I know it can be scary but having the right people guide you makes all the difference. They were so professional and addressed every single question I had promptly. I finally have my life back and I couldn’t have done it without Clark and his Kentucky Bankruptcy Lawyer team. There are also mortgage programs that let you refinance to a lower interest rate. Plus, you can pursue a mortgage modification, ask for an accounting of mortgage charges, and file motions to contest improper claims in Chapter 13.

You only have 20 days after you are served to file an answer or file bankruptcy. Otherwise, the court will typically issue a default judgment and sale. For example, lenders may not discriminate against borrowers on the basis of race, age, ethnicity, religion, sex, and many other attributes. We recommend establishing an attorney-client relationship with a skilled attorney in your area. This way, you can rest assured that your legal counsel will know all federal, state, and local protections available to you.

Even though you can still keep your credit cards, it might be a good idea to stop using them until you can settle your debts. Credit card companies often shut off your cards if you file for bankruptcy. If you choose an alternative option, you can keep them for a rainy day.

Resources For Bankruptcy

Once you’ve attended the 341 meetings, you’ll need to submit a detailed repayment plan to the court for approval. This plan includes how much you’ll pay your creditors each month and how long you’ll make payments. It should also have a list of your creditors, the amount you owe them, and how much each will be paid under the plan.

The trustee must then submit their final report to the court, generally within 4 months of the completion of the repayment plan. This report will inform the court of how the payments were disbursed to your creditors. Usually, a Chapter 13 repayment plan will last anywhere from 36 to 60 months. The duration of the plan usually depends on several factors, including the debtor’s income and how much time they will need to complete the plan.

In addition to helping you choose which chapter of the bankruptcy code you should file under, they can also help you file a claim to have your debts discharged. If you make all your required plan payments, you’ll be discharged from your remaining qualifying debts at the end of your bankruptcy case. A Chapter 13 bankruptcy discharge is more expansive than a Chapter 7 discharge because it absolves certain debts that can’t be annulled in Chapter 7 bankruptcy. In some cases, you may be able to have your repayment period reduced if you make payments early or pay more than required.

Create an estate plan today so you can protect what’s important and provide some peace of mind knowing your family will be taken care of long after you’re gone. Because credit is so important, we understand the worry that a garnishment might affect your credit score. Technically, the damage that’s done to your credit score comes more from the missed payments rather than the garnishment itself. A judgment is required before a creditor or collection agency may obtain a garnishment order.

Get Help Filing Bankruptcy In Kentucky: Ch7, Ch13

Once these are completed, all that remains is receiving the final decree from the court. The final stretch of your bankruptcy case will be handled largely by the bankruptcy trustee, as they must submit certain documents to the court. Usually, the closing process begins after you have completed all of your plan payments, which is around months after filing. If an issue arises that affects your ability to make payments, have your attorney work with the bankruptcy trustee to propose a modification of the plan to the bankruptcy court. All modifications are subject to approval by the court before they go into effect. You may also be able to convert Chapter 13 to Chapter 7 under certain circumstances.

Known as the automatic stay, this feature of the bankruptcy process is essential to protecting the system of debt relief created under federal law. One of the biggest perks of filing for bankruptcy is that as soon as you do, the Bankruptcy Court will issue an automatic stay. Essentially, the automatic stay prohibits creditors from all collection activities until the bankruptcy process has come to a close. This also means that you will get to keep your home at least until the bankruptcy process ends, even if you file on the date of foreclosure.

If you cannot produce copies of canceled checks or receipts for payments, the home will simply go back into foreclosure. We understand how scary and frustrating it can be to face aggressive or persistent debt collectors on your own. Luckily, our attorneys are here to help protect consumers in Kentucky and Indiana from deceptive practices from their creditors. We will also outline and explain your options for dealing with debt collectors and getting your finances back on track. Debt consolidations involve rolling multiple types of debt, such as credit card debt, into one monthly payment.

However, there are many situations in which it’s actually the best possible option. The laws surrounding bankruptcy exist specifically to help consumers overcome crippling debt. Many people find a renewed sense of financial security after filing bankruptcy, as they can finally shed their medical debts, credit card debts, and other unexpected expenses. Generally, Chapter 13 bankruptcy filings can take anywhere from 3 to 5 years in total.

If you’re unsure whether it’s the right decision for you, speak with an experienced bankruptcy attorney. He or she can help you understand the process and decide if it’s the best option for your particular situation. The decision to file for bankruptcy can be overwhelming and stressful. Every year, thousands of people file for bankruptcy across the state of Kentucky. In fact, the bankruptcy laws were put in place to help individuals like you who are facing financial difficulties. Filing for bankruptcy affords the opportunity to eliminate bills or restructure debt into a payment plan that you can afford.

Should I ever have another issue, I certainly know who I’ll be calling. After the loss of a loved one, our experience will help you get through the probate process. As long as you bring your picture ID and appropriate proof of your Social Security number, it will be over before you know it.