, and interest rates into one easy payment. Those struggling with managing their debt are often desperate for a solution. That’s where debt settlement and debt consolidation companies come in. In many cases, a debt settlement company will target vulnerable individuals seeking debt settlement services.
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You’ll fill out an online questionnaire, and our software generates the forms based on the information you provide. Filing Chapter 7 bankruptcy is a serious step and the Bankruptcy Code says you have to take credit counseling before you can actually file. The course usually takes less than two hours and as long as you’re comfortable doing so, you can complete it online. If you’re more comfortable completing this course in person, Goodwill offers the course in the Ashland area, and this nonprofit has in-person options in Florence, Frankfort, and Lexington. Be sure to check before you go to make sure in-person are currently available.
You’ll need permission from the bankruptcy trustee overseeing your case, as any major financial transactions during Chapter 13 are subject to their review. In Chapter 13 repayment, debtors are required to report any changes in income. Debtors undergoing Chapter 13 bankruptcy must use their “best efforts” to make their plan work. Sometimes, it can be easier to visualize how to form your own plan payments after looking at examples of others’ plan payments.
Find out which types of bankruptcies can help you keep your property and your paycheck.