Any money that you make after you file is yours to keep and spend as you like. This is because it isn’t considered part of the bankruptcy estate. You Kentucky Bankruptcy Lawyer cannot, however, spend any money that is listed in your bankruptcy estate. One of the more important documents that bankruptcy trustees look at is the bank statements of the bankruptcy filer.

West Louisville Bankruptcy Lawyers

The average petition is pages long and takes 2-4 hours just to prepare. The typical low-cost skeleton petition is just six pages long and takes 5 to 10 minutes to file when it needs to be filed immediately. With our office you can file a skeleton petition so you can get all the benefits immediately and prepare the majority of the petition the next day.

What Is A Reorganization Plan?

You would no longer have to make monthly payments on the car, but you would still need to pay for things like gas and general maintenance. Before you take extreme measures to take back your car, however, you may want to consider whether you can afford future payments moving forward. You don’t want to get your car back just to have the same situation occur later on down the road. Not only will the repossession be on your credit report, but as will your failure to pay the loan on time. For every month that you are past due, the lender can report your account as delinquent. In the case that a creditor sells your account to a collections agency, that record may also appear as a negative mark in your report.

It’s nearly impossible to find your way without a good attorney who is knowledgeable in this area. Every case is different, and filing bankruptcy isn’t like ordering pizza. If a pizza isn’t right, you can blame Papa John’s because you didn’t bake it. It is horrible when the attorney doesn’t know the recipe for the pizza or how to bake it, and unfortunately, some attorneys don’t. If they are in default some long-term debts like mortgages and student loans are better managed in a Chapter 13. Income tax penalties and interest can be reduced in a 13 but not in a 7.

Our services include helping individuals and couples file for bankruptcy relief under the Bankruptcy Code. Whether you have an overwhelming amount of credit card debt, your wages are being garnished, or your home is going into foreclosure, filing for bankruptcy can protect 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. Even though we dedicate a large portion of our practice to helping consumers file Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, we also understand that it’s not for everyone.

You provide for your family by going to work every day, and several deductions come out of your paycheck. These include mandatory contributions such as taxes, Social Security, and unemployment insurance. Elected deductions are withheld as well, such as retirement and health insurance. So, another deduction for garnishment of wages means you take home even less of your hard-earned income.

Creditors may be able to contact a debtor, garnish earnings, or launch a lawsuit as a result of this. We handle foreclosure cases and student loan discharges and can assure you we can manage your legal and financial issues proficiently. Contact my law firm now to build a trusted attorney-client relationship. But paying the filing fees in installments after the case is filed and filing skeleton petitions draws attention to your case. While the cost of hiring a bankruptcy attorney in Louisville can seem daunting, it’s important to consider the potential benefits.

Kentucky also has a $1,000 wildcard exemption to protect anything you want. Your 341 meeting (also called the creditors’ meeting) may be held virtually, via phone, or in person. You’ll get a notice with your meeting details, which takes place about a month after you file your case. The Eastern District of Kentucky allows online filing through its electronic Self-Representation (eSR) system or you can go to the courthouse in person. In the Western District of Kentucky, you can file by email or in person.

We’ve helped many clients in the Louisville area save their homes and start fresh. A liquidation bankruptcy is also known as a Chapter 7 bankruptcy. Your non-exempt assets will be liquidated in Chapter 7 bankruptcy to repay a part of what you owe to your creditors. In many situations, a debtor’s assets are excluded, which means that you may lose very few assets in a Chapter 7 bankruptcy. Chapter 7 bankruptcy proceedings typically last only a few months and can relieve you and your spouse of unsecured debt repayment obligations.

Inexperienced attorneys are paid exactly the same as the best attorney in town. Better attorneys can request and get additional fees if they prove they saved their client money by doing additional work. The court only approves these additional attorney fees that saved the client or the estate money. Any additional fees are normally paid by the court from the money you were paying to unsecured creditors.

I approach each case with detailed attention and determination to explore every avenue in pursuit of your best interests. When a loved one has died without a sufficient Will or trust to avoid probate, you need a lawyer to oversee and help you through the process. Bankruptcy attorneys Brian Pollock, Chrisandrea Turner and Elizabeth Thompson discuss Kentucky bankruptcy rules in this Practical Law Practice Note. LOUISVILLE, Ky.—Stites & Harbison, PLLC is pleased to announce that 101 of its lawyers are included in the 2024 edition of The Best Lawyers in America®.

This is true even if they filed for bankruptcy, because they can discharge their debt to the creditor but not their responsibilities to you under the divorce decree. What your unsecured creditors receive is determined by how much you can afford to pay. A Chapter 13 bankruptcy plan is a form of debt consolidation – – you will make one payment to the bankruptcy trustee, who will then pay your creditors.