An Experienced Shepherdsville Bankruptcy Lawyer Can Help You
Bankruptcy is one of the oldest protections for Kentucky an United States citizens under federal law. Many people in Louisville and throughout Kentucky have the wrong understanding of bankruptcy. It is important not to let fear based on wrong perceptions or information keep you from making the right decisions regarding your financial future. Here are some common misconceptions about bankruptcy in Louisville Kentucky:
Bankruptcy Will Destroy My Credit
Compared to where your credit probably stands right now, a bankruptcy will often improve your ability to obtain credit and re-establish a good credit rating in the shortest period of time. Often, clients are immediately offered credit cards after filing, and it is possible to purchase a car once the bankruptcy is completed. My clients have purchased a new home within as short as one year after filing. Bankruptcy helps to put you back in control of your financial life and gives you the strength to actual rebuild a strong credit rating and financial options.
If I File Bankruptcy I Lose Everything – My House, Car, 401K, Possessions – Everything
Another of the common misconceptions about bankruptcy in Louisville Kentucky is that if one files for bankruptcy, they will lose everything. Kentucky provides specific exemptions which protect up to $5,000 in home equity, as well as provisions for equity in your car ($2,500), tools and equipment and other assets. In Chapter 13 bankruptcy, you choose which creditors (possessions) you wish to keep, and work out a plan that fits within your budget to pay debtors off in 3 to 5 years while protecting your home. Almost all of my clients keep their personal possessions.
Filing Bankruptcy Myself will Hurt my Spouse’s Credit
Usually, when one spouse files for bankruptcy, the other spouse’s credit is unaffected. An experienced bankruptcy attorney from the Law Offices of John Schmidt & Associates PLLC can help to protect your spouse’s credit while providing the debt relief you need to move forward.
Filing Bankruptcy is Hard
My name is John Schmidt and I have more than 25 years of experience helping people as they consider bankruptcy in Shepherdsville, Mount Washington, Shelbyville, Taylorsville, Radcliff, Elizabethtown, Jeffersontown and all areas in and around Louisville, Kentucky.
There are many common misconceptions about bankruptcy in Louisville. I will help to keep the process as simple as possible, and will manage all of the details in your case. We will work together to find the right process and solution for your unique situation.
They Can’t Collect on My Debts – I’m Unemployed
Your existing creditors can file suit against you and obtain a judgment that can be used against you for years to come. The harassing phone calls and letters will keep coming. Once you are employed again, these creditors can obtain a garnishment against your wages and take up to 25% of your new income. We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to set up a free initial consultation. We can discuss your financial issues and develop options that are in your best interest.
If I File Bankruptcy I will Lose My Job, or I Won’t Be Able to Get a Job in the Future
In most cases, most employers will never find out that you have filed bankruptcy (unless you share this with them). In any case, employers are not permitted to use bankruptcy as a cause to hire, fire or take other adverse employment action against you.
I Can’t File Bankruptcy – My Debts are Back Taxes and You Can’t Get Rid of Those
While many back taxes and liens are not dischargeable in bankruptcy, some taxes are. It may be possible to negotiate with the taxing authority to reduce what you owe, or to seek outright relief. Restructuring your debts and financial circumstances within the framework of a bankruptcy may give you the strength you need to retire tax debt which cannot be discharged. It is important to meet with an experienced Louisville Kentucky bankruptcy lawyer to understand all of your options, and to take the right action for you based upon all the facts.
Foreclosure Defense
I will work closely with you to seek ways to avoid home foreclosure or put a stop to a foreclosure in progress. You can keep your house and get to position of financial strength.
Contact My Office
While there are many common misconceptions about bankruptcy in Louisville Kentucky I want you to know there is always hope, even when your financial challenges are growing. There are ways that you can get out from under overwhelming debt and regain control of your financial life. 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.
Don’t let fear and misconceptions about bankruptcy keep you from a fresh start.
