After you’ve filed your bankruptcy petition, the Louisville Bankruptcy Attorney court will issue a notice of the filing to all of your creditors. This will put an automatic stay in place, which means your creditors cannot take any collection actions against you. The trustee will sell your nonexempt assets and use the proceeds to pay your creditors.

Calculating Chapter 13 Payment With New Income

If you file for Chapter 7 bankruptcy before you’ve paid off the entire loan, however, the lien will still exist after the bankruptcy discharge. As your attorney, it’s important to me to get to know your particular situation and discuss your financial goals. Often times my clients are under a ton of stress and at their wits’ end. Learning that a bankruptcy which may impact you has been filed can be disconcerting.

Ms. Hirsch has 23 years of experience in bankruptcy law, and can work quickly to stop foreclosures, garnishments, and liens. She can also help you get protection from debt collectors, and help you set up a bankruptcy plan for your medical bills, credit card accounts, and other unpaid debts. If the future of your business is in jeopardy, you have options, but you should only explore those options with a seasoned attorney in your corner.

Easily find Louisville Bankruptcy Lawyers and Louisville Bankruptcy Law Firms. For more attorneys, search all Bankruptcy & Debt areas including Collection, Credit & Debt, Reorganization and Workout attorneys. Throughout this process, our dedicated team will provide personalized support, answering any questions you may have and helping you navigate any challenges that arise. We are committed to making this journey as smooth as possible for you. Navigating the complexities of bankruptcy in Louisville requires a deep understanding of the local landscape and resources available to residents. At Hodge & Smither, we are committed to providing tailored guidance that resonates with the unique challenges faced by our community.

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To propose a repayment plan, you will need to gather financial information, including your income, expenses, and debt obligations. You will also need to determine which debts you want to prioritize, such as your mortgage payments, and which debts you can afford to pay off over time. If you feel you’re a victim of creditor harassment, contact an experienced Kentucky bankruptcy attorney at O’Bryan Law Offices today. You have the right to sue debt collectors for harassment, but many debtors are unaware of this right. If a debt collector violated any part of the FDCPA in their communications with you, you can also file a complaint with the state or federal government.

Even though the dip in their credit score hurts at first, the effects won’t last forever. Even if you’re not sure that bankruptcy’s right for you, try to keep these ideas in mind as you deal with your debt problems. Following these do’s and don’ts will protect your future ability to take full advantage of your rights under bankruptcy law. If no creditor objects to the repayment plan, the confirmation hearing proceeds, and the plan is confirmed within 30 days of the first 341 meeting. If a creditor does object to the plan, this makes the case much more complicated. Speak with your attorney if one of your creditors objects to the proposed repayment plan.

Legally, they must respect your request and talk with your attorney as soon as they know you have one. Finding and retaining an attorney who meets your legal needs is an important decision. At O’Bryan & O’Bryan, a Louisville, Kentucky law firm, our attorneys have been meeting clients’ needs since 1969. Certain debt relief solutions work for some people, while others need different solutions.

You get the work you needed done and in the long run you may pay less since more debt may be discharged or more property can be saved. One option for debt management that is growing in popularity is debt consolidation. However, we recommend exercising caution if you decide to explore this option. Debt consolidation is one way a debtor can roll multiple types of secured debt and unsecured debt into one easily manageable monthly payment. Once you have proposed your repayment plan, it will be reviewed by the bankruptcy trustee, your creditors, and the bankruptcy judge. If your plan is approved, you will begin making payments according to the plan, and you will be protected from foreclosure proceedings by the automatic stay.

In a Chapter 7 bankruptcy filing, the debtor’s outstanding debts are discharged, meaning the debtor no longer has a responsibility to make payments on them. In a Chapter 13 bankruptcy, however, the debtor is given a multi-year repayment plan to pay their outstanding debt. If you are experiencing undue hardship as a result of your debts, you can file for bankruptcy and have your debts discharged. The experienced Louisville bankruptcy attorneys at O’Bryan Law Offices are here to help you file your bankruptcy petition and are even prepared to defend your interests in bankruptcy court.

Bankruptcy is also able to provide some immediate relief to filers. All the forms that the Bankruptcy Code and that Kentucky bankruptcy laws require filers to submit can be found on the website of the United States Courts system. Filers must fill out and submit all the necessary forms in a timely manner in order to receive their bankruptcy discharge. We recommend working with a local bankruptcy lawyer, as they will already know what documents you’ll need at the federal and local levels.

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.

However, as you can see with some practices, it only makes more work for the client and the attorney and opens you up to having the court look over your petition. Therefore, cheap low-cost attorney fees in Chapter 7 Bankruptcy are not as affordable as you might think. However, instead of costing a client about $1,538 to file for a single person and the filing fee, the cost is paid over a year is about $2,000 dollars for a zero-down bankruptcy. Next, eliminating the unsecured debt in Chapter 7 first then eliminates paying unsecured debt later in Chapter 13. Finally, Chapter 13 is often filed after Chapter 7 to save the home with no unsecured debt to repay.