Bankruptcy law helps individuals and businesses in debt get a fresh financial start, often through proceedings under Chapter 7, Chapter 11, or Chapter 13 of the Bankruptcy Code. If you believe you qualify for any of the above, or you have any questions about how the business bankruptcy process works, give us a call today or contact us online. Our legal team is here to help guide you through each step of the process ahead. In most cases, you are allowed to maintain control over the operations of your business without the appointment of a bankruptcy trustee.

Why Is A Debt Consolidation Lawyer A Better Idea?

This allows them to keep their business up and running while working to repay their debts by other means aside from liquidating their business assets as a way to repay them. These documents are important because they help you, your lawyer, the bankruptcy trustee, and your creditors get a better picture of your current financial situation. These documents make it much easier to fill out your bankruptcy forms in a timely manner.

Don’t settle for a court-appointed lawyer or take your chances alone. The decisions you face can make a big difference in your future employment, and personal freedom, let alone friends and family. When you’re facing bankruptcy, a criminal charge, a divorce, or a child custody dispute, your attorney needs to do more than represent you. We understand just how serious this matter is to you, and we take a collaborative approach to help you succeed.

Once you’re issued an automatic stay, you can breathe a sigh of relief, because you’re well on your way to getting your financial independence back. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors. However, you must take a bankruptcy means test to see if you qualify. Speak with a Louisville bankruptcy lawyer to learn more about your options. Call today to schedule your free Bankruptcy consultation with one of our experienced Louisville Bankruptcy attorneys. At O’Bryan Law Offices, we have helped thousands of individuals and families file Chapter 7 and Chapter 13 Bankruptcies.

Chapter 11 Bankruptcies are designed for corporations and small businesses with an extensive debt load. In Chapter 13 Bankruptcies,  (also known as restructuring or reorganization) we can develop a plan to protect many of your assets including your home or car. We will develop a plan to repay a portion of the debt you owe over 3 to 5 years, in a payment plan which can easily work for your budget. The rest of the allowable debt will be discharged with the completion of the plan. If you make regular payments on your car loan, the lien will never come into play. If you eventually pay off the entire loan, the lien will be removed.

Kentucky Debt Relief Resources

This is because the deadline for the first payment usually falls before the first 341 meeting. The automatic stay protects you from the following collection activities. The average petition is pages long and takes 2-4 hours just to prepare. The typical low-cost skeleton petition is just six pages long and takes 5 to 10 minutes to file when it needs to be filed immediately.

Information provided during the initial consultation is privileged through attorney client relationship.We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. [newline]When a business is seeking debt relief through bankruptcy, it most often does it through Chapter 11 bankruptcy. Similar to Chapter 13, Chapter 11 is a debt repayment plan that is designed to help businesses, and in some cases individuals, when large assets and debts are at stake. The expense and complexity of the Chapter 11 process require the attention of a skilled Chapter 11 bankruptcy lawyer. At Schwartz Bankruptcy Law Center, we work tirelessly on behalf of businesses and individuals in Kentucky and Indiana. Our lawyers are resolute in our commitment to protecting clients throughout the course of addressing and resolving their Chapter 11 bankruptcy issues in bankruptcy court.

Medical Bankruptcy In Kentucky

A creditor may be willing to waive a late fee or increased interest rate if you notify them before you miss a payment. Engaging in good faith practices with your creditors is almost never a bad idea. You may garner some support or understanding from these creditors. This may result in receiving lower payments for a certain number of months.

You don’t have to use a cheap attorney who may not be qualified because money is tight. Before 2019, having the attorney do all the work pre-filing and paying attorney fees after the case was filed was considered unethical. This is because as soon as the case is filed the debt to the attorney for work done pre-filing is stayed and later discharged.

What tends to differ the most is what each state lists as its bankruptcy exemptions. Also, some states allow you to choose between state and federal exemptions, while others do not. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”).

This extra income could lead to an increase in your monthly payments. If you wish to lower your monthly minimum payment, you must approach the bankruptcy court. Disposable income is money you have left to spend after subtracting your allowed bankruptcy expenses.

Depending on your financial situation and goals, we may or may not recommend that you file bankruptcy for debt relief. Another important consideration is finding one of the better credit counseling agencies that offer a free consultation. O’Bryan Law Offices offers a free consultation for consumers who are looking for a fresh start financially. Another option to help achieve debt relief is calling your creditors. If you have debts related to credit card use, this means calling your credit card companies. Explaining your financial life and your attempts at debt management to creditors could at least put you in control of your situation.

Deciding over whether or not bankruptcy is the best option for you is not an easy one. That’s why consulting with an experienced bankruptcy attorney can help you make the right decision for your unique financial situation. 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. Garnished wages can be devastating to an individual or family and often makes an already bad financial situation much worse. It can take away a large portion of your total monthly income, making it harder to pay your debts.