Bankruptcy is nothing to be ashamed of, but it is complex, which is why if you believe you are ready to file for bankruptcy, you must not do so without the assistance of an experienced Louisville, Kentucky consumer bankruptcy lawyer. 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.
If you find yourself in a situation where bills are piling up, you’ve received foreclosure warnings, and you have no real means to pay back your debts, it is most likely time to file for bankruptcy. 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.
There are several types of bankruptcy available to individuals in Kentucky, including Chapter 7, Chapter 13, Chapter 11, and Chapter 12. Of those, Chapter 7 and Chapter 13 are the most common. They are as follows:
Here at Schwartz Bankruptcy Law Center, we understand that the need to file for bankruptcy can occur virtually anytime and under a wide range of circumstances, which is why we are proficient at bankruptcy matters concerning bankruptcy & divorce in Kentucky, as well as bankruptcy for unmarried couples, or couples living in non-traditional households.
Often, when consumers hear the word “bankruptcy,” they immediately shy away, because there’s a widespread misconception about how damaging filing for bankruptcy actually is. For example, many people are led to believe that if they file for bankruptcy, they will wreck their credit permanently and may not be able to secure credit after filing. This isn’t true. Many others believe that they’ll lose their home if they file for bankruptcy. This also isn’t true. In fact, filing for bankruptcy, for many people, is the only surefire way for them to actually keep their home in the face of financial adversity.
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. That said, these won’t work for everyone. The other option (which really isn’t an option) is turning to a debt settlement service. These services often claim that all you need to do is pay them and they will negotiate with your lenders and wipe away your debt for a fraction of the cost of filing for bankruptcy. Unfortunately, these services basically fall just short of being considered scams. They have no legal power, they aren’t well-versed in the law, and likely you’ll end up in a far worse position than you were to start out. To learn more about why debt settlement services are, a bad idea, click here.
Ultimately, if you’re in financial trouble, your best option is to reach out to a competent consumer bankruptcy lawyer who can assess your circumstances, determine whether you qualify for bankruptcy and whether Chapter 7 or Chapter 13 is best for you, and, from there, fight for the best outcome possible on your behalf. Bankruptcy may seem like a scary prospect, but with the right legal team in your corner, it absolutely does not have to be. Schwartz Bankruptcy Law Center is here to be your number-one advocate, every step of the way.
One of the biggest perks of filing for bankruptcy is that as soon as you do, the Bankruptcy Court will issue an automatic stay. Essentially, the automatic stay prohibits creditors from all collection activities until the bankruptcy process has come to a close. This also means that you will get to keep your home at least until the bankruptcy process ends, even if you file on the date of foreclosure. Once you’re issued an automatic stay, you can breathe a sigh of relief, because you’re well on your way to getting your financial independence back.
If you have any further questions about the bankruptcy process in the state of Kentucky, please do not hesitate to contact a knowledgeable Louisville, Kentucky consumer bankruptcy lawyer here at Schwartz Bankruptcy Law Center today. We proudly help clients in Jefferson County and throughout the state of Kentucky, and we would be honored to be the firm to guide you to your safe harbor.