The most obvious reason may be that they want to keep their assets and avoid foreclosing their business property. In a short time, this matter Kentucky Bankruptcy Lawyer can be resolved, providing you the relief offered to all persons filing under the protection of the Federal Bankruptcy Laws. In this section, we stress what not to do during your bankruptcy case.

 

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Another result of the ongoing pandemic is subchapter V of the SBRA, which is designed to help small businesses recover from the financial consequences of COVID-19. The SBRA is much quicker and cheaper than a Chapter 11 bankruptcy process because it allows owners to work with a bankruptcy trustee in order to create a solid debt repayment plan. When you’re facing foreclosure, it’s important to understand how the process works as a whole. You may have many questions, such as “When is it too late to stop foreclosure?

 

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If a creditor objects to the proposed repayment plan, they must submit an objection to the plan within 7 days of the first 341 meeting. The means test determines whether or not you can afford to repay your creditors. However, the benefits of making these payments is the ability to keep your property, such as your home and vehicle.

 

You’re probably well aware of how important your credit report and credit scores are. The Fair Credit Reporting Act outlines exactly how certain financial information, such as debt collection, can be shown on your credit report. Other state and federal laws exist that provide protections for consumers against the following. In transactional matters Ted concentrates in all aspects of financing and secured transactions, leasing, structured financings, workouts and reorganizations, and general corporate practice.

 

In order to begin the process, you must first determine whether you need to file Chapter 7 bankruptcy or Chapter 13 bankruptcy. Working with an attorney will also help you immensely if you come across a question on any of the forms that you’re not sure how to answer. Our bankruptcy professionals have all the experience you need to make filing for bankruptcy go as smoothly as possible. You’ll likely need to fill out and submit at least 20 different forms throughout the process. Defaulting on mortgage payments means that the foreclosure will be judicial. This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale.

 

Both secured creditors and unsecured creditors are motivated to work with the business owner by accepting lower loan repayments and reaching a compromise. These creditors want to work and compromise with businesses in Chapter 11 because they can get better terms and more money than Chapter 7 bankruptcy cases. We strongly recommend scheduling a free consultation with a Kentucky or Indiana bankruptcy lawyer before you decide to file. At O’Bryan Law Offices, we can help you examine the facts of your situation and determine whether or not bankruptcy is the right choice for you. Each year Premier Bankruptcy Lawyers (PBL) researches and recommends leading bankruptcy lawyers across the United States. PBL lists only one attorney and firm in each city and inclusion to the guide is by invitation only.

 

Also, the value of non-exempt property (assets that aren’t protected) might affect the amount you need to repay creditors. After filing, you’re required to complete a second bankruptcy course. You need to complete the course and file the certificate of completion with the court within 60 days of your creditor’s meeting. If you don’t, the court won’t enter your discharge, which is the main benefit of filing bankruptcy. If you’re feeling overwhelmed by your debt, then the complexity of the bankruptcy code may be even more frustrating. Your Louisville bankruptcy attorney will send notice to the creditor and their attorney to get the wage garnishment stopped immediately.

 

If you fail to give an answer, the court will likely award your lender with a default judgment. This is when having qualified foreclosure attorneys on your side will be invaluable. Zombie Debt Collectors will often buy debts which are past the statute of limitations or that have been discharged in bankruptcy and then attempt to collect the debt. Debt Management companies often file bankruptcy themselves or close after you have paid them leaving you owing the debt.

 

However, encountering financial difficulties and failing to make mortgage payments can trigger the process. As a borrower, you still have rights, regardless of whether the foreclosure process has begun. Kentucky foreclosure law allows you certain rights, and our attorneys are here to defend those rights.

 

Federal court cases are harder to file than cases in state court and require more work and higher standards in the work that is done. Sometimes attorneys will take less time preparing the petition, disobey the rules, delay doing work, and take short cuts. It’s important to note that filing for bankruptcy after foreclosure can be complex and may require the help of a bankruptcy attorney. The bank may offer a probationary order, which allows you the ability to catch back up over six months. However, the bank has to pay a $300 dollar filing fee to file the motion for relief from stay.