In most cases, a lender will alert the buyer of any missed payments and attempt to collect them before taking any further steps. If the buyer does not respond to these remedial attempts, this is when a repo may take place. In most states, including Kentucky and Indiana, a lender is legally able to repossess your car without prior notice.
If you are interested in establishing an attorney-client relationship, we invite you to call or visit with one of our attorneys for that purpose. Every bankruptcy district is very similar in how they run courts including the bankruptcy court, Western District. If you are self-employed in the Western District of Kentucky, our Ch. Chapter 7 panel Trustees rarely distribute property unless the debtor lies and fails to disclose property.
Working with a Louisville bankruptcy attorney, however, will Louisville Bankruptcy Attorney give you access to debt counseling and credit counseling. We also help our clients learn how to achieve and maintain a better financial future. A bankruptcy discharge legally releases a debtor from the debts owed at the time of their bankruptcy filing. This means that after filing for bankruptcy and receiving a discharge, the debtor is released from their legal obligation to repay their debts so that they can have a fresh start.
The best interests of creditors must be met by Chapter 12 arrangements. Creditors must receive at least the same amount under a Chapter 12 bankruptcy as they would receive in a Chapter 7 liquidation, according to the best interests test. Unsecured creditors can be paid cents on the dollar or possibly nothing at all if the best interests test is fulfilled.
Mississippi born and raised, Attorney John Hughes is committed to excellence, and has been successfully representing our clients since 2002. Filers who’ve lived in Kentucky for at least two years can choose to use federal exemptions or state exemptions. However, you’ll need to examine both to see which provides the best protection for the assets you have. Even though you’re meeting with your trustee and not a judge, you must still arrive on time and dress appropriately. If you’re working with an attorney, they’ll complete the forms based on the information and documents that they collect from you. If you’re filing without an attorney, you’ll have to complete the official forms yourself.
Most people will be able to protect their essentials, such as their home, their car, and even tools of the trade. To determine which chapter you qualify for, you’ll have to take a Kentucky bankruptcy means test. The means test will calculate your average monthly income and then determine whether you make too much money to file Chapter 7. The income limit for filing Chapter 7 also takes into consideration the number of people in your household. 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.
Filing Your Bankruptcy Petition With The Court
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. Bankruptcy is also able to provide some immediate relief to filers. Garnished wages can be devastating to an individual or family and often makes an already bad financial situation much worse.
We are available 24/7 to schedule your phone, video, or in-person consult. Meanwhile, a Chapter 13 trustee will assess the feasibility of your proposed Chapter 13 repayment plan during a 341 meeting. The Chapter 13 trustee will consistently deliver monthly payments to creditors if the judge approves the plan at the confirmation hearing. The 341 meeting will generally be scheduled 21 to 50 days after you file for Chapter 13. If the repayment plan fulfills the conditions set out in Chapter 12, they can submit a payment schedule to make installment payments to creditors over three to five years. The debtor does not have to accept the proposal and does not have the option of voting against it.
Understanding The Bankruptcy Process: What To Expect
In this way, we protect our clients from being bogged down with attorneys’ fees when they’re already struggling. We can also advise you on the best course of action for your individual situation. Filing for Chapter 13 bankruptcy is another option available for homeowners. You will have to prepare a repayment plan for your creditors and have it approved by your bankruptcy trustee. As with Chapter 7, you’ll get an automatic stay when you file, and it will last as long as the bankruptcy proceedings are in effect.
We exist to help you find the highest rated Louisville lawyers for your needs. Ironically enough, not all creditors choose to show up at the 341 meeting of creditors. When they do, however, it’s usually because they suspect something. The best thing to do if a creditor shows up at the 341 meeting is to just tell the truth. In the rare case that a creditor appears, they might ask you questions about the following topics.
In 2019 these fees increased nationwide to about $1,400 and $1,600 dollars. Nationwide, the attorney fee for filing a normal Chapter 7 uncontested bankruptcy has been about the same cost as a nice GE refrigerator at Lowes. If you have been garnished before you filed for bankruptcy, it is possible to get some of your garnished wages back. Funds in excess of $600 taken within the ninety days prior to filing can be recovered. Any amount that is taken after the filing date can also be recovered. Usually, a refund check will be sent to your attorney for you to pick up.
Keep in mind that debt restructuring is another, simpler way for consumers to get their finances back on track. If you are willing to file a bankruptcy without hiring a professional attorney, it is known as filing pro se. However, hiring a qualified and experienced attorney is always recommended to make a healthy attorney-client relationship and gain proper guidance about legal technicalities.
If something comes up while you are in your plan, please reach out to us as soon as possible so that we can go through the proper steps to make your plan successful. The structure of your filing can significantly impact the outcome of your case and the financial position you will be in after your discharge. Schedule an appointment with one of our attorneys today to go over your options and what is best for you. Technically, you must receive court approval before applying for new lines of credit while your bankruptcy process is ongoing. However, it’s important to remember that you might not qualify for certain types of credit for a while after you file.
The final steps in your Chapter 7 bankruptcy timeline are discharge and conclusion. If nobody files an objection and you satisfy all other requirements, the bankruptcy court will enter an order discharging your debts. To find out exactly what Chapter 7 bankruptcy can do for you, read our related blog post. A court-appointed bankruptcy trustee oversees your Chapter 7 bankruptcy.
You also have to work together with the attorney to get the bankruptcy done right. He can’t gather your bank account and other records for the court. Chapter 12 debtors might be married or single people, businesses, or partnerships.