While some fear that bankruptcy carries a negative connotation, it can actually be very beneficial to start fresh. The Chapter 7 bankruptcy attorneys at O’Bryan Law Offices can discuss your options for bankruptcy. For a better idea of the process, take a look at our bankruptcy timeline. Let’s assume your former spouse had to pay a joint credit card you both held throughout your marriage. If they Louisville Foreclosure Lawyer don’t pay it or declare bankruptcy, you’re still responsible for the obligation, and the creditor can pursue you for payment. Because your ex-spouse broke the divorce agreement, you have the right to be repaid if you pay the amount.

We will use patience and education to help relieve anxiety you may be feeling while going through the bankruptcy process. Bankruptcy is a legal process, and, as such, the right decision is generally to have a bankruptcy attorney guide you through the process. Going into bankruptcy can cause significant anxiety; having a knowledgeable bankruptcy attorney by your side can provide peace of mind and considerably less stress. Commercial litigation requires an attorney who has a thorough understanding of business law.

Estate Planning

How many times can you file bankruptcy if you’ve already done so? To begin with, there are no limitations on how many times a person can petition for bankruptcy relief. However, the number of times a person may get a bankruptcy discharge, or total debt relief, is limited. One common way that bankruptcy lawyers in Louisville get paid is through a flat fee.

Bankruptcy’s Benefits And Drawbacks

Filing for Chapter 13 bankruptcy protection may allow a person to keep their home, car, or other valuables while paying off their debts. Reorganization bankruptcy filers generally make payments over three to five years, depending on their discretionary income. Any remaining debt balances after the payback term has ended may be dismissed.

Car loans in Chapter 7 bankruptcies can also be difficult to understand, especially when the car is attached to the loan as collateral. With most car loans, the car is tied to the loan as collateral. This means that, while you own the title to your car, your lender also owns a partial interest in the property, so they can place a lien on your vehicle. Each has slightly different requirements, so you’ll want to see which district you’re in and make sure to follow the local guidance. As long as you bring your picture ID and appropriate proof of your Social Security number, it will be over before you know it.

The original owner has a right to revoke said property from the borrower or buyer without invoking court proceedings. The most common type of repo is generally the repossession of a vehicle. It goes without saying, but nobody wants to have their property repossessed.

However, bankruptcy is simply a legal tool that allows debtors to regain control of their finances. Filing Chapter 7 bankruptcy is a simple and straightforward way to eliminate most debts, especially unsecured debt. This includes credit card debt, bank loans, medical bills, pay-day loans, and old utility bills. Chapter 7 is designed to give consumers a fresh start while quickly halting creditor garnishments, lawsuits, and harassment.

Other Ways To Stop A Foreclosure In Kentucky

As a result, we can handle most of the typical client’s legal needs. If we can’t, we’ll refer you to someone who can, because competent representation is the cornerstone of our practice, and satisfied clients the key to our success. These forms are to help you plan and manage your bankruptcy for all three regional bankruptcy courts where we practice in Louisville, Lexington, and New Albany, Indiana.

Chris began his practice of law in 1995 when he joined the law firm of his father, Dennis Kurtz. The father and son legal team ultimately grew their bankruptcy practice into one of the largest volume filers of bankruptcy cases. Other times, a person may feel he or she doesn’t have sufficient assets to think about an estate plan.

Chapter 11 bankruptcy is one of many bankruptcy proceedings listed in the U.S. bankruptcy code. There are other types of exemptions when you file bankruptcy in Kentucky that don’t really fit in the above categories. Kentucky’s exemptions on personal property are also not as generous as other states.