We Work Closely With Our Clients To Get The Most Out Of Chapter 7
The Chapter 7 discharge is the most complete relief available under the Bankruptcy Code, but it comes with certain responsibilities. You need to make a full and accurate disclosure of your debts and assets. Your case will be supervised by a trustee, who will be interested to see if there are nonexempt assets available for unsecured creditors. The trustee can also recommend denial of discharge or dismissal of your case if you dont follow the bankruptcy rules.
Our lawyers make sure that you understand your responsibilities and we help you meet them. The vast majority of Chapter 7 debt relief cases proceed smoothly from filing to final discharge, which is our goal in every case. To learn more about our Chapter 7 bankruptcy practice, contact us at OBryan Law Offices in Louisville, Frankfort or New Albany.
We are a Louisville debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Preparing For Chapter 7 Bankruptcy
Theres some protocol to follow in the months before filing for bankruptcy. Failing to follow these instructions could undermine your efforts.
Dont Pay Creditors It seems counterintuitive and you should definitely make routine payments. But any large or unusual payments could be viewed as preferential transfers. That means one creditor has benefited unfairly over others.
No New Debt A new creditor could claim you took out a loan or ran up the balance on a credit card without intending to pay it back. Legally, thats fraud and it will not be forgiven.
No Unusual Transactions Dont stray from the routine. Dont transfer titles of cars or homes. Dont buy luxury goods. Dont transfer your business or remove your name from it. They can all be classified as fraud.
Be Truthful You are required, while filing for bankruptcy, to provide full and complete information. You must disclose any debt, assets, accounts or other financial information. Failure to comply could lead to fraud and potential criminal charges.
Dont Touch Retirement Funds You are generally allowed to keep retirement plans and accounts, so keep them safe while considering bankruptcy and dont use those funds to pay down debt.
Never think you can get away with something sneaky or dishonest. Your bankruptcy lawyer is always a good resource for what you should and shouldnt do.
What Is A Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a payment plan approved by the Bankruptcy Court where you pay your debts in full or in part. It requires you to have a steady source of income that is enough to pay necessary living expenses in addition to paying the debts under your Chapter 13 plan.
Chapter 13 bankruptcy is generally used to stop a foreclosure or save a car. Chapter 13 can spread your mortgage or car payment arrearage out over 36 to 60 months to make the payment more affordable.
In Chapter 13, you make payments to an attorney called a Chapter 13 Bankruptcy Trustee. Usually, you do this for three to five years. The Trustee uses the money to pay your creditors. In a Chapter 13, you also list all your debts and property. West Virginia law lets you keep a certain amount of property you own free and clear. This is the same property that would be protected from your creditors in a Chapter 7 bankruptcy.
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Do I Need A Lawyer To File Bankruptcy
This is where it gets tricky, but also is very important. The Central District of California in Los Angeles allows online filing for those filing without an attorney, and has since 2014. But the practice has not caught on nationally.
The U.S. Courts website says that you can file on your own, otherwise called pro se. But it cautions that filers must understand the rules and procedures in federal court, the U.S. Bankruptcy Code and the Federal Rules of Bankruptcy Procedure as well as the local rules of the court where the case is filed.
Its not simple. Lieberman said that its almost impossible to file Chapter 13 without a lawyer, and judges and trustees generally discourage filing pro se in all circumstances.
Bankruptcy is federal law, Lieberman said. But every jurisdiction has local rules and all the rules are different. If a motion needs to be filed, that motion may be different in Ohio than it is in Kentucky.
Each case differs in details, and Lieberman said a consumer could be hurt by improper filing or not having the right information. He points out that non-federal students loans typically are excluded from bankruptcy, but a lawyer may be able to work out an arrangement.
He remembered a man who borrowed money to go to flight school, but had to give up piloting when a car accident left him impaired. An agreement was worked out between the attorney and filer.
Preparing The Necessary Documents To File A Chapter 7 Or 13 Bankruptcy
The bankruptcy judge and the trustee believe most of what people say in their testimonies. However, they still verify your income, expenses, and property before they give you the discharge. To file bankruptcy, it isnt enough for you to claim you only make $4,000 per month. They want to see your pay stubs and taxes to verify your average income and expenses. The documents which are required by them must be organized, scanned in as a pdf document, and then sent to them.
Here is our Bankruptcy checklist of these required documents. We cannot file any bankruptcy without these documents in our hands. It is worth noting that the failure to produce the documents to the trustee within a few days after filing the bankruptcy can cause the bankruptcy to be dismissed.
