Kentucky Bankruptcy Process: How Our Kentucky Bankruptcy Lawyer Can Help You File
As a start, you will need to follow the 2005 Bankruptcy Act. This requires all individual debtors who file bankruptcy in Kentucky on or after October 17, 2005, to undergo credit counseling within six months of filing. The filers also must complete a financial management instructional course after finishing the filing process.
The Bankruptcy Process In Kentucky
Following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, all people looking to file bankruptcy must first receive credit counseling sometime within a 6-month period before filing. They must also complete a financial management course after the process is complete. This act is meant to direct filers toward a Chapter 13 bankruptcy instead of a Chapter 7 bankruptcy and is a means of deterring people from acquiring debt with the intention of having it discharged later.
When you file for bankruptcy in Kentucky, the courts will analyze your expenses and income to determine the chapter of bankruptcy for which you are eligible to file. The last 6 months of your income will be examined and subsequently compared to the median income for Kentucky.
Once the type of bankruptcy you will file has been determined, you will need to itemize all of your current sources of income, your monthly living expenses, and any major financial transactions from the last 2 years, as well as any property owned and current debts. Any official documents will be helpful to have on hand as well.
A bankruptcy petition will be filed with the Kentucky courts once everything has been collected and properly filled out. A bankruptcy lawyer can help you with this process, and the sooner you consult with one the easier the process will be.
Do I Need A Lawyer To File Bankruptcy
While it is possible to file bankruptcy without the help of a bankruptcy lawyer, its not always the best idea. Its almost always a great idea to at least consult with an attorney regarding your bankruptcy cases. Below, we list two instances in which having legal counsel could be invaluable for you.
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Can Anyone File Bankruptcy
Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.
What Makes Filing Chapter 7 Or 13 With Nick Thompson Better
You pay a bankruptcy attorney to prepare a petition, but at other offices, you are often handed off to a secretary or paralegal. I always personally prepare your bankruptcy or foreclosure defense. You are never passed off to a paralegal or inexperienced lawyer at our office.
When you call our law firm, you talk to me or my assistant Toni who will schedule you for an appointment at the start of the case to design a bankruptcy or foreclosure defense that meets your goals. We spend time with you to ensure you obtain these goals and get debt relief. We do less than 20 cases per month to give each case the needed attention.
At our law office, the head of the firm prepares your case.
Some people already know which Chapter of the bankruptcy law they must file and whether they want a Chapter 7 bankruptcy or Chapter 13 Bankruptcy. Only a single appointment is needed to prepare petitions for these clients. But we often schedule a first session to learn their situation and prepare a strategy and a second two-hour session where I prepare the petition.
At each session, you meet with me. I am an experienced Louisville, KY, bankruptcy attorney with a background in accounting and finance. Your debt relief and financial future deserves more than planning it with a 25-dollar-per-hour paralegal who has less than the financial knowledge of a lawyer who has taken the CPA exam. In some offices, your petition may not even be prepared by a paralegal.
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How Do I File For Chapter 13 Bankruptcy
Chapter 13 filers, on the other hand, must reimburse creditors in whole or in part over three to five years. However, because of the payment plan, Chapter 13 might provide benefits not accessible in Chapter 7. For example, not only do you preserve all of your belongings, but you can also save your home or automobile from being repossessed.
You can utilize this chapter to push a creditor into a repayment schedule if you need more time to repay a debt that you cant discharge in bankruptcy. What is the chapters main flaw? It may be rather costly. Many folks are unable to make the monthly payment. Qualified bankruptcy attorneys can advise you before filing about which chapter best suits your situation.
How Do Free Bankruptcy Lawyer Consultations Work In Louisville
Free bankruptcy consultations are designed to help you know whether bankruptcy is the best option for you. Because you are in financial hardship, many bankruptcy attorneys offer this service to alleviate the burden of another financial expense.
You can ask questions related to bankruptcy, and you can also get an estimate of what the bankruptcy lawyer fee will be in Louisville. You can also get multiple opinions via free bankruptcy consultations if you didnt jive with the attorney or you would like to discuss both types and qualification with another attorney.
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Take Back Your Life With Bankruptcy
If youre behind in payments and have mounting debt, then youre facing one of the most difficult challenges a person can face. From harassing phone calls from creditors and collections agencies to the threat of losing your car to repossession or home to foreclosure, the stress can leave you feeling overwhelmed and in search of debt relief options.
At the law office of Schwartz Bankruptcy Law Center, we can help you take your life back from debt. We are committed to offering debt relief options that are in your best interests and designed to give you peace of mind. Our attorneys have over 38 years of combined legal experience and know how to handle bankruptcy filings. We will help you and your family get through the legal process, from beginning to end, with confidence.
