This is especially true if you are someone who is currently falling behind on your mortgage payments or are otherwise in a significant amount Kentucky Bankruptcy Lawyer of debt that you can’t get out of without help. Income Taxes can be discharged in bankruptcy after 3 years if you properly filed the returns. Student loans can sometimes be discharged because some of them are not from qualified… Three different federal reserve studies show your credit actually improves after you file bankruptcy. As a Wills & trusts lawyer, I help many individuals and families prepare for the future. When you have a Will in place, your family won’t be left guessing what your wishes may be or who your beneficiaries should be.

Kentucky also has a $1,000 wildcard exemption to protect anything you want. Filers who’ve lived in Kentucky for at least two years can choose to use federal exemptions or state exemptions. However, you’ll need to examine both to see which provides the best protection for the assets you have. If you need to make any changes/amendments to your bankruptcy forms after filing Chapter 7 bankruptcy, the Eastern District’s website provides detailed guidance regarding amendment fees. The Eastern District of Kentucky allows online filing through its electronic Self-Representation (eSR) system or you can go to the courthouse in person.

You may find that the federal bankruptcy exemptions protect more of your real and personal property than your state bankruptcy exemptions. The exemptions for filers listed in the Bankruptcy Code apply to single filers only. If you file jointly with your spouse, you can double the listed amounts. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. A redemption period allows borrowers to buy back their 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.

We have many years of experience helping clients faced with overwhelming and unmanageable debt. Although these situations are unexpected and not of your own making, they need to be tackled and we can help you take the proper legal steps to do so. We are pleased we can offer you a plan to move forward through and out of some financial difficulties that you are experiencing towards a fresh financial start. We thoroughly understand and can help with the bankruptcy and the debt resolution processes and payment plans are available.

Bankruptcy Do’s And Don’ts

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.

To determine which district you will submit your bankruptcy filing in, contact an experienced attorney. I often get concerned questions that all start with “What If.”  What if my car dies? If something comes up while you are in your plan, please reach out to us as soon as possible so that we can go through the proper steps to make your plan successful.

Additionally, low-income earners or those working for the federal minimum hourly wage might be able to claim exemptions for their total wages. High-income earners are much more likely to face wage garnishments of their weekly wages. If the creditor hasn’t heard from you in a long time, they might seek the court to issue a default judgment against you.

Disposable Income And The Means Test

1) Bankruptcy can pay 0 zero back to creditors 2) Bankruptcy is a court order from a federal judge you dont have to beg 3) Bankruptcy places you into control… There are a fes simple steps I outline on my website how people can get a high FICO score after filing bankruptcy. Determining which process is best for your situation can be difficult, but you don’t have to face it alone. Seek the advice of an experienced attorney before making any important decisions on how you want your estate to be handled. While it is possible to establish a Will without legal counsel, I certainly wouldn’t recommend it. If you want to ensure that your Will is valid and effective, you’ll need the advice of an experienced estate planning attorney.

I only take clients each month, so you receive the personal attention you deserve. If you’re looking for a way to eliminate debt, then bankruptcy may be an option for you. However, filing for bankruptcy is a serious decision that can have long-term consequences. It’s important to understand the differences between Chapter 7 and Chapter 13 bankruptcies so that you can make an informed decision about which one is right for your financial situation. Let’s take a look at the differences between these two forms of bankruptcy and how they could affect you if you decide to file. By filing this chapter as opposed to liquidation under Chapter 7, debtors can stop foreclosure proceedings and may work to cure delinquent payments over time.

You’re probably well aware of how important your credit report and credit scores are. The Fair Credit Reporting Act outlines exactly how certain financial information, such as debt collection, can be shown on your credit report. Other state and federal laws exist that provide protections for consumers against the following. In transactional matters Ted concentrates in all aspects of financing and secured transactions, leasing, structured financings, workouts and reorganizations, and general corporate practice.

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. At the end of the payment plan, any remaining unsecured debts will be eliminated and you will be up to date on your secured obligations. After the Chapter 7 discharge order has been issued, all debt collectors are required to stop any collection efforts on the discharged debts.