What are some of the primary reasons to consider a Chapter 13 bankruptcy in Shepherdsville, Mount Washington, Shelbyville, Taylorsville, Radcliff, Elizabethtown, Jeffersontown, or Louisville, Kentucky. Bankruptcy itself can feel like a “last resort” or even “heavy” before you really learn about the process and how it works. The truth of the matter is bankruptcy is a legal fresh start, put into law here in the United States to provide our citizens with not only the ability to recover from financial setbacks but also to regain their membership in a productive, profitable society.
Filing bankruptcy can help you recover from overwhelming debt that has become more than you can repay. No amount of re-budgeting or spending cutbacks can regain control, let alone eliminate the accumulated debt. High credit card interest rates can combine with unexpected medical expenses, a cutback in income or even the loss of a job to make the situation worse, if not hopeless.
There is hope. Things happen, and our laws are purposefully constructed to provide an opportunity to work through this situation, especially if you continue to be a wage earner.
There are many reasons to consider Chapter 13 bankruptcy. Chapter 13 is often called a “wage-earner’s bankruptcy” as it provides a 3-to-5-year period to restructure your finances, catch up important payments and discharge many others. Filing Chapter 13 is often the right strategy to stop a foreclosure or to prevent one from happening in the first place. Chapter 13 allows you to protect your most important assets while working out a plan with the Court to repay debt over time while reducing or eliminating unsecured debt.
The filing of bankruptcy puts an immediate hold on all collection calls, e-mails, texts, garnishments, foreclosure actions, and even harassment via the US mail. This provides the peace and space you need to work with us to develop the right solution and a plan to get you back on your financial feet and moving forward.
Some debts, such as child support and student loans, cannot be discharged. However, a lot of other unsecured debts, such as medical bills and credit card expenses, can be substantially reduced or discharged altogether. When the 3-to-5-year plan is successfully concluded and your agreement with the Court is completed, you’ll receive a discharge order from the Bankruptcy Court that releases you from any further obligation to repay many of the remaining unsecured debts. If you stay on track with your repayment plan it helps to rebuild your credit score over time and restore your credibility with money lenders in the future.
While there are many reasons to consider a Chapter 13 bankruptcy in Jefferson, Bullitt, Hardin, Spencer, Shelby and Oldham counties in Kentucky it is also important to work with an experienced bankruptcy attorney who can guide you through the process. My name is John Schmidt, and after more than 25 years of serving people and families throughout the greater Louisville region I can tell you there is not only hope, there is a way through the challenges you face. I can help.
We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 for a free consultation to learn more about the process of filing bankruptcy and to get the relief you need from financial challenges and creditors.