Practice Areas
Overwhelmed By Debt Work With A Skilled Central And Eastern Kentucky Lawyer
Facing the prospect of bankruptcy can be a shocking realization. Sometimes, filing is the best option for your financial situation. Declaring bankruptcy in Kentucky doesnt always come with a negative stigma. Many times, people who file are able to get back on their feet afterward, and on track to a more financially secure future.
If youre considering bankruptcy in Kentucky, contact Morgan, Collins, Yeast & Salyer. We will evaluate your situation and help determine if filing for bankruptcy really is the best option for you.
We know what works and can tailor a legal plan specific to your individual needs. Dont face bankruptcy alone work with a London bankruptcy lawyer who cares.
Morgan, Collins, Yeast & Salyer is here to help with your bankruptcy needs. Contact us online to get started on your case with our experienced Kentucky bankruptcy lawyers today.
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Personalized Professional Legal Guidance From Bunch & Brock
Dont randomly pick your bankruptcy lawyers in KY out of the phone book or by calling any name that pops up on a Google internet search. Its important that you select a qualified attorney who puts your needs first, answers your phone calls promptly, and listens closely to your concerns and goals. At Bunch & Brock, we believe that our clients come first. We do everything we can to make the process smooth, swift, and efficient.
No one wants to have to file for bankruptcy. However, sometimes its the best option to put a bad situation behind you and get a fresh start. At Bunch & Brock, were all about new beginnings!
Client Testimonial
What could possibly be good about filing for a bankruptcy would be my first thought. Well from the very first day of talking with Caryn on the phone and throughout the entire process, I felt like I was in very good and capable hands. Great communication, rapid response to questions, great at CLEARLY explaining everything, friendly and very honest. Everyone I came into contact with in the office was exceptionally nice and it actually felt calming. Filing for bankruptcy can be stressful, time consuming, embarrassing and all kinds of other things. Caryn handled things beautifully and I would highly recommend her if you find yourself in a position that warrants her services. Thank you Caryn! Alicia N.
Bankruptcy Types Chapter 7 Or Chapter 13
For most individuals, a Chapter 7 or Chapter 13 bankruptcy is most suitable. A Chapter 7 bankruptcy is sometimes called a liquidation plan because the debtors property is sold and distributed to creditors. However, it is important to note that certain property is exempt and cannot be sold. A certain amount of equity in a home, vehicles, furniture and other household goods are a few examples of exempt property.
A Chapter 13 Bankruptcy is sometimes called an individual debt adjustment plan. The goal of a Chapter 13 is to readjust your debt payments so that they are in line with your income and to allow you reasonable living expenses. Chapter 13 can be a good option for people who are trying to save their homes from foreclosure by allowing them to pay delinquent mortgage payments over time. Chapter 13 can also help individuals who are upside-down on vehicle loans. In Chapter 13, you make one payment to your trustee who then distributes payments to creditors. This greatly streamlines the bill-paying process for debtors and creates a barrier from overbearing creditors.
The United States Courts website provides valuable information on bankruptcy, including videos. Please refer to this website for general information, but remember that you need to consult an attorney for advice for your unique situations. Please see the following links for more bankruptcy information:
For the written Bankruptcy Basics guide:
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Filing Bankruptcy Petition Will Not:
- Reduce or eliminate alimony, child support, court-ordered restitution and criminal fines.
- Eliminate all types of student loans and tax debt. .
- Discharge secured debts, unless you are willing to release the property that secured the debt to the creditor.
- Have the same results, no matter what Chapter of Bankruptcy you file. Learn more about the Types of Bankruptcy Chapters. We can help you decide which type is best for your situation.
- Improve your credit rating to help you borrow more money.
- Be a permanent solution to poor financial choices.
Can They Take My Car In Chapter 7 Bankruptcy
In many cases, it’s possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.
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Can Our Kentucky Bankruptcy Lawyers Protect Your Retirement Savings
Generally, your current or future Social Security payments and your retirement accounts are beyond the reach of the creditors. These funds typically receive protection. However, in a few cases, there are caps on the amounts under protection.
Congress overhauled the bankruptcy laws in 2005. Under the Bankruptcy Abuse Prevention and Consumer Protection Act , nearly all ERISA-qualified retirement accounts and pension plans remain exempt from creditors. There are some exceptions. ERISA-qualified pension plans that are exempt include:
- Money purchase plans.
However, regular savings accounts, investment accounts, and stock option plans that are not ERISA-qualified plans do not receive protection. Additionally, if at the time you file for bankruptcy, some of your previous Social Security payments have been commingled with other funds in a checking or savings account, it may be difficult to protect these payments.
