A Chapter 13 bankruptcy is often referred to as a debt consolidation or repayment plan. Most Chapter 13 bankruptcies are a three to five year repayment Louisville Bankruptcy Attorney plan. At the end of your plan, whatever debt you have not repaid in the plan will be eliminated.

 

Section 341 Meeting Of Creditors With Trustee

 

There’s nothing quite like the feeling of knowing what you’re doing, even if it’s just the basics. The average person that reads our free book on bankruptcy makes about 8,000 dollars more from their bankruptcy. If you want to save money in Chapter 7, do your homework and work with your attorney as part of a team that files your case.

 

Like bankruptcy, repossessions generally remain on your credit report for seven years from the date your payments became delinquent. Most lenders will establish how many missed car payments are acceptable in the terms of your agreement. The language of this contract will inform you of how many missed payments it will take before your car is repossessed. In Kentucky, the average number of days before a car gets repossessed after default payments tends to be about 70.

 

Also, consider speaking with an attorney who offers credit counseling. At O’Bryan Law Offices, we’ll evaluate your financial situation and recommend how to stop wage garnishment for your situation. We’ll also assist you with putting together a repayment plan to offer the bank, if applicable. You and your employer will both get notice before they are deducted. You should be able to file before it starts and avoid it altogether. Prior to getting your wages garnished, you should have received several things in the mail.

 

Benefits Of Chapter 11 Bankruptcy

 

According to the Kentucky bankruptcy exemptions, the following forms of real or personal property are exempt. When a creditor shows up to the meeting, it’s a good idea to have your attorney present. This way, you won’t be manipulated into making statements that can work against you. Not all attorneys are created equal — some work to become outstanding in a specific area, such as working with foreclosures and student loans.

 

Our attorneys will help you figure out what your best next steps are. The sooner you have a plan of action, the sooner you can get relief from your garnishment. Lenders may either decide to keep your car as compensation for your debt or resell it.

 

Attorneys will ask for either the plan payments or part of their attorney fee before filing a Chapter 13 case to ensure the client plans to make the payments into Chapter 13. How much your bankruptcy lawyer will require upfront depends on your case and often how difficult it will be to confirm the plan. An average consumer case often looks at 1000 to 1500 plus the filing fee for Chapter 13. The bank can file a motion to terminate the stay because the debtor is not making mortgage or car payments on time.

 

Our Kentucky bankruptcy lawyers can analyze your situation inside and out to determine which course of action is best for you. A good bankruptcy attorney doesn’t always meet every client’s demands. But, a good bankruptcy attorney advises you and warns you about potential problems like the possible loss of a home.

 

Chapter 7

 

We can protect you, and help you obtain the financial freedom you deserve. Bankruptcy law helps individuals and businesses in debt get a fresh financial start, often through proceedings under Chapter 7, Chapter 11, or Chapter 13 of the Bankruptcy Code. There are a number of state-sponsored programs and federally-sponsored programs available for the working residents of Kentucky that may help. Below, we list some of the assistance plans that could help those struggling with debt and bills.

 

This is when having qualified foreclosure attorneys on your side will be invaluable. Stites & Harbison, PLLC recently appointed attorney Robin E. McGuffin Chair of the firm’s Employment Law Service Group. McGuffin succeeds Shannon Antle Hamilton who has led the group for more than 20 years. Both Hamilton and McGuffin will continue their diverse legal practices in employment law. Contact our law firm today to schedule a meeting or telephone conference in Owensboro, Lexington or Louisville.