My Firm is among the most experienced Bankruptcy firms in western Kentucky. With our extensive experience and technical knowledge of the U.S. Bankruptcy Code, we give people in financial difficulty a fresh start. Financial disaster can strike with little warning. The loss of employment, enormous medical bills, divorce or even the death of a loved one may force you to make a decision to seek financial protection under federal laws. I am here to help you or your business through the any financial disaster, so to get you back onto solid ground. I can help you:
Often when a person or business has mounting financial problems, creditors are merciless in harassing them with a blizzard of threatening phone calls, letters, lawsuits, liens and garnishments. I can put a stop to these types of creditor harassment. Once an individual or business files bankruptcy, an automatic stay is placed on all accounts, and stopping all collection efforts in their tracks. As I often tell my clients, there is a reason why the process is called Bankruptcy "Relief".Chapter 7 bankruptcy is a form available to all individuals, corporations and partnerships. There is no minimum or maximum debt that you can seek to discharge in a Chapter 7. Chapter 7 is a complete discharge of all debts that you owe with certain exceptions.Generally, when filing for Chapter 7 bankruptcy, you are able to keep all of your personal belongings. In many cases, the individual filing is allowed to keep their home, their vehicles, and all of their household items. However, this varies on a case-by-case basis. The common myth is that because you are filing bankruptcy, you have to lose your home, and that is seldom the case.Chapter 13 bankruptcy is a debt restructuring plan where a person attempts to pay back all or part of his/her debts based on their disposable income. Chapter 13 has several advantages, and it can help you do the following:
- Immediately stop a foreclosure or repossession action against your home or automobile.
- Stop creditors from harassing you or garnishing your wages.
- Significantly reduce the amount of your monthly payments.
When you file a Chapter 13, your creditors cannot take any further collection action against you, and once your case is approved, the creditors must abide by the repayment terms that the Bankruptcy Court orders. Typically, all of your debts would be rolled into one payment, and you would make one payment each month to the Bankruptcy Court. The Bankruptcy Court then determines the amount each creditor will receive from the payment.
The main advantage of a Chapter 13 is that the amount that you have to pay is based upon what you can afford. It is not based upon how much you owe or what your creditors think you should to pay.
My firm has filed many Chapter 13 cases and has assisted many clients in stopping foreclosure actions so that they could keep their homes. In a Chapter 13, just like in a Chapter 7, you are usually able to keep your home, your vehicle, and your personal possessions.
Many individuals file a Chapter 13 because they are not eligible to file a Chapter 7 due to certain income requirements. This means that if your income is above a certain level, you may not be able to file Chapter 7, and a Chapter 13 may be your only option. However, my experience has been that the payments allowed under a Chapter 13 plan are significantly less than the clients had already been paying, and it gives the clients relief for their finances going forward.
I understand that filing bankruptcy is a very difficult decision. I work individually with each client to ensure that I have recommended the best course of action for them. Please feel free to contact our office at 270-886-9794
, or toll free 877-990-2779
, to speak with someone about your situation.