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How To Easily And Quickly File A Kentucky Bankruptcy In Eight Hours
If you file your bankruptcy without understanding how to file bankruptcy in Kentucky, it often becomes a costly error which makes your creditors and attorney richer. However, filing can be quick and easy. For instance, if you need to file, it takes about 2 hours to do each section of what is required to file your bankruptcy. That is 8 hour or less as listed below:
Keeping Property When Filing Bankruptcy In Kentucky
You won’t lose everything in bankruptcy. You’ll use your state bankruptcy exemption laws to protect your property. We list the significant exemptions below, but first, understanding the following will help you maximize what you’ll keep in your case.
- Exempt and nonexempt property. You can keep property protected by an exemption or “exempt” property. When a bankruptcy exemption doesn’t cover the property, you’ll either lose it in Chapter 7 or have to pay for it in the Chapter 13 repayment plan.
- Choosing state or federal exemptions. You can choose whether you use the state exemption list or the list of federal bankruptcy exemptions, but you can’t mix and match exemptions from both sets. Filers who use state exemptions can also use the federal nonbankruptcy exemptions.
- Doubling exemptions. Spouses filing together can double the exemption amount if both own the property.
- COVID-19 recovery rebate exemption. You might be able to protect stimulus payments, tax credits, and child credits in bankruptcy with the federal recovery rebate exemption.
- Retirement accounts all filers can protect. You can keep your tax-exempt retirement accounts, including 401s, 403s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans and traditional and Roth IRAs to $1,362,800 per person . .) Learn more about retirement accounts in bankruptcy.
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What Is The Filing Fee For A Bankruptcy
The filing fees are $338 for a Chapter 7 bankruptcy and $313 for a Chapter 13 bankruptcy. The court may allow you to pay this over several months if you cant pay all at once. However, if you dont pay the filing fee on time as required by the court, your bankruptcy will be dismissed. If you are very poor, the court may allow you to file a bankruptcy for free.
In addition, you probably will need to file a Homestead Deed in connection with the bankruptcy. Your local Circuit Court charges $21 to record this. This must be paid at the time you file the bankruptcy.
What Kind Of Debts Do You Have
The first thing we will look at is what types of debt you have and whether filing bankruptcy is the best remedy for you. Bankruptcy is most helpful to people with unsecured debt, like credit cards and medical bills, because these kind of debts are dischargeable. You can potentially walk away from them completely. Secured debts are those which are tied to a specific item as collateral. Most often this is a house or a car, where the house or car serves as collateral for the mortgage or car loan. A Chapter 13 case may be more beneficial to you if you have secured debt.
There are also debts which are non-dischargeable in a bankruptcy case. Non-dischargeable debts include things like child support, alimony, most tax debt, etc. If the bulk of your debts are non-dischargeable a Chapter 7 bankruptcy may not offer the relief you are seeking.
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Now Lets Answer Some Of Your Questions And Talk About How I Can Help You
Q. How can I afford to file for bankruptcy when I cant afford to pay my bills?
A. We have affordable payment plans. Let us help you get out of this dark hole and obtain a fresh start, debt free.
Q. Can you keep the creditors from calling my home and my work?
A. As soon as we are retained as your attorney, we take over. Protecting you from creditors is one of our jobs.
Q. How can I stop my paycheck from being garnished?
A. As soon as we file your case, the garnishment stops. In some cases, we may be able to get a portion of garnished wages returned back to you.
Q. Can any attorney help me file a bankruptcy?
A. No. Bankruptcy law has become extremely complicated. You need an experienced attorney that is knowledgeable of current bankruptcy law. Our firm is leader in this area of law.
Q. How many bankruptcy consultations have you personally performed?
A. I have personally performed over 18,000 bankruptcy consults over the years.
What Is Chapter 7 Bankruptcy
The chapter names involved in bankruptcy proceedings come from the chapters where they appear in the federal bankruptcy legal code. Chapter 7 is also called liquidation bankruptcy. The goal is to discharge unsecured debt that has grown beyond your control. This can include medical bills, credit cards debt, unsecured loans, and sometimes more.
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Bankruptcy Services We Offer
There are multiple types of consumer-oriented bankruptcy, and the practice can be used to help combat several consequences of accumulated debt. Our team is familiar with all areas of the Bankruptcy Code as well as relevant federal and state laws. We can leverage our knowledge to maximize the benefits of bankruptcy while limiting its impact on your estate.
Our Radcliff bankruptcy attorneys offer services in the following areas:
Call orcontact us online to learn more about how bankruptcy may be able to help you manage your debt.
Do You Have Debts You Can’t Erase In Bankruptcy
Some debts, called “nondischargeable debts,” can’t be wiped out in bankruptcyand nondischargeable debt rules get confusing quickly.
