Our Experienced Shepherdsville Bankruptcy Lawyer Can Help You
There are several common misunderstandings about bankruptcy in Louisville and throughout Kentucky. Bankruptcy is one of the oldest protections for our citizens under the law. It is important not to let a fear based on wrong perceptions or information keep you from making the right decisions regarding your financial future. Here are some of the things people misunderstand about bankruptcy:
Bankruptcy Will Destry My Credit
Compared to where your credit probably stands right now, 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 often possible to purchase a car immediately after filing bankruptcy. Those who have filed bankruptcy in Kentucky have purchased a new home in as short as a year or two after filing. This may not be possible in most cases, but bankruptcy is not the end, it is the beginning. Bankruptcy will lower credit scores for a while, but many clients are pleasantly surprised what they are able to accomplish in a relatively short period of time. Bankruptcy helps to put you back in control of your financial life and gives you the strength to rebuild your financial credit rating and options.
If I File Bankruptcy I lose Everything – My House, Car, 401K, Possessions – Everything.
Kentucky provides specific exemptions that protect some of your home equity, as well as provisions for your car, possessions and other assets like tools. In a Chapter 13 bankruptcy, you choose which creditors (possessions) you wish to keep and work out a repayment plan that fits within your budget to pay debtors off in 3 to 5 years while protecting your home. It is even possible to put an immediate stop to foreclosures that have not yet gone to a sheriff’s sale. 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. My name is John Schmidt and as an experienced Louisville bankruptcy attorney I can provide the advice and counsel to protect your spouse’s credit while providing the debt relief you need to move forward.
Filing Bankruptcy is Hard
At the Law Offices of John Schmidt & Associates, PLLC I have more than 20 years experience helping people in Jefferson, Bullitt, Hardin, Spencer, Shelby and Oldham counties when they are facing some of life’s greatest challenges. I will help to keep the process of bankruptcy as simple as possible and work to 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
This is one of the most common misunderstandings about bankruptcy in Louisville and throughout Kentucky Your creditors can and will 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, they can obtain a garnishment against your wages and take up to 25% of your new income. Make an appointment with my office to schedule 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, your employer 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 area bankruptcy lawyer to understand all of your options, and to take the right action for you based upon all the facts.
I’ve Lost My Home to Foreclosure
I will work closely with you to seek ways to avoid home foreclosure. Filing a Chapter 13 bankruptcy will put an immediate stop to the foreclosure process. Bankruptcy can protect and save your home.
An Experienced Bankruptcy Attorney in Shepherdsville
While these are only a few of the common misunderstandings about bankruptcy in Louisville and throughout Kentucky, knowledge is the real key to the right answer in your unique situation. There is hope even when your financial obligations are mounting. There are ways that you can get out from under overwhelming debt, including seemingly unmanageable mortgage obligations.
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.
