This is when having qualified foreclosure attorneys on your side will be invaluable. Stites & Harbison, PLLC recently appointed attorney Robin E. McGuffin Chair of the firm’s Employment Law Service Group. McGuffin succeeds Shannon Antle Hamilton who has led the group for more than 20 years. Both Hamilton and McGuffin will continue their diverse legal practices in employment law. Contact our law firm today to schedule a meeting or telephone conference in Owensboro, Lexington or Louisville.
It’s not meant to be used by those with the means to pay their debts. That’s why every person who seeks Chapter 7 relief has to pass the bankruptcy means test. You’ll need to calculate your average household monthly income and then compare it to the median income in Kentucky for a similarly sized household. It normally costs $200 more to file as a couple than a single person. A case becomes a little more complex with more debt and property. When the client pays less, they often get fewer services or they get an attorney with less experience and knowledge.
Working with a Louisville bankruptcy attorney, however, will 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.
Using, Selling, Or Leasing Property
Chris handles each case from intake, to preparation, to filing and court appearances. At Christopher Kurtz Law Office, you can expect personal contact for every call, meeting or issue that comes up during your case. At the Christopher Kurtz Law Office, we have a positive record of successful challenges for commercial real estate tax increase. We can help you save hundreds—or possibly even thousands or hundreds of thousands—of dollars in annual taxes by filing a commercial real estate tax appeal. Assessors use different methods to determine the fair market value of your property, including the income approach, the market sales approach, or the cost approach. Attorney Christopher Kurtz can address any of these approaches in a knowledgeable manner.
There are a number of important decisions to make, such as whether you want to file for Chapter 13 or Chapter 7 bankruptcy. I can help you understand the pros and cons of each so you can make an informed decision. Brian has also represented creditors pursuing derivative claims in bankruptcy. Brian edits and contributes to Creditors’ Sidebar, a legal blog focused on bankruptcy and creditors’ rights issues. Our lawyers make sure that you understand your responsibilities and we help you meet them.
It can take away a large portion of your total monthly income, making it harder to pay your debts. Luckily, there are a few ways to stop garnished wages, protect yourself from their effects, and achieve debt relief. For detailed advice about your situation and your options, there’s no substitute for talking to an experienced bankruptcy attorney. We have years of experience with bankruptcy law and do not recommend filing bankruptcy without the help of an experienced attorney. Contact us at O’Bryan Law Offices with convenient locations in Louisville, Frankfort, or New Albany to Schedule a Free Consumer Bankruptcy Consultation. Our experienced bankruptcy attorneys at O’Bryan Law Offices can help you choose the best option for your situation.
Frequently Asked Questions About Bankruptcy In Louisville
Your non-exempt assets become part of your bankruptcy estate when you file for bankruptcy. This implies that until your bankruptcy case concludes, the judge in your divorce case cannot split your assets. If you’re going through a divorce, alimony and child support difficulties might delay your bankruptcy case.
It also provides for an automatic stay of all legal proceedings, including foreclosures, that go into effect immediately. Both Kentucky or Indiana are judicial foreclosure states, meaning foreclosure requires court action. So usually, your lender will wait until after the third or fourth consecutive missed payment, accompanied by numerous warning notices, before proceeding. Even if a bankruptcy court grants the bank their motion to end the stay, the foreclosure will be delayed at least a few months. This extra time might allow you to explore alternatives to foreclosure.
Attorney Christopher Kurtz will consider your unique circumstances when devising solutions for your estate. We can prepare wills, trusts, other estate plan documents, and can help your family avoid expensive, time-consuming probate. Before you file for bankruptcy, be sure to talk to a Louisville bankruptcy attorney. At Farmer and Wright, PLLC, we will listen to you, review your finances, and help you understand your options. We can also help you understand alternatives to bankruptcy, such as debt consolidation.
Meet One Of Louisville’s Most Trusted Bankruptcy Attorneys
However, the lender can then file a Motion to Lift the stay on your foreclosure, and probably will. Because a Motion to Lift is often hard to fight, Chapter 7 bankruptcy will probably only delay foreclosure. The only way to avoid a Motion to Lift is to catch up on your payments, which may be possible if you don’t have to worry about your other debts. The prospect of losing your home due to insurmountable debt can be devastating.
We recommend seeking professional help from a Kentucky garnishment lawyer to better understand how to make use of these exemptions. O’Bryan Law Offices can help you file for bankruptcy, rectify your financial situation, and help you out from under crushing debt. Even though the dip in their credit score hurts at first, the effects won’t last forever. Even if you’re not sure that bankruptcy’s right for you, try to keep these ideas in mind as you deal with your debt problems.
Your gross household income has to be no greater than the state median in Kentucky or Indiana, as the case may be. We can analyze your income and expenses to see whether you qualify for Chapter 7 bankruptcy in Louisville. Priority debts, including child and spousal support as well as criminal fines, are not subject to the automatic stay in bankruptcy. Exemption laws exist in each state, and depending on your situation, laws may fully or partially protect your income. Chapter 7 is the best choice for bankrupt individuals because it’s fairly affordable, and they get to keep their house and their job throughout the whole process. Individuals are generally required to sell assets during a Chapter 7 case.
As of April 2022, you can also receive a full federal exemption for the following. One of the most significant reasons why many people choose the federal exemption option is for the more generous homestead exemption. The Kentucky homestead exemption only protects up to $5,000 of the equity in your home. Under the federal homestead exemption, however, one filer can exempt $27,900 of the equity in their home.
In Kentucky, the cost of a bankruptcy lawyer is around $1,100–$1,200. Bankruptcy attorneys usually charge a flat fee, rather than billing by the hour. If you’re concerned about whether your assets will be protected, hiring a bankruptcy attorney and getting legal advice may be a good investment.
A plan may not arrange for payments to be made over a period of more than five years. Any additional obligations are usually forgiven after your assets are sold. Student debts and taxes, for example, are not excluded and must be paid off eventually. Cases of bankruptcy can be dismissed for a variety of reasons, including failure to follow a repayment plan or a professional error. Finally, if a debtor’s circumstances have recently altered, an automatic stay may be imposed or prolonged. Whether you want to file bankruptcy in chapter 7 or chapter 13, Nick has the expertise to cover them.