Yes, in many cases it is possible to keep your house if you file bankruptcy in Louisville and work out a three to five year plan to get back on strong financial footing. Chapter 13 bankruptcy is designed for those who have assets they wish to keep such as a home, car or other important property. The Law Offices of John Schmidt & Associates PLLC will work with you to determine how much you owe and to whom.
Many clients are able to settle outstanding debts including foreclosure and late mortgage payments for a small portion of what is actually owed. In most cases, Chapter 13 allows us to work together to establish a plan that is comfortable for you based upon your income and the payments you can afford to make that put you back on the road to financial strength over time.
Chapter 13 Bankruptcy Exemptions in Kentucky
Additional exemptions allow you to keep your house if you file bankruptcy in Louisville. Kentucky law provides a homestead exemption of up to $5,000 in equity in real property while protecting a burial site for you and/or your dependent(s). You will be able to protect up to $2,500 equity in a single vehicle. You also have the right to protect a substantial number of tools and office equipment, and even a “mechanic’s vehicle.” In addition, one may keep any real or personal property up to $1,000 under the Kentucky “Wildcard” exemption.
There are additional exemptions for personal property and household items, tools, farming items and livestock, ERISA-qualified retirement accounts, as well as specific public pensions (i.e. KTRS, Police and Fire Retirement, CERS, KRS, KPPA). Ask about exemptions related to workers’ compensation and/or unemployment benefits.
The Chapter 13 Repayment Plan
My name is John Schmidt and I have more than 25 years of experience as a personal bankruptcy attorney working with clients in Shepherdsville, Mount Washington, Shelbyville, Taylorsville, Radcliff, Elizabethtown, Jeffersontown or Louisville, Kentucky. Yes, in many cases it is possible to keep your house if you file bankruptcy in Louisville and work out a three to five year plan under Chapter 13 to get back on strong financial footing.
It is important to begin planning as soon as possible, and to seek the counsel of experienced and proven professionals. There is a “good faith” condition in the Chapter 13 repayment plan that requires you to meet specific income and non-exempt property thresholds. We can begin to work together to find the right options for your unique circumstances and to establish a process that will work for you, a process that will lead you out of the pressure of financial problems into a brighter future.
We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get the answers you need and relief from financial challenges and creditors including foreclosure.
