Also, the value of non-exempt property (assets that aren’t protected) might affect the amount you need to repay creditors. After filing, you’re required Kentucky Bankruptcy Lawyer to complete a second bankruptcy course. You need to complete the course and file the certificate of completion with the court within 60 days of your creditor’s meeting. If you don’t, the court won’t enter your discharge, which is the main benefit of filing bankruptcy. If you’re feeling overwhelmed by your debt, then the complexity of the bankruptcy code may be even more frustrating. Your Louisville bankruptcy attorney will send notice to the creditor and their attorney to get the wage garnishment stopped immediately.
Contact A Louisville Consumer Bankruptcy Lawyer
Under Chapter 7, a trustee is appointed by the court to collect and sell your nonexempt assets and distribute the proceeds to your creditors. You are allowed to exempt (keep) certain property, but most people who file for Chapter 7 have few, if any, nonexempt assets. Then you may have started looking at what options you have to relieve yourself of your debt. If you live in the United States, you have a few options to consider. They allow the consumer to either wipe out their existing obligations or repackage them into a payment plan that is repaid over a specified time frame.
What Is Elder Law?
Attorney Tracy Hirsch will help you determine if a Chapter 7 bankruptcy or Chapter 13 bankruptcy will best suit your specific situation. Unpaid medical bills, high credit card APRs, garnishments, and judgment liens can destroy your financial status and cause extreme emotional distress. The initial consultation for the preparation of a new estate plan is free. We’ll talk about your goals and brainstorm strategies for accomplishing them. We’ll give you an estimate of fees once we’ve come up with a plan and give you a chance to think it over.
Contact O’Bryan & O’Bryan to find out more about our bankruptcy law practice and how we can serve you. Around 14 days after you receive your discharge, the court will enter the final decree of the case. This decree officially closes the bankruptcy case and discharges the trustee from their responsibilities in the case. The bankruptcy filer must complete a debtor education course, also called a financial management course. After completion, they must submit the certificate of completion to the court within 45 days of the first 341 meeting.
What’s more, I filed the first Chapter 11 Small Business Reorganization Act case in Western Kentucky for a small mom-and-pop business. Chapter 13 bankruptcy requires debtors to use their disposable income to repay their creditors. Disposable income is the amount left over after mandatory expenses, such as taxes and child support, have been paid. The debtor makes payments to a trustee, who distributes the funds to creditors.
However, it’s important to understand how bankruptcy attorneys get paid before hiring one to represent you. Please include all relevant details from your case including where, when, and who it involves. Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers.
It’s no surprise that they want to know how long the process will take. In the following sections, we outline the full Chapter 13 timeline and walk you through the process of achieving lasting debt relief. During that time period, you will make payments to the bankruptcy trustee who will make payments to your creditors.
