A redemption period allows borrowers to buy back their Louisville Foreclosure Attorney home after the foreclosure sale. Kentucky law allows a redemption period of six months if the home is sold for less than two-thirds of its appraised value. If you fail to give an answer, the court will likely award your lender with a default judgment. This allows the lender to foreclose on your home and hold a sale.

The Chapter 7 Trustee is usually an attorney or CPA who represents all of the creditors by building a good attorney-client relationship. Over 90% of the time, there will be no assets available for distribution in a Chapter 7 case. The Chapter 7 panel trustee is paid about 75 dollars for each case he reviews in the Chapter 7 case. A panel trustees report will also usually include that your income is not enough to allow a Chapter 13 payment. [newline]If there are assets available for the benefit of creditors, he will report that to the creditors so they can file a claim.

In some cases, you may find that the path you wanted to take initially just won’t work for your situation. Below, we list other Kentucky debt relief options that are available to those who owe money. Additionally, anyone filing for bankruptcy must complete a financial management course, and failure to do so may be grounds for denial. If you are experiencing undue hardship as a result of your debts, you can file for bankruptcy and have your debts discharged. If you need to file quickly but you don’t have the money to pay the full fee, you can make a down payment toward the filing fee and ask to pay the rest in installments. The court will tell you how much the down payment and installments will be.

Attorney Tracy L. Hirsch has 23 years of experience filing bankruptcy petitions in Kentucky. Her kind, compassionate, down-to-earth demeanor gives her clients the reassurance and peace of mind that they need during a difficult season of life. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”.

Do I Qualify For A Chapter 7 Or Chapter 13

Basically, the meeting of creditors serves to verify that the information in your bankruptcy papers is completely accurate. In order to prove your identity, you’ll need two forms of identification. Despite its importance, Chapter 12 bankruptcy is only used in a few cases. Chapter 12 bankruptcy is only available to a small percentage of debtors. There were only 498 Chapter 12 bankruptcy filings in 2018, compared to almost 766,000 Chapter 13 and Chapter 7 bankruptcy cases, the majority of which were consumer-related.

Redeem The Property

Be sure to choose your attorney wisely and not just based on their cost. Kentucky bankruptcy laws are designed to help you while treating everyone — creditors included — fairly. You can’t use bankruptcy to get out of child support obligations or certain government fines or fees.

You need to complete the course and file the certificate of completion with the court within 60 days of your creditor’s meeting. If you don’t, the court won’t enter your discharge, which is the main benefit of filing bankruptcy. Filing a chapter 7 bankruptcy or a chapter 13 bankruptcy can put an end to your wage garnishment.

The vast majority of Chapter 7 debt relief cases proceed smoothly from filing to final discharge, which is our goal in every case. To learn more about our Chapter 7 bankruptcy practice, contact us at O’Bryan Law Offices in Louisville, Frankfort or New Albany. The bankruptcy court will send out notices of your Meeting of Creditors. Your meeting will take place between 30 and 45 days after you file your case.

The trustee will look at and compare your bank statements to your bankruptcy forms. Their goal is to verify that the expenses you listed on your forms match what your bank accounts show. The repayment plan in Chapter 12 has several distinct elements. Farms and fishing enterprises controlled by family partners and companies have similar constraints. Unless one family owns over 50% of the stock or capital holdings in a partnership or company, it is not possible to file for bankruptcy under Chapter 12. Declaring bankruptcy might help you decrease or even erase your obligations.

Speak with an experienced attorney to fully explore your options and discuss potential tax consequences. It’s important to be very selective while looking for a credit counseling company or a debt settlement company, as few limitations exist for those companies currently. We can help you both manage your debt and receive legal protections from your bankruptcy filing. If you fail to pay the car loan, the lien on your car will allow your creditor to repossess your car and sell it to pay your remaining debt. Our mission is to help low-income families resolve their debt and fix their credit using free software tools. Our team includes debt experts and engineers who care deeply about making the financial system accessible to everyone.

During your free initial consultation, we will put together a detailed estimate of what your monthly plan payment would be. Our Louisville bankruptcy attorneys have 20+ years of combined experience helping clients get relief from debt, rebuild credit, and start fresh. It’s worth the time and money to have an attorney with experience help you plan.

We provide helpful tips and resources to help you file Chapter 7 bankruptcy in your state without a lawyer. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This website and its publications are not designed to provide legal or other advice and you should not take, or refrain from taking, action based on its content. While every state has its own set of exemptions, creditors generally cannot garnish income from the following sources. If you do (ignore the case), you will just hasten the inevitable. If the creditor hasn’t heard from you in a long time, they might seek the court to issue a default judgment against you.

In fact, it can be the first step to a brand new beginning for you and your family. It can be hard to determine which type of bankruptcy is your best option unless you have spoken with a bankruptcy attorney who has considered your complete financial situation. At Thornhill & Holt we can help determine if a Chapter 7 or 13 bankruptcy will give you the financial relief you are looking for. In general, filing a Chapter 7 can eliminate most all debts for those who qualify. However, there are certain debts that cannot be eliminated under a Chapter 7 bankruptcy and there are some individuals who may not qualify for a Chapter 7 bankruptcy filing. Our attorneys assess each unique situation on an individual basis before determining whether Chapter 7 bankruptcy is an option.