After you’ve filed your bankruptcy petition, the court will issue a notice of the filing to all of your creditors. This will put an automatic stay in place, which Kentucky Bankruptcy Lawyer 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.
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In most cases, an attorney will be a better option than a debt settlement company. They can help you with everything that a settlement company can, plus much more. Not only will they review your finances and find the best solution for you, but they will also negotiate with creditors on your behalf.
How To Pay Off Credit Card Debt
Do you have enough leftover income to work on paying down your debt after you deduct essential expenses? If you do have enough, you will be dismissed from Chapter 7 by the bankruptcy court. Then, you will file Chapter 13 bankruptcy.However, in Chapter 13, your unsecured debts cannot exceed $419,275, and your secured debts cannot exceed $1.257 million. If you are unsure of what to do next with your bankruptcy case, we recommend speaking with our professional bankruptcy lawyers. Many people consider filing bankruptcy for credit card debt, medical debt, default mortgage payments, or other financial reasons.
Estate Law Attorney / Estate Planning In Louisville
” Each state has its own unique laws and protections for borrowers, as well as specific processes. Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure. In the following sections, we briefly outline the Kentucky foreclosure process. From there, you are released from personal liability for your unsecured debts, and you may continue making payments on secured debts to ensure you can keep your property. Additionally, you should collect and store all of your bankruptcy paperwork in a safe place, in case your future lenders ask to see them. Also, while Chapter 7 bankruptcy can stay on a person’s credit report for up to 10 years, you can still have a life after bankruptcy.
If you cannot produce copies of canceled checks or receipts for payments, the home will simply go back into foreclosure. We understand how scary and frustrating it can be to face aggressive or persistent debt collectors on your own. Luckily, our attorneys are here to help protect consumers in Kentucky and Indiana from deceptive practices from their creditors. We will also outline and explain your options for dealing with debt collectors and getting your finances back on track. Debt consolidations involve rolling multiple types of debt, such as credit card debt, into one monthly payment.
For more specific information related to the benefits of bankruptcy, we recommend reading our related article. You’ll also need to disclose any lawsuits that have been filed against you and any property that has been repossessed. At our firm, we assist clients with filing for bankruptcy and with other consumer protection matters. By sitting down to a free initial consultation with a skilled and knowledgeable bankruptcy lawyer, you can start taking control of your finances. Call our office or complete our online contact form to get started. The attorneys at Hodge & Smither understand that times can get tough for Kentucky households.
