They can, however, garnish any disposable income that is greater than 30 times the federal minimum wage. Between this amount and 25% of someone’s income, they must choose to garnish the smaller amount. Unsecured debts, however, don’t have any collateral attached to them. This means that if you don’t pay, there’s nothing that’s taken away from you. However, your credit card company Louisville Foreclosure Attorney extends a line of credit for you. If you can’t pay back what you owe, they can’t take your property.

What Is Chapter 7 Bankruptcy?

Just because you owe money to another person, a bank, a credit card company, a landlord or another party doesn’t mean you’ve signed away your legal rights. Federal and state debtor-creditor laws explain both the legal rights and obligations of debtors (people who owe money) and creditors (those who are owed money). Your lawyer can discuss the pros and cons of debt settlement, garnishment, personal bankruptcy and other possible solutions.

You only have 20 days after you are served to file an answer or file bankruptcy. Otherwise, the court will typically issue a default judgment and sale. For example, lenders may not discriminate against borrowers on the basis of race, age, ethnicity, religion, sex, and many other attributes. We recommend establishing an attorney-client relationship with a skilled attorney in your area. This way, you can rest assured that your legal counsel will know all federal, state, and local protections available to you.

Our attorneys are well-experienced, assisting clients with bankruptcy relief, criminal defense, personal injury representation and all legal matters. Upon filing Chapter 7 in Kentucky, the court will assign a bankruptcy trustee to your case. You’ll be provided with the trustee’s name and contact information in the court’s Notice of Chapter 7 Bankruptcy Case.

Louisville Foreclosures – Your Kentucky Options With Video

The good news is that you don’t have to have a lawyer to file Chapter 7. You can keep the costs down by filing without one, either using Upsolve’s filing tool or going it alone. If you’re facing bankruptcy in Kentucky, you may feel lost in terms of where to start or who to talk to. The bankruptcy process is often confusing and complicated for many people, which is why we recommend working with a Kentucky bankruptcy lawyer.

Resources For Bankruptcy

Once these are completed, all that remains is receiving the final decree from the court. The final stretch of your bankruptcy case will be handled largely by the bankruptcy trustee, as they must submit certain documents to the court. Usually, the closing process begins after you have completed all of your plan payments, which is around months after filing. If an issue arises that affects your ability to make payments, have your attorney work with the bankruptcy trustee to propose a modification of the plan to the bankruptcy court. All modifications are subject to approval by the court before they go into effect. You may also be able to convert Chapter 13 to Chapter 7 under certain circumstances.

The longer you wait to pursue debt management, the fewer options you’ll have for your credit card debt incurred. Below, we outline some ways to examine your financial situation and achieve relief for your unsecured debt. That said, with all the misconceptions swirling around bankruptcy, it’s no shock that people often look to other options before committing to bankruptcy. The truth is, for some people, there are some viable options other than bankruptcy, such as short sales or obtaining loan modifications.

We have such an amazing collection of friends and family here in this city with us and we think Louisville offers the perfect balance of rural and urban living. I look forward to getting to know you and guiding you along this journey. Our Louisville Office is convenient for all three regional bankruptcy courts where we practice in Louisville, Lexington, and New Albany, Indiana. If your case is relatively simple and there are no issues with your creditors, your case may be over at this point. However, your case may need to go to court if there are any problems or disputes. If you’ve decided that Chapter 7 bankruptcy is right for you, there are a few steps you’ll need to take to get the process started. [newline]If your job requires you to maintain a security clearance, you may lose your clearance if you file for bankruptcy.

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. In some cases, you may find that the path you wanted to take initially just won’t work for your situation. Below, we list other Kentucky debt relief options that are available to those who owe money. Those who are overwhelmed by their debt should avoid shady companies that don’t have their best interests at heart.

Don’t settle for a court-appointed lawyer or take your chances alone. The decisions you face can make a big difference in your future employment, and personal freedom, let alone friends and family. When you’re facing bankruptcy, a criminal charge, a divorce, or a child custody dispute, your attorney needs to do more than represent you. We understand just how serious this matter is to you, and we take a collaborative approach to help you succeed.

The onset of the COVID-19 pandemic and the financial hardships it brought are stark evidence of that. When debt amasses, payment due dates come and go, and creditors begin threatening serious action, many people look to bankruptcy to find relief. Although bankruptcy is not a cure-all for various kinds of debt, it is an option that can provide a fresh start. If you’re behind in payments and have mounting debt, then you’re facing one of the most difficult challenges a person can face.

This allows them to keep their business up and running while working to repay their debts by other means aside from liquidating their business assets as a way to repay them. These documents are important because they help you, your lawyer, the bankruptcy trustee, and your creditors get a better picture of your current financial situation. These documents make it much easier to fill out your bankruptcy forms in a timely manner.