Additionally, should a creditor decide to sue you, they can Louisville Bankruptcy Attorney represent you in court. It’s important to be very selective while looking for a credit counseling company or a debt settlement company, as few limitations exist for those companies currently. We can help you both manage your debt and receive legal protections from your bankruptcy filing.
This limit applies to those individuals who are currently supporting a different spouse or a child that is not involved in the support order. Those who are not supporting others may have up to 60% of their disposable earnings garnished. Additionally, they can increase the garnishment amount by 5% if you are behind by more than 12 weeks in payments. While student loans are often considered nondischargeable debts in both Chapter 7 and 13 bankruptcies, some exceptions can help discharge someone of their student loan debt. For example, if paying the loans is causing an individual undue hardship, then their debt may be discharged.
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If you fail to pay the car loan, the lien on your car will allow your creditor to repossess your car and sell it to pay your remaining debt. In a Chapter 7 bankruptcy case, debtors usually only have to wait about 3-6 months from the day they file to the day they receive their discharge. In a Chapter 13 bankruptcy filing, debtors often wait 3-5 years to receive their discharge. Overwhelming debt can be a source of undue stress for many people, so some decide to discharge their debts by filing a Chapter 7 bankruptcy petition. While there are many dischargeable debts under Chapter 7, there are some debts that cannot be discharged in a Chapter 7 bankruptcy. Put Allan’s years of experience, bankruptcy knowledge and client commitment to work for you, starting today.
At Hodge & Smither PLLC, we prioritize transparency and communication, ensuring that you are informed every step of the way. If you’re unsure if your particular debts will allow you to file, here’s how to determine if it’ll help your specific situation. Learn about what bankruptcy is, and what your legal rights are when it comes to your assets. Clark began his legal career in the Planned Giving Department of the Ohio State University, working to make sure that charitable gifts to the school were successfully completed. He saw firsthand how bad drafting, poor planning, and excessive complexity in estate planning documents stood in the way of accomplishing the goals of the person making the gift.
Will A Chapter 13 Bankruptcy Help Me Get Credit Card Debt Relief?
For example, creating a trust is a great way to protect your assets from the probate process. The process can be a little complicated, so you should always consult with the counsel of a skilled trust attorney. He or she can advise you on appointing a trustee that will manage any property or assets of the trust and distribute them to your appointed beneficiaries. As a probate attorney, I know the steps individuals and families can take to avoid the process and better protect their assets. Helping you set up an estate plan allows me to educate you on the many different types of plans, Wills, and trusts. I can show you how each of them will protect and determine what happens to your assets when you pass away.
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To find out how much equity you have in your home, calculate your home’s current value. Let’s say your home is worth $200,000, and you still owe $150,000 on it. In this case, you have $50,000 in equity on your home, but the Kentucky bankruptcy exemptions would only protect $5,000 of that equity. The Eastern district oversees 22 counties in Kentucky, and has its main court location in Lexington.