The court will create a payment plan for you, generally on a monthly basis, that permits you to pay off sections of your debt over time. The court might order you to keep to a strict budget in addition to structuring your payment arrangements. They can even double-check your expenditures to ensure you’re on track. If your debts were dismissed in a previous Chapter 13 case, you won’t be able to get a discharge in a future Chapter 13 until you file it at least two years after the first one.

Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. 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.

Additionally, we may be able to recover some of the funds that may have been taken. If you’re looking to stop wage garnishments in their tracks or achieve debt relief, O’Bryan Law Offices is here for you. Many people envision bankruptcy to be the worst financial decision you could ever make. However, there are many situations in which it’s actually the best possible option. The laws surrounding bankruptcy exist specifically to help consumers overcome crippling debt.

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Do you know that you can still file even if you have slightly more equity in property than the exemptions? You can often file if you have more than the average income and 97% of people qualify. These records, including any needed costs, must be submitted with the bankruptcy court clerk near the person’s home or place of business. Most attorneys, however, acquire an initial payment or a couple of plan payments to prove to the court that you can and will make payments during the plan. This also ensures the filer will pay at least part of the attorney’s fee.

Can A Bankruptcy Attorney Stop A Foreclosure?

In 2006 most attorneys who were filing bankruptcy cases quit because it became so complicated. So, if attorneys can’t typically file Chapter 13 bankruptcy petitions, why do some people think they can use a cheap attorney or file a petition themselves? But you are taking a huge chance if you have assets or have filed repeatedly or after transferring property. If you make regular payments on your car loan, the lien will never come into play.

To learn about your options and how to start the process, contact Farmer and Wright, PLLC. Before anyone can file bankruptcy they must complete a short online credit counseling course. Navigating the bankruptcy process can feel overwhelming, but knowing what to expect can ease your concerns. At Hodge & Smither PLLC, we prioritize transparency and communication, ensuring that you are informed every step of the way.

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This is known as a default judgment, and it’s similar to forfeiting a softball game because your team didn’t show up. Federal law places a limit of a maximum of 50% of your weekly disposable earnings. 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.

A Chapter 13 bankruptcy, on the other hand, is a kind of bankruptcy that requires you to sign into a three- to five-year repayment arrangement. If you and your spouse file for Chapter 13 bankruptcy prior to the divorce, your joint repayment plan will take a long time to complete. It may not be a smart idea to declare this form of bankruptcy before you divorce unless you and your spouse are very cordial. Chapter 13 bankruptcy can provide numerous benefits to those who have consistent income and who want to protect their home and other valuable assets.

The attorneys at Hodge & Smither understand that times can get tough for Kentucky households. The onset of the COVID-19 pandemic and the financial hardships it brought are stark evidence of that. When debt amasses, payment due dates come and go, and creditors begin threatening serious action, many people look to bankruptcy to find relief.