Here are some examples.
- You can’t erase spousal or child support arrearages in bankruptcyyou’d remain responsible for them after the case.
- You can discharge tax debt older than three years if it meets other qualification requirements.
- DUI and fraud-related debts aren’t dischargeable if a creditor objects.
- Student loans are also nondischargeable, but if it would be unlikely you could ever pay them back because of undue hardship, it is possible to wipe out student loans in bankruptcy. However, you’d have to prove it by filing a type of lawsuit called an adversary proceeding, a complicated endeavor without legal help.
If you have any of these obligations, you’ll want to talk with a lawyer.
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Our Office Has A Convenient Online Intake Accessible From Your Home Or Work Computer
Every office has an intake to complete. However, our office has a convenient online intake where you access it from your home or work computer. We have helped soldiers in Iraq file remotely by using our intake and methods. Our intake is where you list your assets, debts, income, and expenses. Doing the intake at home lets you take your time to look up information like the addresses for the debts. Moreover, you can do it at 1 am if you want because you dont have to go to a law office to complete it. I think online completion of the intake is far better because you get to do it in the comfort of your own home and the accuracy ends up being better than if it is done in the office.
A bankruptcy petition consists mostly of a budget and listing of assets and liabilities. Our online bankruptcy intake is here, and it should not take over 1-2 hours to complete. After you gather your documents and input your client intake online, you will be ready to come in and prepare the petition with Nick. Simply make an appointment to come in and file. We can prepare the petition with just your income information. But we must have the credit counseling certificate to file the petition.
How To Easily And Quickly File Bankruptcy In Kentucky
If you spend a little time learning how to easily and quickly file bankruptcy in Kentucky, your Chapter 7 or 13 will be less expensive, quicker, and less trouble. When you know how to file bankruptcy, your credit recovers faster. In fact, some of our clients had 720 credit scores within a year after filing. If it is done right, you will discharge more debt and keep more property. You might even modify a mortgage or auto loan. In addition, some loans like a second mortgage or home improvement might not need to be paid back at all after filing. Remember, you dont accomplish this by using an attorney or paralegal who is still learning how to prepare petitions.
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Speak With A Chapter 7 Bankruptcy Lawyer
Chapter 7 bankruptcy can give you a fresh start. Too frequently, hard-working people become overwhelmed by debt especially after a job loss, medical emergency, or divorce. The lawyers at Farmer and Wright, PLLC are here to help. We combine extensive knowledge of accounting principles and bankruptcy law to our clients advantage. Contact us for a free consultation.
If You Have A Judicial Lien Or A Secured Mortgage There Are Some Things You Must Consider
To begin, we can often strip off a judicial lien during bankruptcy, but there is a separate charge for the added work, and we need information from you. Next, if you are keeping a home or auto, you probably want to file a reaffirmation or redemption. If you dont know what that is, look at our page on reaffirmations and redemptions. Timing the bankruptcy is essential if youre going to discharge income tax debts. In addition, while Chapter 7 may delay a foreclosure for about 6 months, it usually takes a Chapter 13 to cure a mortgage default. Planning your bankruptcy allows everything to go much more smoothly and will enable you to keep more property and discharge more debt.
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How Often Can I File A Bankruptcy
There are longer waiting periods to file another bankruptcy.
- If you get a Chapter 7 discharge, you must wait eight years from the date of filing the first Chapter 7 before you can get another Chapter 7 discharge.
- If you get a Chapter 7 discharge, you must wait four years from the date of filing that Chapter 7 before you can get a discharge under a Chapter 13.
- If you get a Chapter 13 discharge, you must wait six years from the date of filing that Chapter 13 before you can get a Chapter 7 discharge.
- This waiting period does not apply if:
- You actually paid 70% to 100% of the unsecured debts under the Chapter 13 plan, and
- The court finds your plan was propose in good faith, and
- Your attempt to make payments under the plan was your best effort.
How To File A Lawsuit In Kentucky When You Live In Another State
Posted on Tuesday, January 5th, 2016 at 9:41 am
Tens of thousands of people visit Kentucky every day. Some are traveling through on the way to somewhere else, some have come here to work from neighboring states, and some are here for vacation. It is inevitable that some of those people will get into car crashes or somehow get hurt while in Kentucky. The Northern Kentucky attorneys at Lawrence & Associates have helped many injured people recover compensation for their injuries while keeping travel back to Kentucky at a minimum. Filing and resolving a claim without traveling back to Kentucky isnt inevitable, but it is possible.
Here are some recent examples of people we helped from outside Kentucky:
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