Working with a Louisville bankruptcy attorney, however, will give you access to debt counseling and credit counseling. We also help our clients learn how to achieve Louisville Foreclosure Attorney and maintain a better financial future. A bankruptcy discharge legally releases a debtor from the debts owed at the time of their bankruptcy filing. This means that after filing for bankruptcy and receiving a discharge, the debtor is released from their legal obligation to repay their debts so that they can have a fresh start.
As of April 2022, you can also receive a full federal exemption for the following. One of the most significant reasons why many people choose the federal exemption option is for the more generous homestead exemption. The Kentucky homestead exemption only protects up to $5,000 of the equity in your home. Under the federal homestead exemption, however, one filer can exempt $27,900 of the equity in their home.
Department of Education and some other sources are regularly updating and changing but examples of these forms and reference materials are below. Each state’s bankruptcy code has “exemptions” which allow you to keep items. So long as these exemptions are applied properly, you will be able to keep your home, car, furniture, retirement, and other items.
Attorney Tracy L. Hirsch has 23 years of experience filing bankruptcy petitions in Kentucky. Her kind, compassionate, down-to-earth demeanor gives her clients the reassurance and peace of mind that they need during a difficult season of life. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”.
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In that case, you may be able to use Upsolve’s filing tool to complete your forms. You’ll fill out an online questionnaire, and our software generates the forms based on the information you provide. If you go to the low-cost course providers, you may have to wait for the certificate. In this section, we stress what not to do during your bankruptcy case. Doing any of the below actions might get you in trouble with the bankruptcy courts. When you’re facing bankruptcy, a criminal charge, a divorce, or a child custody dispute, your attorney needs to do more than represent you.
Then, find someone who knows what they are doing if you have foreclosure, student loan, or tax debt. If a stay is not automatically granted, a person may request one from a judge. It may also be possible to request an extension of a stay beyond the 30-day period following the filing of a case. A court will examine how many cases a person has filed in the previous year or several years when assessing their request. When deciding whether or not to grant or prolong a stay, he or she will look at the grounds why previous applications were dismissed. With the spike in the inflation rate, a question that often comes into the filer’s mind is whether the cost of bankruptcy is also affected by it or not.
During your free initial consultation, we will get to know the details of your unique situation and go over the pros and cons of each type of bankruptcy filing for you. Our Louisville bankruptcy lawyers help individuals file for Chapter 7 or Chapter 13 bankruptcies. The two general differences between the types of filings are what happens to a filer’s assets and their debts. When clients choose us for their needs, our Louisville bankruptcy attorneys offer the straightforward legal guidance they need. We will not get your hopes up for some unrealistic ending to your situation.
A plan may not arrange for payments to be made over a period of more than five years. Any additional obligations are usually forgiven after your assets are sold. Student debts and taxes, for example, are not excluded and must be paid off eventually. Cases of bankruptcy can be dismissed for a variety of reasons, including failure to follow a repayment plan or a professional error. Finally, if a debtor’s circumstances have recently altered, an automatic stay may be imposed or prolonged. Whether you want to file bankruptcy in chapter 7 or chapter 13, Nick has the expertise to cover them.
We are available 24/7 to schedule your phone, video, or in-person consult. Meanwhile, a Chapter 13 trustee will assess the feasibility of your proposed Chapter 13 repayment plan during a 341 meeting. The Chapter 13 trustee will consistently deliver monthly payments to creditors if the judge approves the plan at the confirmation hearing. The 341 meeting will generally be scheduled 21 to 50 days after you file for Chapter 13. If the repayment plan fulfills the conditions set out in Chapter 12, they can submit a payment schedule to make installment payments to creditors over three to five years. The debtor does not have to accept the proposal and does not have the option of voting against it.
Contact The Louisville Chapter 7 Bankruptcy Attorneys At O’bryan Law Offices
Some of these questions will attempt to uncover whether or not you intend to abuse bankruptcy laws or whether you’re making improper payments. A common example of bankruptcy law abuse is going on a massive shopping spree right before filing for bankruptcy. If it looks like you bought very expensive items within a certain time frame, trustees may assume that you planned to file for bankruptcy in order to afford these items.
What Decisions Does The Bankruptcy Court Make During Chapter 11 Proceedings?
However, if you and your spouse both plan to file for bankruptcy, waiting until after you finalize the divorce will likely result in higher legal fees. Technically, there is no minimum debt requirement for a person to file bankruptcy. However, we always recommend exploring your options with a skilled attorney to make the best possible decision for your situation. Filing for bankruptcy helps countless debtors achieve debt relief every year, but it isn’t a one-size-fits-all solution. We understand that filing for bankruptcy has a certain negative association for most people. [newline]They imagine that their lives will fall apart if they file, or that they’ll automatically lose their home and their other property.
The trustee’s job is to verify the information you provided to the court when you filed for bankruptcy. In 2020 the attorneys were paid a flat fee of 3750 in the Western District of Kentucky and 3500 in the Eastern District of Kentucky from payments from the Chapter 13 Trustee. You are far better off using the best attorney you can find in a Chapter 13 case because an experienced attorney will save you money and property. The cost of your attorney largely comes out of the pockets of the banks. From 2010 to about 2019, I did not see any bankruptcy attorney fee increase in the Louisville area for Chapter 7 cases. At some point, they had to go up because rent, insurance, utilities, and office staff wages have increased significantly since 2010.
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.
The most common kind of bankruptcy filed by individuals is Chapter 7 bankruptcy. This is when the court appoints a trustee to oversee the sale of your assets. Any valuable possessions you have may be sold to pay off your obligations. Although courts may provide exemptions for essentials such as your home, car, or retirement savings, this is not a certainty. You can declare for bankruptcy more than once in your lifetime.
To file bankruptcy, a client has to take credit counseling before filing. After filing the Debtor has to take the Debtor education class. Beijing Dacheng Law Offices, LLP (“大成”) is an independent law firm, and not a member or affiliate of Dentons. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.