It enables individuals with regular income to develop a Louisville Bankruptcy Attorney plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Money paid into the lawyers trust fund pays the filing fees and makes the first payments into the plan, showing you actually have the intention of paying. Respected local attorneys connect better with judges than you will. One of the biggest benefits of bankruptcy is the ability to have your debts discharged. Unfortunately, there are some disadvantages to filing for bankruptcy.

 

Benefits Of Chapter 11 Bankruptcy

 

Once the petition is drafted, you will meet with your attorney to review and sign your bankruptcy petition and schedules. You must verify the contents of your bankruptcy filing under penalty of perjury, so it is important to carefully review this document. Debtors should receive a legal notification that a creditor intends to move forward in an attempt to collect the debt. If you receive notice of pending wage garnishment, you must act quickly to avoid the action against you. So, while having your employer inform you of a wage garnishment ahead of time would be ideal, your employer isn’t legally required to do so. Turn to an experienced Kentucky wage garnishment attorney if this happens to you.

 

We will also answer any additional questions you may have and provide you with a recommendation on how to proceed. What’s more is that we will design a plan of action that is fully tailored to your income, finances, and assets. We focus on helping you achieve your financial goals rather than on making money like a debt consolidation loan might.

 

Unless the court permits a longer time for cause, the plan must typically make provisions for payments over three years. He began his legal career in a general practice law firm in the heart of central Kentucky. There he learned about numerous areas of practicing law including bankruptcy, criminal, real estate, family, and personal injury and gained valuable trial experience. He chose bankruptcy as a primary focus because he believes it can impact his client’s lives in a positive way that no other area of law can. Shopping for a cheaper or lower-cost attorney to file Chapter 7 bankruptcy often hurts. When firms advertise a lower cost, it normally means the debtor gets a lawyer with little experience.

 

Personal Approach

 

However, working with an experienced bankruptcy law firm can help you achieve bankruptcy relief as quickly and painlessly as possible. Additionally, it’s important to note that this is merely a meeting, not a hearing like in a bankruptcy court. Therefore, a bankruptcy judge won’t be there, and all decisions made during the meeting won’t be legally binding. However, you may need to pay the first few Chapter 13 plan payments into the attorney’s trust account.

 

When the bank files foreclosure, they hire an attorney at $250 to $350 per hour. Unfortunately, he gets paid to take your home as quickly as possible. If you are being sued, do not wait until after they garnish 25% of your wages and attach your home. It takes extra work and expense to remove a judicial lien or go to court to get money back.

 

A Louisville personal injury attorney will review your case and help you understand your rights. At Farmer and Wright, PLLC, we will be a tireless advocate for you. We fight for our injured clients, demanding fair compensation for their losses. Chapter 13 bankruptcies typically take longer to complete than Chapter 7.

 

These are usually unsecured and secured debts deemed to be of less importance than other debts. People often file for Chapter 13 if they have secured debts they don’t want to lose, or if they don’t qualify for Chapter 7. A skilled bankruptcy attorney can help you determine which of these two types of bankruptcy will provide you with the best outcome based on your circumstances. In addition to helping you choose which chapter of the bankruptcy code you should file under, they can also help you file a claim to have your debts discharged. While this is a great benefit, there’s one drawback to paying in installments. If you don’t make your payments as agreed, the court can dismiss your case.

 

At O’Bryan & O’Bryan, a Louisville, Kentucky law firm, our attorneys have been meeting clients’ needs since 1969. An experienced foreclosure or bankruptcy attorney will be able to give you the most relevant answer for your case. At O’Bryan Law Offices, our attorneys educate individuals and families across Kentucky and Southern Indiana on their options to pursue debt relief and asset protection.

 

For some overwhelmed Kentucky consumers, it makes sense to file for Chapter 7 bankruptcy protection. This option provides a person with the opportunity to deal with certain types of debt once and for all. There is no one-size-fits-all solution for dealing with unsecured debt, and it is in your interests to first explore all of the options available to you. A debtor may object to the wage garnishment or the amount withheld. In this case, the debtor must file a Claim of Exemption with the court that issued the judgment.