Legally, they must respect your request and talk with Louisville Foreclosure Attorney your attorney as soon as they know you have one. Finding and retaining an attorney who meets your legal needs is an important decision. At O’Bryan & O’Bryan, a Louisville, Kentucky law firm, our attorneys have been meeting clients’ needs since 1969. Certain debt relief solutions work for some people, while others need different solutions.

In a Chapter 7 bankruptcy filing, the debtor’s outstanding debts are discharged, meaning the debtor no longer has a responsibility to make payments on them. In a Chapter 13 bankruptcy, however, the debtor is given a multi-year repayment plan to pay their outstanding debt. If you are experiencing undue hardship as a result of your debts, you can file for bankruptcy and have your debts discharged. The experienced Louisville bankruptcy attorneys at O’Bryan Law Offices are here to help you file your bankruptcy petition and are even prepared to defend your interests in bankruptcy court.

Kentucky Debt Collection Laws

Create an estate plan today so you can protect what’s important and provide some peace of mind knowing your family will be taken care of long after you’re gone. Because credit is so important, we understand the worry that a garnishment might affect your credit score. Technically, the damage that’s done to your credit score comes more from the missed payments rather than the garnishment itself. A judgment is required before a creditor or collection agency may obtain a garnishment order.

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.

Defense Attorney Serving Kentucky

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.

We will review your finances and recommend some Kentucky debt relief programs that may help you. Lower interest rates mean more manageable monthly payments and an easier repayment process. Once you consolidate your debts, you won’t have to worry about multiple payment schedules anymore. Yes, Chapter 13 bankruptcy can halt foreclosure proceedings and provide an opportunity to save your home. When you file for Chapter 13, an automatic stay goes into effect, immediately stopping ongoing foreclosure actions. While in Chapter 13 bankruptcy, it’s possible to buy a car, but it typically requires court approval.

However, it’s important to understand how bankruptcy attorneys get paid before hiring one to represent you. Please include all relevant details from your case including where, when, and who it involves. Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers.

Therefore, sometimes just filing a Chapter 7 and eliminating unsecured debt makes your home affordable and avoids foreclosure. Chapter 7 Bankruptcy only temporarily stops a home foreclosure sale. When a mortgage lender forecloses, Chapter 7 Bankruptcy can temporarily halt the foreclosure sale. However, it protects the homeowner from any deficiency or tax debt if it is filed before the sale. The automatic stay also helps with a few situations other than debt collector harassment.

What’s more, I filed the first Chapter 11 Small Business Reorganization Act case in Western Kentucky for a small mom-and-pop business. Chapter 13 bankruptcy requires debtors to use their disposable income to repay their creditors. Disposable income is the amount left over after mandatory expenses, such as taxes and child support, have been paid. The debtor makes payments to a trustee, who distributes the funds to creditors.

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”. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time. You may be able to save your home for a few more months, which could give you the breathing room you need to prevent the sale altogether. We recommend speaking with a Chapter 7 lawyer for more information on how this chapter of the Bankruptcy Code can help you. Many borrowers are unaware that they have certain rights and protections under state and federal law. Most attorneys are well aware of these protections, and will inform homeowners of their legal rights.