Are you considering bankruptcy or filing chapter 13 in Louisville? What do you need to know about the process of bankruptcy, and what is best for your unique situation? When is Chapter 13 the right personal bankruptcy option?
Chapter 13 bankruptcy is a good option for those facing substantial financial challenges who also have a steady, regular income and want to keep specific assets like a house or car. A chapter 13 bankruptcy allows you to restructure most of your financial obligations and develop a customized 3 to 5 year repayment plan designed to put you back on your feet while protecting the assets you want to keep.
The first step in the process of filing chapter 13 in Louisville is to speak with an experienced bankruptcy attorney from the Law Offices of John Schmidt & Associates, PLLC. My name is John Schmidt, and after more than 25 years of experience helping the people of Jefferson, Bullitt, Hardin, Spencer, Shelby and Oldham counties here in Kentucky, I can help you to understand all of your options and evaluate the best path forward.
We will need to gather detailed information going back 3 years or more including bank records, tax returns, W2’s and other wage and income verification, bills, your mortgage and/or car loan(s) and other people you might owe money to. We’ll discuss your home, car(s), personal property and the assets you have. What do you want to protect? What do you want to keep? What part of your life may need to change? Do you have a car that needs to be more dependable? Do you need time to catch up your mortgage?
Once we have organized all of the information and discussed what is happening in your life and that filing chapter 13 in Louisville is the best option going forward we’ll begin to develop the outline of your repayment plan. Filing for bankruptcy will put an immediate stop to all collections and any process associated with your assets such as a foreclosure on your home or repossession of your car. This provides the peace, space and time necessary to take a breath, get things in order and finish the development of your repayment plan.
We submit the plan to the Bankruptcy Court and a Trustee will review the repayment program to make sure it meets all requirements under law. Creditors have the right to provide input and the Trustee may ask for some changes, but we have the ability to provide a lot of input throughout this process. Once a repayment plan is agreed upon the process of getting back on your financial feet begins.
Filing Chapter 13 in Louisville is the right choice for those who want to protect assets like their home or car. Are you behind on your mortgage payments? Is your home under foreclosure or do you think this about to happen? Is your car lender threatening to repossess your vehicle? Do you have extensive credit card or medical bills that make it seemingly impossible to get back on top of your finances?
Chapter 13 will discharge many debts and get important obligations like your mortgage back on solid ground. When you complete the process in 3 to 5 years you will be proud to know you were able to keep your house and the assets and possessions that mattered most to you. You’ll be back on your feet financially, and ready for the next steps in your journey.
You have options. If your are considering bankruptcy or filing Chapter 13 in Louisville or any of the surrounding towns or counties 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. We’ll help you to protect your home, cars and other assets while getting life back on track.
