Generally speaking, a creditor will need to file an Louisville Foreclosure Lawyer adversary proceeding against you. This is more or less a lawsuit that your creditor files against you. Once they file the complaint, you and your attorney will have time to respond. You will then undergo the discovery process, present your evidence, and argue your case. If a creditor objects to your discharge, we recommend speaking with your attorney to determine the best course of action. Yes, we are often able to get garnished wages or bank accounts funds back.
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The most common kind of bankruptcy filed by individuals is Chapter 7 bankruptcy. This is when the court appoints a trustee to oversee the sale of your assets. Any valuable possessions you have may be sold to pay off your obligations. Although courts may provide exemptions for essentials such as your home, car, or retirement savings, this is not a certainty. You can declare for bankruptcy more than once in your lifetime.
That’s in addition to outlining in detail the steps you should take to get benefits less experienced attorneys miss. Unfortunately, when a debtor prepares their own Chapter 7 case, it often unravels. If the property was not properly mortgaged, it can belong to the trustee. That’s when the Trustee just smiles while he takes the property of a debtor who didn’t use an attorney to check whether or not the mortgage or car lien was properly filed. Some people file their bankruptcy without an experienced attorney because they feel they cannot afford the attorney fees. In a Chapter 7 bankruptcy case, debtors usually only have to wait about 3-6 months from the day they file to the day they receive their discharge.
Kentucky Foreclosure Defense Lawyer
If they choose to sell, they may do this either privately or publicly. Privately entails selling to a single person, while publicly usually entails an auction. Kentucky law requires lenders to notify you of the date, time, and place of which they will be auctioning off your car. You can legally attend the auction and bid on your own vehicle, given you have the means to pay for it.
Most people will be able to protect their essentials, such as their home, their car, and even tools of the trade. To determine which chapter you qualify for, you’ll have to take a Kentucky bankruptcy means test. The means test will calculate your average monthly income and then determine whether you make too much money to file Chapter 7. The income limit for filing Chapter 7 also takes into consideration the number of people in your household. Each state, including Kentucky, has its own laws and regulations when it comes to bankruptcy filing. However, the overall processes aren’t very different from state to state.
Chapter 7 filings, from start to finish, usually take only a few months to complete. Chapter 13 filings, however, can take anywhere from three to five years in total. Consider the pros and cons of both chapters before you take the means test. Examining the benefits that each chapter provides for your situation is one important way of researching the process before you dive in head first. You may find that the federal bankruptcy exemptions protect more of your real and personal property than your state bankruptcy exemptions.
Of course, the Trustee is paid a commission for any asset he may be able to take. Interestingly, this commission starts at 25% and decreases on a sliding scale. The best time to hire a foreclosure attorney is before the foreclosure process officially begins. This way, you can explore all of your options ahead of time, which could allow you to avoid the process completely.
There are two very different Trustees in every bankruptcy case. The trustee is the only Panel Trustee in Louisville Kentucky and Western District that you will typically see during your case. Filing for Chapter 13 bankruptcy may increase your opportunities to keep your home, but you must be able to afford your monthly mortgage payments after bankruptcy. Because Chapter 13 bankruptcy creates a repayment plan for your debts, you may have more assets available to do so.
It’s important to understand that states have the right to impose stricter garnishment limits. However, Kentucky adheres to federal law when it comes to garnishments. Gordon Wright is past Chair of the Firm’s Estate Planning Practice Group and a member of the Firm’s Trusts, Estates & Personal Planning Service Team. He concentrates his practice in the areas of estate planning and estate administration, employee benefits and taxation. Gordon is active as a Fellow in the American College of Trust and Estate Counsel (ACTEC) where he serves on the Employee Benefits Committee and the Fiduciary Income Tax Committee. We’re just a 20-minute drive west of Mount Washington, so don’t hesitate to contact us if you’re in need of legal help.
If you need a competent Louisville bankruptcy lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. However, it isn’t the end-all-be-all solution for credit card debt, medical bills, federal student loans, and other forms of debt. Debt settlement companies that offer these services don’t always address poor spending and budgeting habits if you have them.
It can take away a large portion of your total monthly income, making it harder to pay your debts. Luckily, there are a few ways to stop garnished wages, protect yourself from their effects, and achieve debt relief. For detailed advice about your situation and your options, there’s no substitute for talking to an experienced bankruptcy attorney. We have years of experience with bankruptcy law and do not recommend filing bankruptcy without the help of an experienced attorney. Contact us at O’Bryan Law Offices with convenient locations in Louisville, Frankfort, or New Albany to Schedule a Free Consumer Bankruptcy Consultation. Our experienced bankruptcy attorneys at O’Bryan Law Offices can help you choose the best option for your situation.
He is also responsible for auditing each case to ensure the petition is accurate and that the debtors are honestly reporting assets. While the Panel Trustees are auditing the debtor, the US Trustee sometimes audits how the attorney has prepared a case. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. In Kentucky, you also have what is known as a redemption period.
You must, however, be able to pass the means test in order to file this form of bankruptcy. Some divorcing couples choose to finalize their divorce before worrying about filing for bankruptcy. This helps in cases where you plan to file for Chapter 13 bankruptcy if you want to keep more of your assets. You might also file for Chapter 13 if your income is too high to qualify for Chapter 7.
