Speak with an experienced attorney to fully explore your options and discuss potential tax consequences. It’s important to be very selective while looking for a credit counseling company or a debt settlement company, as few limitations exist for those companies currently. We can help you both manage your debt and receive legal protections from your bankruptcy filing. If you fail to pay the Louisville Foreclosure Lawyer car loan, the lien on your car will allow your creditor to repossess your car and sell it to pay your remaining debt. Our mission is to help low-income families resolve their debt and fix their credit using free software tools. Our team includes debt experts and engineers who care deeply about making the financial system accessible to everyone.

As of April 2022, you can also receive a full federal exemption for the following. One of the most significant reasons why many people choose the federal exemption option is for the more generous homestead exemption. The Kentucky homestead exemption only protects up to $5,000 of the equity in your home. Under the federal homestead exemption, however, one filer can exempt $27,900 of the equity in their home.

How Does Kentucky Wage Garnishment Happen?

However, if you and your spouse both plan to file for bankruptcy, waiting until after you finalize the divorce will likely result in higher legal fees. Technically, there is no minimum debt requirement for a person to file bankruptcy. However, we always recommend exploring your options with a skilled attorney to make the best possible decision for your situation. Filing for bankruptcy helps countless debtors achieve debt relief every year, but it isn’t a one-size-fits-all solution. We understand that filing for bankruptcy has a certain negative association for most people. [newline]They imagine that their lives will fall apart if they file, or that they’ll automatically lose their home and their other property.

Like bankruptcy, real estate transactions can be fraught with legal complexities. A real estate attorney is a professional in all legal matters related to real property. Your real estate attorney can prepare and review purchase agreements, mortgage documents, title documents, and transfer documents. Called “reorganization bankruptcy”, Chapter 13 allows you to reorganize your debt into a three- to five-year repayment plan. Chapter 13 is a good option if you would like to save your house from foreclosure or car from repossession.

⎆ A Breakdown Of Chapter 7 Costs

Department of Education and some other sources are regularly updating and changing but examples of these forms and reference materials are below. Each state’s bankruptcy code has “exemptions” which allow you to keep items. So long as these exemptions are applied properly, you will be able to keep your home, car, furniture, retirement, and other items.

The bankruptcy system allows the creditors to orderly and equally share if there are any assets. Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors. However, you must take a bankruptcy means test to see if you qualify.

The LII Lawyer Directory contains lawyers who have claimed their profiles and are actively seeking clients. Within a 30-minute time, he will review 6 or 7 small cases on the docket asking standard questions about the property, transfers of property, income, and expenses. These questions are in more detail on another page about the 341 meeting of creditors questions. A lawyer will typically just amend the petition if the US Trustee auditor finds errors that the attorney should have caught. The United States Trustee can but rarely appears at the 341 meeting of creditors to ask questions.

Tara Jones, Tonya VanBenschoten and Susanne Christ are licensed to practice law in the States of Kentucky and Ohio. Jeffrey Casazza is licensed to practice law in the States of Kentucky, Ohio, and New Jersey. Shur Law has offices in Kentucky and Ohio and is structured under the laws of Ohio. Lastly, while this meeting sounds daunting, it’s generally very quick. [newline]It’s understandable to feel nervous before your meeting of creditors or at any point after you submit your bankruptcy petition.

A Trustee’s questions are often to test to see if you could have filed as a Chapter 13. The bankruptcy estate is all of the property of the debtor in the bankruptcy court Southern District. We can have an ownership interest in the property we do not yet possess.

In most cases, a lender will alert the buyer of any missed payments and attempt to collect them before taking any further steps. If the buyer does not respond to these remedial attempts, this is when a repo may take place. In most states, including Kentucky and Indiana, a lender is legally able to repossess your car without prior notice.