The trustee must then submit their final report to the Louisville Bankruptcy Attorney court, generally within 4 months of the completion of the repayment plan. This report will inform the court of how the payments were disbursed to your creditors. Usually, a Chapter 13 repayment plan will last anywhere from 36 to 60 months. The duration of the plan usually depends on several factors, including the debtor’s income and how much time they will need to complete the plan.

Chapter 7 Bankruptcy In Kentucky

If that happens, you’ll have to start from scratch and pay the fee again. While this is a great benefit, there’s one drawback to paying in installments. If you don’t make your payments as agreed, the court can dismiss your case. So, if you don’t have to file quickly, wait until you have the full filing fee so you don’t risk a dismissal later if you’re late with a payment. The Western district oversees 53 counties, and has its main court location in Louisville. Three other locations in Owensboro, Paducah, and Bowling Green act as divisional offices.

We have many years of experience helping clients faced with overwhelming and unmanageable debt. Although these situations are unexpected and not of your own making, they need to be tackled and we can help you take the proper legal steps to do so. We are pleased we can offer you a plan to move forward through and out of some financial difficulties that you are experiencing towards a fresh financial start. We thoroughly understand and can help with the bankruptcy and the debt resolution processes and payment plans are available.

In the Western District of Kentucky, you can file by email or in person. Instead, once you’ve completed the forms, go ahead and print two copies of everything. The Kentucky bankruptcy court will keep the original as your official case documents. If you can’t afford it, you can request a fee waiver from the court. To qualify for this waiver your income must be less than 150% of the federal poverty guidelines.

If you fear that you cannot make one of your monthly payments, communicate with both your attorney and the bankruptcy trustee. From there, they will work with you to devise a solution, potentially by modifying the repayment plan. However, it may be the right option to help you start fresh if you seek debt relief. We will discuss the options for debt relief available for your unique situation. A Bankruptcy filed after the sale is often too late to reverse the tax. In defending the foreclosure, filing an answer, discovery, and submitting the bankruptcy will generally delay the foreclosure for an additional six months.

We exist to help you find the highest rated Louisville lawyers for your needs. Prior to joining the firm, Brian served as a federal judicial law clerk for the Honorable Thomas H. Fulton of the U.S. Medical Bankruptcy is not a type or “Chapter” of bankruptcy according the US Bankruptcy Code, however it is one of the major types of debt that causes people to seek bankruptcy protections. According to recent studies, over 50% of Americans have had medical debt sent to collections at one point or another. With rising medical costs and increasing out-of-pocket medical expenses, this number will likely continue for the foreseeable future.

What Can Debt Collectors Not Do?

This is especially true if you are someone who is currently falling behind on your mortgage payments or are otherwise in a significant amount of debt that you can’t get out of without help. Income Taxes can be discharged in bankruptcy after 3 years if you properly filed the returns. Student loans can sometimes be discharged because some of them are not from qualified… Three different federal reserve studies show your credit actually improves after you file bankruptcy. As a Wills & trusts lawyer, I help many individuals and families prepare for the future. When you have a Will in place, your family won’t be left guessing what your wishes may be or who your beneficiaries should be.

Chapter 13 Filing Steps

We will not get your hopes up for some unrealistic ending to your situation. Instead, we will be honest and work hard to help you pick the best option for your situation and see you through it. Chapter 11 bankruptcy is often an appropriate step when a business needs to restructure the debts it has and reorganize its finances so it can stay open. Chapter 11 bankruptcy involves the financial restructuring and reorganization of a business, which may be an incredibly complicated process. This type of bankruptcy enables a business to maintain many of its assets while it restructures itself to better manage its debts. This is an effective alternative to Chapter 7, which would require a business to liquidate its assets in order to pay debts.

If you don’t own a home, or if you have a partially unused homestead exemption, you can use up to $13,950 of that as another wildcard exemption. As of April 2022, you can also receive a full federal exemption for the following. One of the most significant reasons why many people choose the federal exemption option is for the more generous homestead exemption. The Kentucky homestead exemption only protects up to $5,000 of the equity in your home.

There is nothing wrong in selling property or converting property before you file bankruptcy. You may not be able to keep 25,000 in the bank and file a Chapter 7…. The automatic stay is a temporary order which does not allow collections during a pending bankruptcy. In some cases you may qualify for the undue hardship discharge in bankruptcy.