Depending on your financial situation and goals, we may or may not recommend that you file bankruptcy for debt relief. Another important consideration is finding one of the better credit counseling agencies that offer a free consultation. O’Bryan Law Offices offers a free consultation for consumers who are looking for a fresh start financially. Another option to help achieve debt relief is calling your creditors. If you have debts related to credit card use, this means calling your credit card companies. Explaining your financial life and your attempts at debt management to creditors could at least put you in control of your situation.
What Is A Reorganization Plan?
Debt settlement is a deal between a lender and a borrower to make a significant, one-time payment toward an existing amount in exchange for the remaining debt being forgiven. For example, someone who owes $10,000 on a single credit card may approach the firm and offer to pay $5,000. Often, the debt settlement companies or debt settlement agent for your credit card will feel awful about having to reject your offer and will agree to one of these alternative possibilities. If you stop paying your credit card debts, you might face serious legal and financial hardship. No matter the reason for your late or missed payments, credit card companies may decide to take action against you.
At Hodge & Smither PLLC, we prioritize transparency and communication, ensuring that you are informed every step of the way. If you’re unsure if your particular debts will allow you to file, here’s how to determine if it’ll help your specific situation. Learn about what bankruptcy is, and what your legal rights are when it comes to your assets. Clark began his legal career in the Planned Giving Department of the Ohio State University, working to make sure that charitable gifts to the school were successfully completed. He saw firsthand how bad drafting, poor planning, and excessive complexity in estate planning documents stood in the way of accomplishing the goals of the person making the gift.
Find out which types of bankruptcies can help you keep your property and your paycheck.
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The court will tell you how much the down payment and installments will be. Some filers choose to do this if their wages are being garnished or they’re facing other serious collection actions. That’s because as soon as you file for bankruptcy, an automatic stay goes into effect. 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. But Chapter 7 bankruptcy can help you get rid of medical bills and credit card balances that would otherwise take up most of your disposable income.
The automatic stay legally prevents creditors, including mortgage lenders, from continuing foreclosure proceedings temporarily. We understand that filing for bankruptcy has a certain negative association for most people. They imagine that their lives will fall apart if they file, or that they’ll automatically lose their home and their other property. However, bankruptcy is simply a legal tool that allows debtors to regain control of their finances. It also gives you the protection of the automatic stay, which is the only legal guarantee that your creditors will stop harassing you and that you can stop foreclosure proceedings. The answer to this question mostly depends on the chapter of bankruptcy that you file.
If you are interested in filing for Chapter 7 bankruptcy, or you want to learn more about which chapter of bankruptcy is right for you and your situation, call O’Bryan Law Offices. We can help you understand the advantages and disadvantages of a Chapter 7 filing and can help you file your petition for bankruptcy. By submitting, you agree the phone number you provided may be used to contact you by the law firm and its affiliates (including autodialed, pre-recorded calls or text messages). If you don’t want us to contact you, feel free to call our numbers. Louisville Lawyer List is is a local directory of attorneys in Louisville.
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You have the benefits of the automatic stay, which prevents your creditors from harassing you, from attempting collections, and from foreclosing on your home. Our foreclosure lawyers are here to help you find a foreclosure alternative that works for your individual situation. Facing a foreclosure proceeding can cause a lot of stress, but working with an attorney helps. Don’t try to tackle this complicated and stressful process on your own. Let an experienced lawyer from O’Bryan Law Offices evaluate your foreclosure case and inform you of your legal rights.
For the duration of the plan, the debtor must make every monthly payment on time and submit the payments to the bankruptcy trustee. Here again is the February 3rd, 2015, motion hour hearing where a judge spent nearly an hour sanctioning a debtor and his attorney in front of other attorneys. In the end, she sends cases to the US Trustee to investigate both the attorney and the debtors. Several of his cases were subject to being dismissed due to allowing clients to make payments on filing fees or paying attorney fees after he filed the case. In bankruptcy matters, Ted represents debtors, creditors, and committees in insolvency proceedings. Ted is a frequent speaker at bankruptcy conferences, including recent American Bankruptcy Institute conferences.
As long as you adhere to the repayment plan and continue making mortgage payments according to the terms outlined in the plan, Chapter 13 can help you prevent foreclosure and keep your home. Chapter 13 bankruptcy is a debt-repayment option that spans between three to five years. This page is designed to teach you how to calculate your minimum monthly payment for Chapter 13 bankruptcy. The Chapter 13 payment calculator does this by considering both secured and priority payments—amounts all debtors are required to pay during this period of time. It’s important to note, however, that some people have to pay more. If you make more, to qualify for Chapter 7 bankruptcy, you’ll have to pass the second part of the means tests.
