To find out how much equity you have in your Louisville Bankruptcy Attorney home, calculate your home’s current value. Let’s say your home is worth $200,000, and you still owe $150,000 on it. In this case, you have $50,000 in equity on your home, but the Kentucky bankruptcy exemptions would only protect $5,000 of that equity. The Eastern district oversees 22 counties in Kentucky, and has its main court location in Lexington.
Other Kentucky Bankruptcy Exemptions
For individuals and families struggling with debt, the thought of finding relief from the piles of bills and creditor calls can seem like an unattainable dream. Stop creditor calls and annoying past-due notices by speaking with our bankruptcy attorney. Do you need a short sale on your home so that it doesn’t go into foreclosure? Whether it’s a reputable car loan specialist or an experienced realtor, Tracy has connections to create a collaborative team. If you need expert advice from an experienced Kentucky bankruptcy attorney, you can get it quickly.
In chapter 13, you will pay back your creditors, including the one trying to garnish you, with plan payments. In a chapter 7 bankruptcy, as long as the debt is dischargeable, they can take no further action against you. Maybe you’re wondering, “How can I stop a wage garnishment immediately? If you are already behind in payments to a creditor or have a pending lawsuit, a garnishment is very possibly the next step. It may be in your best interest to file bankruptcy sooner rather than later in order to prevent that creditor from garnishing the money you need to pay your bills. While filing bankruptcy works briefly, it is not the end-all-be-all for your financial woes.
The means test will calculate your average monthly income and then determine whether you make too much money to file Chapter 7. The income limit for filing Chapter 7 also takes into consideration the number of people in your household. Those who do not qualify for Chapter 7 often file Chapter 13 instead.
Business / Corporate Law Attorney In Louisville
Compounding this complexity is §1109(b) of the Bankruptcy Code, which governs the rights of “parties in interest” to participate in Chapter 11 restructurings. In Truck Insurance Exchange v. Kaiser Gypsum Co., Inc. et al., the Supreme Court has brought some clarity to this issue. The Law Office of Allan E. Dunaway PLC is proud to offer Free Bankruptcy Consultations to people in Louisville and the surrounding area. Once your repayment plan is approved, you’ll need to make your monthly plan payments to the trustee. Failure to make timely payments can result in your case being dismissed. If you don’t have any nonexempt assets, your creditors will not receive anything from the bankruptcy estate.
For many people, this type of debt management plan appeals to their desire for a lower interest rate. In fact, it can even be a good idea for those handling a more manageable amount of debt. It essentially allows you to combine different debts with different due dates, payments, and interest rates into one easy payment. Those struggling with managing their debt are often desperate for a solution. That’s where debt settlement and debt consolidation companies come in. In many cases, a debt settlement company will target vulnerable individuals seeking debt settlement services.
Additionally, paying off an expensive secured debt, like a home or car, could also increase your monthly payments. This increase in disposable income could be used to complete your Chapter 13 plan faster or to pay off more of your creditors. General unsecured debt encompasses all debts other than priority and secured debt.
This will cut down on any unnecessary credit card charge you might be tempted to make. If you’re struggling under the weight of your mounting debts, don’t give up hope. Our bankruptcy attorneys have extensive knowledge of bankruptcy law, the bankruptcy code, financial management, debt relief options, and so much more.
The bottom line is that we understand just how important your business is to you, which is why we are here to do everything in our power to get the results you need. Contact Schwartz Bankruptcy Law Center today to schedule your initial consultation with our seasoned bankruptcy law firm. Starting a business can be tough, and keeping it afloat can be even more difficult. In our experience, Chapter 13 business bankruptcy can benefit the owners and principals of small businesses, partnerships and LLCs.
The table below shows an example of what someone’s Chapter 13 monthly budget may look like during their case. Responsive and experienced attorneys dedicated to our clients in Owensboro and throughout Kentucky. If you’re working with an attorney, they’ll complete the forms based on the information and documents that they collect from you. If you’re filing without an attorney, you’ll have to complete the official forms yourself. In that case, you may be able to use Upsolve’s filing tool to complete your forms.
Keep in mind that complaints can be filed under state or federal law. In Kentucky, you can file a consumer complaint against a debt collector with the attorney general’s office. No matter whether your complaint is filed on a state or federal level, you’ll need to provide the following information. But add non-stop creditor harassment on top of that debt, and the situation becomes even more difficult. Victims of collection harassment know the uncomfortable sensation of uneasiness whenever the phone rings, especially when it keeps ringing throughout the day. While most people assume there’s no way around creditor harassment, there are legal ways to make it stop.