In this chapter, debtors must pay  Louisville Bankruptcy Lawyer back at least a portion of their debt over a three to five-year period. They can also keep more of their personal property and avoid foreclosure on their home. The Kentucky bankruptcy laws govern your exempt property, but federal law, specifically the Bankruptcy Code, governs the bankruptcy petition and process. Specifically, the Kentucky Revised Statutes outline the details of what we cover in the following sections. Each state, including Kentucky, has its own laws and regulations when it comes to bankruptcy filing. However, the overall processes aren’t very different from state to state.

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Doing any of the below actions might get you in trouble with the bankruptcy courts. However, certain debts are not eligible for discharge through bankruptcy, not even through a hardship discharge. Although not every filer has to make their first payment before the 341 meeting, it is usually the case that they have to.

With our office you can file a skeleton petition so you can get all the benefits immediately and prepare the majority of the petition the next day. Then, the garnishments stop immediately, the bank attachments end, and the harassment stops. With these cases, the law office prepares the majority of the petition the day after the case files. Collectors are not polite and will not work with you, but you are not under their control. 15,000+wills & estates planned by lawyers at O’Bryan and O’Bryan Law. We also counsel clients from all over Kentucky and Indiana on the following issues.

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.

We proudly help clients in Jefferson County and throughout the state of Kentucky, and we would be honored to be the firm to guide you to your safe harbor. Bankruptcy may seem like a scary prospect, but with the right legal team in your corner, it absolutely does not have to be. Schwartz Bankruptcy Law Center is here to be your number-one advocate, every step of the way. The repayment plan considers your income, expenses, and the value of your assets. You’re expected to pay creditors a portion or the full amount owed during this period. Typically, you can keep your property if you continue making payments according to the agreed-upon plan.

Other Ways To Stop A Foreclosure In Kentucky

Louisville, being the largest city in Kentucky, has its own set of financial stressors, from fluctuating employment rates to the rising cost of living. We make it a priority to ensure that each of our clients feels respected, heard, and understood. Don’t lose another night of sleep due to creditor phone calls and unpaid bills. We can protect you, and help you obtain the financial freedom you deserve. From the gal at the front desk to the lawyer who got on the phone with me and was kind and thorough in a quick 5 min consult, these guys are consummate professionals and it shows.

How Does The Kentucky Foreclosure Process Work?

Additionally, we may be able to recover some of the funds that may have been taken. If you’re looking to stop wage garnishments in their tracks or achieve debt relief, O’Bryan Law Offices is here for you. A wage garnishment will continue until the entire debt is paid off or arrangements are made to pay off the debt. If you do not want to file bankruptcy, your only other options are continuing with the garnishment or contacting the creditor directly to arrange payments for the debt. Before making the decision to file for bankruptcy, it’s important to sit down and weigh the pros and cons.