To find out how much equity you have in your home, calculate your home’s current value. Let’s say your home is worth $200,000, and you still owe $150,000 on it. In this Louisville Foreclosure Lawyer case, you have $50,000 in equity on your home, but the Kentucky bankruptcy exemptions would only protect $5,000 of that equity. The Eastern district oversees 22 counties in Kentucky, and has its main court location in Lexington.
First, you’ll need to take a credit counseling course from an approved provider. Bankruptcy will stay on your credit report for seven to 10 years, and it will likely cause your credit score to drop significantly. If you’re not planning on applying for any new credit during that time, it may not be a big deal.
Can A Bankruptcy Case Stop An Eviction In Louisville?
However, some types of debt cannot be discharged in bankruptcy, such as child support, alimony, student loans, and most taxes. Some bankruptcy attorneys in Louisville may require a retainer fee upfront. This is a payment made by the client to the attorney before any work is done. The attorney will then draw from this account as they work on the case.
If you want to get a debt consolidation loan with bad credit, these companies may try to take advantage of you. Speak with a qualified and experienced consumer bankruptcy law firm for full balance debt resolution. As you may know, bankruptcy can be a very complex process, which is why it is crucial that you do not go it alone. Our firm can help ensure that you file properly and on time, and ultimately, get yourself into a financial position you can finally be comfortable in. Contact Schwartz Bankruptcy Law Center today to learn more about our bankruptcy services and how we can effectively guide you through every step of the legal process ahead. Certain conditions apply, such as ensuring your repayment plan includes adequate provisions to cover mortgage or car loan payments.
How Does Kentucky Wage Garnishment Happen?
A creditor may be willing to waive a late fee or increased interest rate if you notify them before you miss a payment. Engaging in good faith practices with your creditors is almost never a bad idea. You may garner some support or understanding from these creditors. This may result in receiving lower payments for a certain number of months.
Unavailable For Legal Reasons
The longer you wait to pursue debt management, the fewer options you’ll have for your credit card debt incurred. Below, we outline some ways to examine your financial situation and achieve relief for your unsecured debt. That said, with all the misconceptions swirling around bankruptcy, it’s no shock that people often look to other options before committing to bankruptcy. The truth is, for some people, there are some viable options other than bankruptcy, such as short sales or obtaining loan modifications.
Keep in mind that only nonexempt assets may face liquidation in a Chapter 7 filing, regardless of the exemptions. Most people will be able to protect their essentials, such as their home, their car, and even tools of the trade. For those who are experiencing a temporary gap in income, perhaps due to a job loss, a divorce, an injury or an illness, it can be difficult to continue to make ends meet. By the time income is restored, late fees, higher interest rates and overdue payments may have snowballed to make it impossible to catch up.
