This notice informs the parties that the court is preparing to Louisville Foreclosure Attorney grant your bankruptcy discharge. Repayment plans can be modified after confirmation under certain circumstances. For example, if the debtor loses their job, gets into a car accident, suffers a serious illness, or encounters another roadblock, this can justify a modification. Specifically, the Bankruptcy Code requires that the first 341 meeting occur no sooner than 21 days after filing and no later than 50 days after filing. It is during this meeting that the repayment plan will be discussed and proposed. Within 30 days of filing your Chapter 13 bankruptcy petition, you will make your first monthly payment for your payment plan.

We’re funded by Harvard University and will never ask you for a credit card or payment. Before declaring bankruptcy, it’s important to review all your options for debt relief. In other words, it’s important to compare other chapters of bankruptcy. As we mentioned previously, Kentucky state law does not govern the process of filing bankruptcy in Kentucky. Rather, federal bankruptcy law determines how the process proceeds. However, Kentucky law does come into play with your bankruptcy exemptions.

As long as you adhere to the repayment plan and continue making mortgage payments according to the terms outlined in the plan, Chapter 13 can help you prevent foreclosure and keep your home. Chapter 13 bankruptcy is a debt-repayment option that spans between three to five years. This page is designed to teach you how to calculate your minimum monthly payment for Chapter 13 bankruptcy. The Chapter 13 payment calculator does this by considering both secured and priority payments—amounts all debtors are required to pay during this period of time. It’s important to note, however, that some people have to pay more. If you make more, to qualify for Chapter 7 bankruptcy, you’ll have to pass the second part of the means tests.

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What exactly happens to a spouse or co signer when you file bankruptcy and their property. If your Chapter 13 plan payment is too high it can be modified and lowered if your income decreases. The idea of bankruptcy is to allow the debtor to have enough property to obtain a fresh start and a new chance at life. Deciding whether a Will or trust is the best way to protect your assets can be tricky. While every state has its own set of exemptions, creditors generally cannot garnish income from the following sources.

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Additionally, low-income earners or those working for the federal minimum hourly wage might be able to claim exemptions for their total wages. High-income earners are much more likely to face wage garnishments of their weekly wages. If the creditor hasn’t heard from you in a long time, they might seek the court to issue a default judgment against you.

Our firm has over four decades of combined experience representing business owners in a wide array of financial circumstances, and we are here to put that experience to work for you as well. If you need a Jefferson County, Kentucky bankruptcy lawyer you can depend on, you’re in the right place. Individuals and sole proprietors looking to reorganize their personal or small business debts may often choose to file bankruptcy under Chapter 13. It is possible to file for bankruptcy on your own, but due to the sheer amount of laws, exceptions, and legal jargon, it is best to hire an experienced bankruptcy attorney. O’Bryan and O’Bryan Law Offices provides specialized and individualized services in bankruptcy counsel.

We strongly recommend speaking with an attorney about your case, as we can help you come up with a payment plan that works best for you. Generally, it involves a partial reduction of an individual’s unsecured debts, reduced debt interest rates, and extended payment terms. Many people appreciate the financial breathing room that Chapter 13 offers. You also keep your home and retirement assets, as well as vehicles and personal belongings in most cases. Our free tool has helped 16,185+ families file bankruptcy on their own.

Another result of the ongoing pandemic is subchapter V of the SBRA, which is designed to help small businesses recover from the financial consequences of COVID-19. The SBRA is much quicker and cheaper than a Chapter 11 bankruptcy process because it allows owners to work with a bankruptcy trustee in order to create a solid debt repayment plan. When you’re facing foreclosure, it’s important to understand how the process works as a whole. You may have many questions, such as “When is it too late to stop foreclosure?