Luckily, most bankruptcy filers are able to keep their homes when they file for bankruptcy. There are two situations in which filers may face the loss of their home after they declare bankruptcy. If you don’t own a home, or if you have a partially unused Kentucky Bankruptcy Lawyer homestead exemption, you can use up to $13,950 of that as another wildcard exemption.

State laws may offer debtors additional protection by limiting garnishment amounts even further. Original creditors often sell your debt to a debt buyer when they discontinue efforts to collect the debt. This category includes credit card companies, banks, and other entities to whom you owe money. They can undergo the whole process without shutting down their business, and they can receive debt discharges.

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Most courts release the standard fee that the attorneys may charge for a Chapter 13 bankruptcy without the court reviewing it called a no-look fee. Unless more than the standard work is required, attorneys cannot charge more than this no-look fee. If the case is unusual, the attorney may document the work and file a motion for fees documenting the work done and the cost.

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This is true even if they filed for bankruptcy, because they can discharge their debt to the creditor but not their responsibilities to you under the divorce decree. What your unsecured creditors receive is determined by how much you can afford to pay. A Chapter 13 bankruptcy plan is a form of debt consolidation – – you will make one payment to the bankruptcy trustee, who will then pay your creditors.

Chapter 12 has the benefit of allowing debtors to “cram down” secured debt such as farm mortgages and boat loans. The worth of the security offered for the loan must be paid to lenders and other secured lenders. Any sum outstanding in excess of the collateral’s value is considered unsecured debt, and in Chapter 12 cases, it is generally paid very little. Secured loan payments can be deferred even beyond the plan’s duration, and interests can be cut to a market price.

Banks that sue homeowners following a foreclosure are included in this category. They receive a judgment against the individual if they win in court. As a result of the ruling, they are now able to get a garnishment order. At O’Bryan Law Offices, we can help you achieve debt relief in Kentucky and Indiana, as well as handle garnished wages without notification. Once you establish an attorney-client relationship with us, we can offer a free evaluation of your case. This means we don’t accept a cent from you during your initial consultation.

If possible, they can help you avoid foreclosure by the bank or the mortgage company. The attorneys at the family-based, O’Bryan Law Offices can walk you through this intimidating time. Chapter 7 bankruptcy is the most suitable option for many individuals and even some businesses. With over 50 years of combined experience, our attorneys can provide the personalized, knowledgeable guidance you need. Both Kentucky and Indiana have detailed schedules of exemptions that allow you to claim certain property as unavailable to creditors. In most cases, holders of unsecured claims collect little or nothing from you, and you keep everything you have.

The original owner has a right to revoke said property from the borrower or buyer without invoking court proceedings. The most common type of repo is generally the repossession of a vehicle. It goes without saying, but nobody wants to have their property repossessed.

When you have gathered all of your documents and completed your online credit course you are ready to file. The last step is to make your final payment and drop off or email all of your documents to us. Once we have everything, it only takes a few days to get your bankruptcy case prepared and filed.