Filing bankruptcy can be an overwhelming experience. However, if you have bills that you simply cannot pay and if you are being harassed by creditors, bankruptcy may be solution you need.
It is of the utmost importance that you hire a competent and experienced bankruptcy lawyer mybkhelp to handle your bankruptcy. A simple mistake made an inexperienced or incompetent bankruptcy attorney can result in the unnecessary loss of your valuable and hard-earned property. Although no guarantees can be made that you will be able to keep all of your property when filing bankruptcy, Experience, diligence, and familiarity with the law will ensure that you are able to keep the maximum amount of property you are entitled to keep, which in many cases is all property, and still have as many debts as possible wiped away so that you can start fresh.
If you are interested in filing bankruptcy, call Corbin Law Firm. Appointments can be made to fit your schedule in our Corbin office. If you live in Middlesboro, Kentucky or Pineville, Kentucky, appointments can be made to meet in Pineville on certain days of the week.
Bankruptcy can provide relief in the following circumstances:
1. If you have been sued by a creditor.
The filing of a bankruptcy case will prevent most creditors from putting a judgment lien on your property or garnishing your wages. In fact, the filing of a bankruptcy code creates an injunction that will stop the creditors from going forward with a collection lawsuit.
2. Wages being garnished pursuant to a judgment.
Bankruptcy will terminate garnishments as to wages earned after the filing of the bankruptcy. Further, some wages earned before the filing of your bankruptcy case may be recoverable from the creditor if those wages would otherwise have been exempt.
3. If you are behind on your house or car payments.
Bankruptcy provides many avenues of relief for those who are behind on the monthly payments on their home or on a vehicle. In a Chapter 13 bankruptcy, a debtor can “cure” their default over a 3 to 5 year period. Thereby, stretching out the amount they are behind so that the debtor will be current at the end of the plan. Chapter 13 is often the option for debtors to save the home from foreclosure.
4. If you have medical bills that you cannot afford to pay.
Most medical bills are discharged under all chapters of the bankruptcy code.
5. You have credit card bills that you are unable to pay.
Bankruptcy provides relief for those who struggle with credit card debt.
Chapter 7 under the Bankruptcy Code is a process known as a liquidation bankruptcy because the trustee in a Chapter 7 Bankruptcy can sell any non-exempt or unprotected assets and pay the proceeds from the sale to your creditors. In a Chapter 7 Bankruptcy, most debts (with the exception of certain non-dischargeable debts including child support, alimony, certain kinds of taxes, etc.) are eliminated, and the debtor generally loses only non-exempt property. Property that can be exempted in a bankruptcy includes but is not necessarily limited to automobiles, the debtor’s residence, furniture, and some tools. In many Chapter 7 bankruptcies, it is possible for the debtor to protect all of his or her assets through the exemptions. Please call our office for an appointment to discuss a Chapter 7 bankruptcy in more detail. We handle Chapter 7 bankruptcies for a flat fee.
In most Chapter 7 bankruptcy cases, the debtor must only attend one court hearing. The court hearing is generally referred to as the meeting of the creditors. At said meeting, a bankruptcy trustee will ask the debtor basic questions regarding their finances, real and personal property, and debts.
In many Chapter 7 bankruptcies if is possible for the debtor to protect all of their assests through the exemptions. Please call our office for an appointed to discuss a Chapter 7 bankruptcy in more detail.
Bankruptcy under Chapter 13 of the Bankruptcy Code is sometimes referred to as a “wage earner plan.” Under Chapter 13, a Bankruptcy Court can help a debtor reorganize his debts and pay them off over an extended period of time. Under Chapter 13, a debtor typically keeps all of his or her property. A Chapter 13 bankruptcy is available to individuals with less than $336,900.00 in unsecured debt and $1,010,650.00 in secured debt. Corporations and partnerships must use Chapter 11 to reorganize their debts.
A debtor begins the bankruptcy process by filing a petition with his or her local bankruptcy court. Once the petition is filed, an “automatic stay” goes into effect and the creditors are prohibited from making any attempt to collect their debts, including attempts to instigate foreclosure proceedings and/or repossession of collateral. Along with the petition, or shortly thereafter, the debtor files various written “schedules” and “statements” to inform the Court of his or her outstanding debts, current income and expenses, any existing contracts, any current or potential lawsuits, and any recent asset transfers. Within approximately fifteen days of filing the petition, the debtor submits a plan to the Court detailing how he or she will pay off his or her debts. Under the plan, the debtor must completely satisfy certain “priority” debts, such as the costs of administering the bankruptcy, employees’ wages and benefits (if any), debts for undelivered services or goods (if any), and taxes, and pay for any encumbered property he wants to keep. Based on his ability to pay, the debtor can plan to partially pay any remaining debt and ask the Court to discharge the rest. Once the Court approves a payment plan for the debtor, a court-appointed trustee begins collecting the debtor’s payments and administering the plan. Upon the debtor’s successful completion of the repayment plan, the Bankruptcy Court discharges any remaining debt and concludes the bankruptcy. If you are in danger of losing your house, car or other property, and/or are tired of creditors’ harassment, contact us today. We can help you decide if Chapter 13 bankruptcy is for you. There is no charge for the initial consultation to assess your case. The only thing you have to lose is your debt.
Bankruptcy under Chapter 13 of the Bankruptcy Code is sometimes referred to as a “wage earner plan.” Under Chapter 13, a Bankruptcy Court can help a debtor reorganize his debts and pay them off over time. Under Chapter 13, a debtor typically keeps all of his or her property. A Chapter 13 bankruptcy is available to individuals with less than $336,900.00 in unsecured debt and $1,010,650.00 in secured debt. Corporations and partnerships must use Chapter 11 bankruptcy to reorganize their debt.