What do you need to know about filing bankruptcy chapter 13 in Louisville? What is chapter 13 bankruptcy? Why would one choose a chapter 13 bankruptcy filing versus a chapter 7 option?
Most people consider bankruptcy to be one of the most negative and desperate financial decisions a creditor can make. Nothing could be further from the truth. Bankruptcy isn’t about financial ruin, it is literally a fresh start designed to put you back on your feet in a position of financial strength. Filing chapter 13 bankruptcy in Louisville is specifically designed to give you the opportunity to reorganize your finances while protecting the assets and possessions that are most important to you. This includes you home, a car, professional tools and even your personal possessions.
A chapter 13 bankruptcy establishes a 3 to 5 year plan to resolve the debts you owe, catch up or reorganize while applying other income to reducing your debts. Some might describe this as a “discipline,” but I prefer to think of it as a way to protect your home and catch up on the mortgage while seeking forgiveness of or elimination of unsecured credit card debt and other obligations.
My name is John Schmidt and I have served as a bankruptcy attorney for more than 25 years in Shepherdsville, Mount Washington, Shelbyville, Taylorsville, Radcliff, Elizabethtown, Jeffersontown or Louisville, Kentucky. If you are thinking about filing bankruptcy chapter 13 in Louisville you will need someone to guide you through the process, answer your questions and provide sound advice to help you make the best decisions for your unique situation.
How to File Bankruptcy Chapter 13 in Louisville and the Surrounding Counties
Are you wondering how to file bankruptcy chapter 13 in Louisville or one of the surrounding counties? The process begins with a conversation. I invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get a free evaluation and consultation and more information about how the process works.
Generally speaking, chapter 13 bankruptcy is designed for individuals or married couples who have reliable income but simply can’t afford to pay all of the debts they presently owe. Filing a chapter 13 in Louisville helps you to keep your home, car or other things which are important to you while regaining control over your finances.
Here is a list of some of the documents and information that will be required:
- Proof of your source(s) of income
- A list of all monthly expenses
- Information about any properties you own, mortgages and leases in your name(s)
- A list of all your creditors including how much is owed and present monthly payment
- Federal and Kentucky Tax Returns and statements or demands regarding any unpaid taxes
The Law Offices of John Schmidt & Associates, PLLC will guide you through every step of filing bankruptcy chapter 13 in Louisville. We help to organize, prepare and file the paperwork to begin your financial reorganization. Once we have filed your petition for a chapter 13 bankruptcy, you will receive a letter from the bankruptcy court that serves as an immediate suspension of collection activities on all your existing accounts.
Harassment from creditors must immediately stop under the law. Evictions, garnishments, judgment liens and foreclosures are put on hold in almost every case (except in the rare example of those who have violated the bankruptcy system in the recent past).
We will then propose a repayment plan based upon specific calculations under the US bankruptcy code and a local judge, administrator or trustee will conduct a hearing to evaluate the legality and fairness of the proposal. Creditors may object but in most cases plans can be altered as needed. Going forward, all new mortgage payments must be paid on time while delinquent balances are caught up over time per the agreement.
Clients of the Law Offices of John Schmidt & Associates PLLC in Jefferson, Bullitt, Hardin, Spencer, Shelby and Oldham counties won’t even have to talk to or have contact with their creditors once they begin working with our office.
You will gain an immediate peace of mind, and a sense of hope as we work to begin putting things in motion to file chapter 13 in Louisville and surrounding areas. In a chapter 7 bankruptcy, you are not able to protect important assets like your house. Chapter 7 completely discharges debt and requires you to sell some or all of non-exempt assets, while a chapter 13 allows you to catch up on important assets and other “priorities” while also discharging some unsecured debt.
Completing a chapter 13 bankruptcy simply involves keeping up-to-date with all payments under the repayment plan. Late or missed payments can immediately risk the dismissal of your chapter 13 case and this is not something that is in your interests. You are even able to increase payments in order to seek an early discharge of your chapter 13 bankruptcy.
Are you ready to put a stop to the harassment from creditors and regain positive control of your financial present and future? We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get a free consultation, answers to your questions and relief from financial challenges and creditors.
