If possible, they can help you avoid foreclosure by the bank or the mortgage company. The attorneys at the family-based, O’Bryan Law Offices can walk you through this intimidating time. Chapter 7 bankruptcy is the most suitable option for many individuals and even some businesses. With over 50 years of combined experience, our attorneys can provide the personalized, knowledgeable guidance you need. Both Kentucky and Indiana have detailed schedules Louisville Foreclosure Lawyer of exemptions that allow you to claim certain property as unavailable to creditors. In most cases, holders of unsecured claims collect little or nothing from you, and you keep everything you have.

 

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She is admitted to practice in the Commonwealth of Kentucky and the Eastern and Western Districts of Kentucky. In her free time, Paige enjoys cheering on the Crimson Tide during football season and spending time with her dogs and cats. Mr. Schwartz received his Bachelor’s of Arts from Vanderbilt University and his law degree from the Ohio State University College of Law. Chapter 7 bankruptcy and Chapter 13 bankruptcy treat nonexempt property differently. Together with the Department of Education, federal student loan servicers may collect defaulted student loans.

 

In addition to reinstating your loan, you also have the ability to redeem it. This is essentially a payoff, meaning that you would be paying the full amount you owe. This includes any past-due payments and the rest of the remaining balance still left on your loan. This also entails costs relating to the repossession, such as towing and storage. We also counsel clients from all over Kentucky and Indiana on the following issues. While many of these companies are reputable and fair, others prey on desperate consumers looking to be debt-free.

 

This chapter of bankruptcy can also benefit small businesses, but not large companies or corporations. Stakeholders may file for Chapter 13 individually over the other chapters of bankruptcy because it’s cheaper, and they can keep their business open while paying off their debts. Before declaring bankruptcy, it’s important to review all your options for debt relief.

 

What Are The Kentucky Bankruptcy Laws?

 

In other words, it’s important to compare other chapters of bankruptcy. Small business owners who have less than 500 employees can file for Chapter 11 bankruptcy to pay off their secured debt and unsecured debt. Even if small businesses file for Chapter 11, most will either get converted to Chapter 7 bankruptcy filings or dismissed altogether.

 

Cheap Low-cost Attorney Fees In Chapter 7 Bankruptcy

 

There have been more than 10 million overall Chapter 7 and Chapter 13 filings in the previous decade, compared to 5,039 Chapter 12 filings. Chapter 12 bankruptcy filings have accounted for fewer than five-hundredths of one percent of all consumer and company bankruptcy files over this time. However, unless the plan offers to pay 100 percent of any existing domestic support obligations, it must last for five years and contain all of the debtor’s disposable income.

 

This was in reaction to the dismal economic conditions that beset agriculture. Chapter 12 bankruptcy, which is based on Chapter 13 bankruptcy, offers reorganizational benefits and financial assistance to family farmers who are in debt. These benefits include a three to five year seasonal payback structure and lesser rates as compared to other chapters.

 

Defending against a bank, a mortgage company, or another lender can often be a confusing process. State foreclosure laws are often highly complex, and these cases require special knowledge and experience to handle properly. Responsive and experienced attorneys dedicated to our clients in Owensboro and throughout Kentucky. When keeping your home is a priority, we will discuss your options to pursue this through Chapter 7 or Chapter 13 bankruptcy. We have considerable experience in mortgage issues and foreclosure proceedings, as well as in how bankruptcy trustees think. If the foreclosure sale of your home is coming up quickly, you can stop the sale by filing for bankruptcy.

 

At Farmer and Wright, PLLC, our experienced Kentucky bankruptcy lawyers will help you get the fresh financial start you need. We understand how stressful it is to handle debt, especially after losing a job, suffering an injury, or getting divorced. Our Louisville bankruptcy attorneys are available to help you regain control as well as rebuild your finances.

 

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.

 

Luckily, most bankruptcy filers are able to keep their homes when they file for bankruptcy. There are two situations in which filers may face the loss of their home after they declare bankruptcy. If you don’t own a home, or if you have a partially unused homestead exemption, you can use up to $13,950 of that as another wildcard exemption.