Because your credit score takes such a strong hit, you might have to focus on rebuilding your credit score before applying for more credit. After filing bankruptcy, you’re likely counting down the days until you receive your discharge. Generally, you can expect to see your discharge around 60 to 90 days after the meeting. However, you could receive it as early as the date of the deadline to object to your discharge. This is the soonest possible date, and you can find it on your Form 309A.
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.
Basically, hiring a better lawyer in Chapter 13 costs the debtor the same amount as if he hired a bad attorney. 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.
We can also assist you in filing for bankruptcy, should it come down to that. After filing, you’re required to complete a second bankruptcy course. This course is about financial management and debtor education.
New Bankruptcy Law May Increase Small Business Filings
Therefore, not only will we inform you of your rights, but we will also help you defend them. Most importantly, a foreclosure attorney represents you in court, ensuring that you follow all the procedures and processes. They also help you fill out paperwork, meet important deadlines, and even achieve a loan modification if necessary. We explore all possible options on your behalf, helping you decide which course of action is best for you. If you’re considering any of the options mentioned above, speak with a foreclosure attorney immediately. The stay lifts automatically when the court grants your discharge of debts, which takes about three months.
How Long Does It Take To File For Bankruptcy In Kentucky?
A knowledgeable and experienced attorney can help you navigate the complex legal process. And they can protect your rights throughout the bankruptcy proceedings. Some bankruptcy attorneys in Louisville may require a retainer fee upfront. This is a payment made by the client to the attorney before any work is done. The attorney will then draw from this account as they work on the case.
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. Those who do not qualify for Chapter 7 often file Chapter 13 instead. In this chapter, debtors must pay back at least a portion of their debt over a three to five-year period.
Determining which process is best for your situation can be difficult, but you don’t have to face it alone. Seek the advice of an experienced attorney before making any important decisions on how you want your estate to be handled. When we decide that Chapter 7 is right for you, we will advise on the steps to take leading up to filing your bankruptcy petition. We will then submit all necessary documents and forms on your behalf to the court as needed.
The number of times you can file bankruptcy is determined by the length of time since your last bankruptcy and the sort of bankruptcy you filed. At O’Bryan Law Offices, we’ll set you up with a Louisville bankruptcy attorney who can help you determine the best course of action for your situation. In a Chapter 7 bankruptcy, attorney fees are supposed to be paid upfront, so the attorney is not in the unethical position of being both attorney and a creditor. Lawyers shouldn’t be worried about how he needs to work around the court rules to get paid fairly. After filing the case, the attorney becomes a creditor if he is owed pre-petition fees, which becomes an ethical problem. Bankruptcy mills churn out a large number of cases, hand you off to a paralegal, and you have little or no contact with an attorney.
While unsecured debts will be erased in a Chapter 7 bankruptcy, liens on secured debts will not. A lien indicates that a creditor has ownership interest over a piece of property. Individuals and businesses file under different chapters of the Bankruptcy Code, usually filing for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. In a Chapter 7 bankruptcy filing, the debtor’s outstanding debts are discharged, meaning the debtor no longer has a responsibility to make payments on them. In a Chapter 13 bankruptcy, however, the debtor is given a multi-year repayment plan to pay their outstanding debt.
At Farmer and Wright, PLLC, our experienced Kentucky bankruptcy lawyers will help you get the fresh financial start you need. We understand how stressful it is to handle debt, especially after losing a job, suffering an injury, or getting divorced. Our Louisville bankruptcy attorneys are available to help you regain control as well as rebuild your finances.