” Each state has its own unique laws and protections for borrowers, as well as specific processes. Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure. In the following sections, we briefly outline the Kentucky foreclosure process. From there, you are released from personal liability for your unsecured debts, and you may continue making payments on secured debts to ensure you can keep your property. Additionally, you should collect and store all of your bankruptcy paperwork in a safe place, in case your future lenders ask to see them. Also, while Chapter 7 bankruptcy can stay on a person’s credit report for up to 10 years, you can still have a life after bankruptcy.

 

In addition to helping you choose which chapter of the Louisville Bankruptcy Attorney bankruptcy code you should file under, they can also help you file a claim to have your debts discharged. If you make all your required plan payments, you’ll be discharged from your remaining qualifying debts at the end of your bankruptcy case. A Chapter 13 bankruptcy discharge is more expansive than a Chapter 7 discharge because it absolves certain debts that can’t be annulled in Chapter 7 bankruptcy. In some cases, you may be able to have your repayment period reduced if you make payments early or pay more than required.

 

⎆ How Bankruptcy Can Help

 

Filing for Chapter 13 bankruptcy will impact your credit score and report. Initially, your credit score may drop significantly due to the bankruptcy filing, and it will remain on your credit report for up to seven years or even 10 years in some cases. Most people choose between Chapter 7 and Chapter 13 to gain control over his or her financial affairs.

 

Of Legal Experience

 

We will help you and your family get through the legal process, from beginning to end, with confidence. If you need a competent Louisville bankruptcy lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. Many people wonder what percentage they should aim for when attempting to settle their credit card debt through debt settlement. As a debtor, you’ll want to try to settle for a small percentage of your debts.

 

Here is a 56-minute February 2015 audio of a judge hauling both the attorney and his clients into court over collecting attorney fees after their cases filed. In fact, about 30 of his clients were hauled in for paying his fees after the case filed. Proposing a repayment plan is a crucial step in the Chapter 13 bankruptcy process. When filing for Chapter 13 bankruptcy, you will need to propose a repayment plan that outlines how you intend to pay off your debts over a period of three to five years. This plan must be approved by the bankruptcy trustee, your creditors, and the bankruptcy judge. However, Chapter 13 shows an effort to repay debts, which can be viewed more favorably by creditors compared to Chapter 7 bankruptcy, which involves the liquidation of assets.

 

If someone has debts that are older than the statute of limitations, these are called time-barred debts. Debt collectors can no longer attempt to collect on these debts, nor can they file a lawsuit for them. Michelle O’Bryan’s legal career has been to serve those in the community who are undergoing difficult financial circumstances, thus helping them to get a fresh start. Michelle began practicing law in 1993, focusing on bankruptcy and individual’s rights under current law. Before you send us any information, know that contacting us does not create an attorney-client relationship.