Chapter 12 has the benefit of allowing debtors to “cram down” secured debt such as farm mortgages and boat loans. The worth of the security offered for the loan must be paid to lenders and other secured lenders. Any sum outstanding in excess of the collateral’s value is considered unsecured debt, and in Chapter 12 cases, it is generally paid very little. Secured loan payments Louisville Bankruptcy Lawyer can be deferred even beyond the plan’s duration, and interests can be cut to a market price.
Filing for Chapter 13 bankruptcy protection may allow a person to keep their home, car, or other valuables while paying off their debts. Reorganization bankruptcy filers generally make payments over three to five years, depending on their discretionary income. Any remaining debt balances after the payback term has ended may be dismissed.
Your employer then holds part of an employee’s wages from each paycheck and sends it to the creditor. The garnishment ends once you repay the entire judgment or reach a debt settlement or payment plan with the creditor. Child support payments, back taxes, and student loans follow a similar process. Chapter 7 Bankruptcy is best for people with less than $25,000 per person in equity in their home and average or below-average income, and a majority of unsecured debts. Filing Chapter 7 bankruptcy in Louisville can be quick and inexpensive.
Christopher Kurtz has the experience, knowledge, and skillset necessary to take on large commercial litigation issues. Attorney Kurtz represents plaintiffs and defendants in commercial litigation, with clients including small businesses, individual entrepreneurs, and large corporations. Christopher Kurtz will devote his energy and resources to achieving a favorable result for each and every client with a large commercial litigation issue. We can handle such issues as breach of contract, fraud, and breach of fiduciary duty and partnership and other closely held business disputes. At the Kurtz Law Office, we understand that you may be feeling as though you are at the end of your rope and that your financial obligations are overwhelming.
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For this, the Department of Education can garnish up to 15% of your disposable income. The federal government has placed limits on amounts for garnishments. Weekly garnishments may not exceed the lesser of the following limits.
Complicated Cases Have Higher Pay Fees
These creditors want to work and compromise with businesses in Chapter 11 because they can get better terms and more money than Chapter 7 bankruptcy cases. However, some law offices don’t look for the deductions from income to allow their clients to qualify. We look for these deductions so our higher-income applicants qualify to file a Chapter 7.
Chapter 7 Bankruptcy Vs Chapter 13 Bankruptcy
We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. If you make more, to qualify for Chapter 7 bankruptcy, you’ll have to pass the second part of the means tests. It considers your types of debt and whether or not you have enough disposable income to pay your debts.
It is also a discriminatory practice that preys on minority clients. If you’re facing overwhelming debt, injury, or other legal problems, you need expert legal help on your side. Whether you need a Louisville bankruptcy attorney, personal injury attorney, or disability attorney, our experienced Louisville attorneys can help. If you are facing foreclosure we can help you stop the sale of your home. Regain control of your financial future and keep your family in your home. Our bankruptcy attorneys are dedicated to providing you top-notch legal advice no matter your circumstances.
Kentucky also has a $1,000 wildcard exemption to protect anything you want. Your 341 meeting (also called the creditors’ meeting) may be held virtually, via phone, or in person. You’ll get a notice with your meeting details, which takes place about a month after you file your case. The Eastern District of Kentucky allows online filing through its electronic Self-Representation (eSR) system or you can go to the courthouse in person. In the Western District of Kentucky, you can file by email or in person.