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What is a Chapter 13 Bankruptcy?

Posted on Thursday, March 13th, 2014 at 8:56 am    

Chapter 13 BankruptcyChapter 13 is a type of bankruptcy that allows consumers who are struggling with debt to seek relief through the court. Chapter 13 is commonly used by people who are facing home foreclosure, as it can stop that process in its tracks. A debtor must meet Chapter 13 requirements to file for bankruptcy under this chapter. Unlike a Chapter 7 bankruptcy, which allows the debtor to discharge some debts in exchange for the sale of nonexempt property to pay creditors, Chapter 13 allows the debtor to keep their property and repay creditors in a three or five year court-approved repayment plan.

If you’re struggling to pay your bills each month, filing for bankruptcy under Chapter 13 may allow to you get back on track by reorganizing your debts into one affordable monthly payment; however, there are certain requirements that must absolutely be met in order to file for a Chapter 13 bankruptcy. A Kenton County, Kentucky bankruptcy attorney can determine if you are eligible for a Chapter 13.

If you don’t qualify to permanently discharge debt under Chapter 7 or prefer to set up a new payment plan with your creditors, Lawrence & Associates will help you reorganize your debt in a Chapter 13 bankruptcy filing. We will prepare and file all the necessary paperwork to complete the process and will represent you in hearings or meetings with creditors, the bankruptcy trustee or the bankruptcy court. We will help you put together a reorganization plan and will review all proposed repayment plans to ensure they are appropriate.

If you or someone you know needs to file a Chapter 13 bankruptcy, contact a Northern Kentucky Bankruptcy Attorney today. Lawrence & Associates can help!

Contact Us (859.371.5997) for a Free Consultation

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What is an Automatic Stay and How Does It Affect Me?

Posted on Friday, March 7th, 2014 at 8:37 am    

timeoutWhen you file for Chapter 7 or Chapter 13 bankruptcy in Kentucky, the automatic stay immediately goes into effect. The automatic stay prohibits most creditors from continuing with collection activities, which can provide some relief to debtors.

Once the automatic stay goes into effect, it can protect a debtor from the following…

  • Utility Disconnections – If you’re behind on a utility bill and the company is threatening to disconnect your water, electric, gas, or telephone service, the automatic stay will prevent the disconnection for a period of time.
  • Foreclosure – If your home mortgage is being foreclosed on, the automatic stay temporarily stops the proceedings, but the creditor will often be able to proceed with the foreclosure eventually. If you are facing foreclosure, Chapter 13 bankruptcy is usually a better remedy than Chapter 7 bankruptcy, if you wish to keep your house. A Northern Kentucky bankruptcy attorney can help you determine this.
  • Eviction – If you are being evicted from your home, the automatic stay may provide some help; however, there may be a few wrinkles. If you are facing eviction, it is in your best interests to speak to an experienced bankruptcy attorney.
  • Collection of Overpayments of Public Benefits – If you receive public benefits and were overpaid, normally the agency is entitled to collect the overpayment out of your future checks. The automatic stay prevents this collection.
  • Multiple Wage Garnishments = Filing for bankruptcy stops garnishments dead in their tracks. Although no more than 25% of your wages may be taken to satisfy court judgments (up to 50% for child support and alimony), many people file for bankruptcy if more than one wage garnishment is threatened because garnishments can be detrimental to an employee’s paycheck.

Lawrence & Associates’ Bankruptcy attorneys are dedicated to helping Northern Kentucky families get the help they need. We serve all of Boone, Kenton, Campbell, Gallatin, Owen and Pendleton County, as well as other counties in the surrounding areas. Come see us at our Fort Mitchell, Kentucky office today.

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