Many people will struggle with their debt problems on their own before seeking out any type of help. They finally get to a point where they feel it is a losing battle, and they are tired and frustrated with all the debt collection efforts being put forth by creditors.
When a person starts running into financial difficulty most often the first thing they do is panic. They can't sleep at night, and they seem to be constantly thinking about their debt. They are fearful for the future. Then as time progresses and they are constantly dealing with the phone calls and tons of collection notices, they may become despondent. Bankruptcy may come to mind, but in some cases these individuals have not checked out if there are any other options available to help them get back on track financially.
Not only do those who are going bankrupt worry about their immediate situation, they are also concerned as to how the bankruptcy is going to affect their future. One of the big concerns is the senior's pension. While there are Federal bankruptcy rules and regulations, there are also State ones as well. What happens to the pension could be dependent on the State rules. However, in 1999 laws were put in place to protect the pensions in some instances. It stipulated that if the individual going bankrupt was not at the time drawing on their pension then it could not be taken by the bankruptcy trustee. This did not apply to those who were receiving their pension. There were some exceptions in place regarding the undrawn pension.
Before you make the final decision to go bankrupt, or start the proceeding yourself it is wise to speak to a Louisville bankruptcy attorney. There are many things that you need to consider as this is a big decision that you are contemplating. You need to fully understand what is the likely outcome of the bankruptcy. You need to way out the pros and cons. What do you stand to lose and what do you stand to gain? If you have retirement accounts then what may happen to these has to be determined.
It is so disheartening when individuals have struggled for many years to meet their financial obligations and then circumstances put them in a tight financial situation. This can be a result of huge medical bills, or someone losing their source of income. They may have no other option but to claim a Lousiville bankruptcy and they are really worried about all the equity that has been built up in their secured debts.
Naturally when you are claiming bankruptcy you want to know what your options are. Chances are you are fearful that you are going to lose every possession you own. When it comes to secured debt these are a big concern. Your creditors have some type of security against your property, and often this is the property itself. So you could stand to lose your house or car. There are some options available to you in regards to the secured debt. An experienced Kentucky bankruptcy attorney will discuss this with you in detail.
The first thing your New Albany bankruptcy lawyer will help you with is to determine which Bankruptcy you qualify for. It may be the Chapter 7 or Chapter 13. Most often individuals become disappointed if they don't qualify for the Chapter 7. This is because under this particular bankruptcy many of the debts will become discharged and no longer an issue.
Of course you want to know what is going to happen to your non-exempt property that had to be included in your bankruptcy. Your Louisville bankruptcy attorney will go over each one of these properties individually and advise you as to what possibly may happen to it.
If you have received an eviction notice as a tenant, the time in which you received this will determine how it is handled during your bankruptcy proceedings. You may have received it prior to your filing, or it arrived after you filed. Back a few years ago an individual who was being subjected to a court order eviction could put a stop to it by filing for either chapters of bankruptcy.