There are many reasons that individuals and families find they can no longer afford to pay monthly bills. Some may have recently gone through a divorce or been saddled with overwhelming medical bills. Others have been injured at work or in an accident and are unable to earn an income. Many are facing increased interest rates on mortgages or credit cards and cannot keep up. There are also people who simply let spending get out of control and cannot find a way out. We want to share a recent case we handled to give you an idea of what we can do for our clients. We will supply as many details as possible while still respecting our clients need for privacy.
Our client from Erlanger, Kentucky contacted us to file bankruptcy because of her student loans. Her student loans were in default and she was getting hounded day and night by the lender. She knew that student loans were not dischargeable in bankruptcy, and she didn’t know what to do.
What We Did
Lawrence & Associates analyzed our clients debt and realized that her student loans were the only non-dischargeable debt. We further realized that she could pay the student loans off within five years with reasonable monthly payments so long as her other, dischargeable debts did not continue eating into her monthly disposable income. We filed two bankruptcies for our client, the first was a Chapter 7 that discharged her medical bills, credit card debts, and payday loans. The second was a Chapter 13 filed after the Chapter 7. In the Chapter 13, the only debt was the student loan and we forced the student loan lender to accept a repayment schedule that lasted five years. While in the bankruptcy, our client could not be hassled by the student loan lender so long as she made her monthly payments.
Our client is currently paying off her student loans and is otherwise debt free! If you or someone you know is struggling financially, give us a call. We’re here to help. Lawrence & Associates Bankruptcy office is located in Fort Mitchell, KY.
In Northern Kentucky, if you choose to file for bankruptcy without including your spouse, your spouse’s social security number will not appear on the bankruptcy. As a result, there will be no effect on your spouse’s credit. Bear in mind that whichever spouse chooses not to file will not have any of their debts affected. Co-signed debts, such as a credit card in both spouse’s names, will still be the responsibility of the non-filing spouse to pay. Often times, it is in both parties best interest to file together if the couple has co-signed debts. Therefore, it is within your best interest to contact an experienced Northern Kentucky bankruptcy attorney who can advise you and your spouse of the best option.
When Only One Spouse Files for Bankruptcy
If only one spouse chooses to file, the credit of the non-filing spouse should remain unaffected. Each person has a separate credit file for credit reporting purposes. Your debts, if the debts are truly yours alone, are not supposed to show in your spouse’s credit report. Similarly, your bankruptcy should not show in your spouse’s file if you have no joint debts.
Applying for Loans Jointly
While the bankruptcy of one spouse should not affect the credit of the non-filing spouse, the bankruptcy of one spouse will have some effect on the credit worthiness of the non-filing spouse if they apply jointly in the future for a loan. The loan grantor will likely consider the credit rating of both applicants in making a lending decision.
Lawrence & Associates can help Kenton County residents, as well as other Northern Kentucky couples, file bankruptcy as a couple or file for one spouse alone.
If you or someone you know need(s) to file bankruptcy, contact Lawrence & Associates today!
Moving can be an adventure, especially when moving to another state. At Lawrence & Associates, a Kenton County Kentucky bankruptcy law firm, we have had many clients move to Kentucky only to find their financial fortunes have changed. Sometimes, clients move to Kentucky for a job that winds up being too good to be true. Other clients relocate from Cincinnati to Northern Kentucky in the middle of a major life event, such as divorce. Whatever the reason, moving to a new state can present financial challenges and sometimes those financial challenges lead to bankruptcy. If you are new Kentucky and are thinking of filing bankruptcy, you may be a little confused about where you should file. Is it better to file in Kentucky, or better to file in the state you just moved from?
Have You Lived in Kentucky for More Than Six Months?
You must live in Kentucky for at least six months to be eligible to file bankruptcy here. If you’ve lived here less than six months, don’t worry – preparing to file a bankruptcy often takes a month or two all by itself, and the dates are all measured from when you actually file (not from when you first think about filing). There is an exception to this rule, but it only applies if you haven’t lived in any state for six months or more over the course of the last nine months. If you’ve lived in Kentucky for six months, you have to file bankruptcy in Kentucky!
If You Haven’t Lived in a New State for 6 Months, Where Do You Have a Better Chance of Filing the Kind of Bankruptcy You Want?
Although bankruptcy laws are federal, different parts of the country have slightly different rules relating to (for example) the way you can protect your assets from the trustee or the amount you have to pay monthly in a Chapter 13 bankruptcy. Even relatively short distances – such as moving from Cincinnati to Northern Kentucky or vice versa – can have big consequences! If you are in a grey area where the difference of a month or two will change where you file your bankruptcy, you should ABSOLUTELY talk to a reputable bankruptcy attorney right away. Timing is important and you don’t want to wait the extra couple of months only to find out that you are in danger of losing your car or home because you waited too long to file.
At Lawrence & Associates, we help people file bankruptcy every day. Further, we have the skill and expertise to help you decide which state’s bankruptcy rules would be better for you.
If you or someone you know need(s) to file bankruptcy and has recently moved in or out of Kentucky, contact Lawrence & Associates today!
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