If you don’t think bankruptcy is the best answer for Louisville Foreclosure Attorney your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. Federal law prohibits beginning a foreclosure before the borrower is over 120 past due on their mortgage payments. This period of time gives borrowers time to pursue a loss mitigation option from their lender. Bankrutpcy court allows you the perfect place to sue creditors back in federal court. A debtor who is a victim of Fair debt collection practices act violations, fair credit reporting…

 

As a result, we can handle most of the typical client’s legal needs. If we can’t, we’ll refer you to someone who can, because competent representation is the cornerstone of our practice, and satisfied clients the key to our success. In fact, this chapter of bankruptcy is specifically designed for fishermen and family farmers who have regular annual income. Under Chapter 12, farmers or fishermen submit a payment plan to creditors, which generally allows creditors to receive payments over the course of three to five years.

 

This notice informs the parties that the court is preparing to grant your bankruptcy discharge. Repayment plans can be modified after confirmation under certain circumstances. For example, if the debtor loses their job, gets into a car accident, suffers a serious illness, or encounters another roadblock, this can justify a modification. Specifically, the Bankruptcy Code requires that the first 341 meeting occur no sooner than 21 days after filing and no later than 50 days after filing. It is during this meeting that the repayment plan will be discussed and proposed. Within 30 days of filing your Chapter 13 bankruptcy petition, you will make your first monthly payment for your payment plan.

 

Why Choose O’bryan Law Offices?

 

However, it is actually more straightforward than many filers realize. In the following sections, we outline the major steps that Chapter 13 filers must complete before receiving their Chapter 13 discharge. A deficiency balance is the amount of money that you still owe on your mortgage after your home is sold at a foreclosure sale. In some states, lenders can sue you for this amount, which can be a significant financial burden. The Fair Debt Collection Practices Act specifically prohibits debt collectors from doing any of the following.

 

A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision. If possible, they can help you avoid foreclosure by the bank or the mortgage company. Are you sick and tired of being harassed by collection agents and being threatened with everything from a wage garnishment to a lien on your home? Are you afraid to look at your own phone or dread making a trip out to the mailbox?

 

Most importantly, if you do not want to be called, then you can instruct them to cease all contact. After your phone call, send them a follow up certified letter for proof that you laid out all your ground rules. Federal law mandates that notices must be in writing to retain full legal effect. There are certain things collectors cannot do when collecting debt. For instance, collectors are not allowed to call before 8am or after 9pm, unless you directly give them permission to do so.

 

In this chapter, debtors must pay back at least a portion of their debt over a three to five-year period. They can also keep more of their personal property and avoid foreclosure on their home. The Kentucky bankruptcy laws govern your exempt property, but federal law, specifically the Bankruptcy Code, governs the bankruptcy petition and process. Specifically, the Kentucky Revised Statutes outline the details of what we cover in the following sections. 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.

 

For individuals and families struggling with debt, the thought of finding relief from the piles of bills and creditor calls can seem like an unattainable dream. Stop creditor calls and annoying past-due notices by speaking with our bankruptcy attorney. Do you need a short sale on your home so that it doesn’t go into foreclosure? Whether it’s a reputable car loan specialist or an experienced realtor, Tracy has connections to create a collaborative team. If you need expert advice from an experienced Kentucky bankruptcy attorney, you can get it quickly.

 

If you want to file bankruptcy, you must meet the standards for the chapter you want to file. Before you file for bankruptcy on credit cards, you must prove that you’re about to handle your own debts.If you intend to file Chapter 7, you must pass a means test. Firstly, you will pass the test if your income from the previous six months is below the median income for a family of the same size in your state. If you cannot pass the means test, you cannot file Chapter 7 bankruptcy.If you can’t pass the means test, there is another consideration.

 

Helping You Build A Brighter Financial Future

 

The most obvious reason may be that they want to keep their assets and avoid foreclosing their business property. In a short time, this matter can be resolved, providing you the relief offered to all persons filing under the protection of the Federal Bankruptcy Laws. In this section, we stress what not to do during your bankruptcy case.

 

Both secured creditors and unsecured creditors are motivated to work with the business owner by accepting lower loan repayments and reaching a compromise. These creditors want to work and compromise with businesses in Chapter 11 because they can get better terms and more money than Chapter 7 bankruptcy cases. We strongly recommend scheduling a free consultation with a Kentucky or Indiana bankruptcy lawyer before you decide to file. At O’Bryan Law Offices, we can help you examine the facts of your situation and determine whether or not bankruptcy is the right choice for you. Each year Premier Bankruptcy Lawyers (PBL) researches and recommends leading bankruptcy lawyers across the United States. PBL lists only one attorney and firm in each city and inclusion to the guide is by invitation only.

 

We recommend speaking with an experienced Kentucky bankruptcy lawyer to determine which bankruptcy chapter is right for you. Contact O’Bryan Law Offices and schedule a free consultation with our consumer bankruptcy attorneys. Observing these bankruptcy do’s and don’ts will help set you up to make the most of your right to debt relief under the Bankruptcy Code. At O’Bryan Law Offices, our attorneys fully understand how the bankruptcy laws apply to your situation and will keep you away from any of these pitfalls.

 

Now that you’ve collected your documents and completed the required credit counseling course, it is time to tackle your bankruptcy forms. All forms are available online for free, and you can access them as fillable PDFs. They can undergo the whole process without shutting down their business, and they can receive debt discharges.