What Are The Common Reasons Why People File For Bankruptcy
Youre not alone if you feel overwhelmed by debt. In the 12-year span from October 1, 2005, to September 30, 2017, about 12.8 million consumer bankruptcy petition filings occurred in the federal courts. Of those, 8.7 million fit under Chapter 7, and 4.1 million fit under Chapter 13, according to USCourts.gov.
Most bankruptcy cases dont result from reckless spending. Instead, they occur because of financial hardship. Many are lower-income individuals who simply cant afford to deal with unexpected major expenses such as job loss or medical bills. Here are the top 10 reasons people file for bankruptcy, according to an article in the Huffington Post.
1. Medical Expenses
A recent Harvard University study showed that medical expenses account for approximately 62% of personal bankruptcies in the U.S. Interestingly, the study also showed that 72% of those filing for bankruptcy due to medical expenses had some type of health insurance, thus debunking the myth that only the uninsured face financial catastrophes due to medical-related expenses.
2. Reduced Income
Companies constantly look for ways to cut their expenses, including those in the state of KY. For some unlucky employees, this results in major pay cuts and reductions in bonuses. The end result to employees can include bankruptcy.
3. Job Loss
4. Credit Debt
5. Divorce
6. Unexpected Expenses
7. Student Loans
8. Utility Payments
9. Foreclosure
10. Bad Budgeting and Overspending
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Bankruptcy Attorneys In Richmond Ky Help You Make A Fresh Start
Do you flinch when the phone rings, afraid that it is another harassing call from a bill collector? Do you dread opening your mailbox, worried that it is full of bills you cannot afford to pay? If you answered yes to either of these questions, rest assured you are in good company. If worries about moneyor the lack of itare ruling and ruining your life, bankruptcy may be an option to consider.
Davis & Haymond, P.S.C. is a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. You can represent yourself in a bankruptcy proceeding, but bankruptcy can be a complex legal undertaking. As a result, many people make the choice to hire knowledgeable, experienced attorneys to help them through the process. At Davis & Haymond, we have been helping the people of Central and Eastern Kentucky with their bankruptcies for many years.
How Much Does A Northern Kentucky Bankruptcy Cost
Filing for Bankruptcy is generally very affordable considering your alternatives. The ballpark estimate is around $1500. This can vary some from attorney to attorney. You should definitely call your northern Kentucky Bankruptcy attorney and ask how much they charge for a bankruptcy. There is a generally a $500 fee that is required by the Courts. Most attorneys will just include this in as part of their fee.
What Does It Include?
The attorneys fee for bankruptcy will include everything that is involved in the process. This includes things such as communicating with you through email, phone and text. It will also include all of the time they have to spend filing the paperwork for your bankruptcy.
Payment Plan
the full amount for the bankruptcy. At W. Ron Adams Law and Associates, we can start the process for as little as fifty dollars for the retainer fee. However, full payment must be paid before your case is filed. It is important that you work out the details of your payment plan with your attorney so they can start filing your case as soon as possible.
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Financial Restructuring For Businesses
The Fowler Bell PLLC commercial bankruptcy lawyers are proficient at helping clients in and out of bankruptcy court find creative, practical ways to address debt no matter how complex the case. Over the years, we have advised numerous lenders, suppliers, receivers, trustees, creditors committees, and debtors in Lexington and across Kentucky. Contact Fowler Bell today to schedule a consultation!
Why Do You Need An Experienced Lawyer In Lexington Ky
There are so many ways a bankruptcy lawyer can help your situation. Our attorneys will answer all of your questions, explain the bankruptcy laws in great detail, and offer you several options to choose from. Most importantly, we advocate on your behalf throughout the entire process, protecting your civil rights along the way.
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What Is Bankruptcy Law In Kentucky
Bankruptcy laws in Kentucky define the legal process that reduces, restructures, or eliminates overburdening and unpayable debts. According to the laws, a person, two spouses, or an organization struggling with their financial repayments can declare bankruptcy and go to U.S. federal court. The judge and an assigned court trustee will look over the assets and debts to find the best course of action for all parties involved. In most cases, the court will dissolve the debtors assets to pay the creditor and dismiss any remaining debts. In other cases, detailed repayment plans are agreed upon, specifying when to make payments over the next three to five years.
Bankruptcy Lawyers Northern Kentucky
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an ideal solution, for the right person. The goal in a Chapter 7 bankruptcy is to discharge all debts and keep all of the property you wish to keep.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is also known as a Reorganization and gives a person the opportunity to repay his or her debts manageably over time.
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