To propose a repayment plan, you will need to gather financial information, including your income, expenses, and debt obligations. You will also need to determine which debts you want to prioritize, such as your mortgage payments, and which debts you can afford to pay off over time. If you feel you’re a victim of creditor harassment, contact an experienced Kentucky bankruptcy attorney at O’Bryan Law Offices today. You have the right to sue debt collectors for harassment, but many debtors are unaware of this right. If a debt collector violated any part of the FDCPA in their communications with you, you Louisville Foreclosure Lawyer can also file a complaint with the state or federal government.

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We prioritize every attorney-client relationship while protecting every client’s sensitive or confidential information. A bankruptcy discharge legally releases a debtor from the debts owed at the time of their bankruptcy filing. This means that after filing for bankruptcy and receiving a discharge, the debtor is released from their legal obligation to repay their debts so that they can have a fresh start. When unsecured creditors receive notice of a bankruptcy discharge, they are to cease all collections activities on the discharged debt and write it off. Most or all unsecured, nonpriority debt will be discharged (wiped away) in a Chapter 7 bankruptcy.

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What’s more is that we will design a plan of action that is fully tailored to your income, finances, and assets. We focus on helping you achieve your financial goals rather than on making money like a debt consolidation loan might. In some cases, you may find that the path you wanted to take initially just won’t work for your situation. Below, we list other Kentucky debt relief options that are available to those who owe money. Those who are overwhelmed by their debt should avoid shady companies that don’t have their best interests at heart.

Once you’ve attended the 341 meetings, you’ll need to submit a detailed repayment plan to the court for approval. This plan includes how much you’ll pay your creditors each month and how long you’ll make payments. It should also have a list of your creditors, the amount you owe them, and how much each will be paid under the plan.

The longer you wait to pursue debt management, the fewer options you’ll have for your credit card debt incurred. Below, we outline some ways to examine your financial situation and achieve relief for your unsecured debt. That said, with all the misconceptions swirling around bankruptcy, it’s no shock that people often look to other options before committing to bankruptcy. The truth is, for some people, there are some viable options other than bankruptcy, such as short sales or obtaining loan modifications.

If that happens, you’ll have to start from scratch and pay the fee again. While this is a great benefit, there’s one drawback to paying in installments. If you don’t make your payments as agreed, the court can dismiss your case. So, if you don’t have to file quickly, wait until you have the full filing fee so you don’t risk a dismissal later if you’re late with a payment. The Western district oversees 53 counties, and has its main court location in Louisville. Three other locations in Owensboro, Paducah, and Bowling Green act as divisional offices.

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.

You get the work you needed done and in the long run you may pay less since more debt may be discharged or more property can be saved. One option for debt management that is growing in popularity is debt consolidation. However, we recommend exercising caution if you decide to explore this option. Debt consolidation is one way a debtor can roll multiple types of secured debt and unsecured debt into one easily manageable monthly payment. Once you have proposed your repayment plan, it will be reviewed by the bankruptcy trustee, your creditors, and the bankruptcy judge. If your plan is approved, you will begin making payments according to the plan, and you will be protected from foreclosure proceedings by the automatic stay.

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. Many people find a renewed sense of financial security after filing bankruptcy, as they can finally shed their medical debts, credit card debts, and other unexpected expenses. Generally, Chapter 13 bankruptcy filings can take anywhere from 3 to 5 years in total.

Just because you owe money to another person, a bank, a credit card company, a landlord or another party doesn’t mean you’ve signed away your legal rights. Federal and state debtor-creditor laws explain both the legal rights and obligations of debtors (people who owe money) and creditors (those who are owed money). Your lawyer can discuss the pros and cons of debt settlement, garnishment, personal bankruptcy and other possible solutions.

Don’t put it off any longer because fees and interest grow quickly, Call the Law Office of Clark Daniel Dray now to schedule your free consultation. Chapter 7 Bankruptcy and Chapter 13 Bankruptcy The idea of having to file bankruptcy often comes with feelings of guilt, shame and humiliation. However, don’t let yourself fall further into debt because you hesitate at the thought of filing bankruptcy. Believe us when we say that filing bankruptcy may be the most important step you can take for both your financial health and your emotional health.