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Bankruptcy Explained: Can Debt Consolidation Protect Me from Creditors?

Posted on Thursday, February 26th, 2015 at 4:12 pm    

Debt Consolidation Northern Kentucky

A consolidation or “workout” is an attempt to modify one or multiple debts without the need for bankruptcy, usually through a debt consolidation agency. The main issue with a workout is that most debt consolidation companies don’t provide local creditors with a contract that enforces the agreement.

Without a Contract Your Workout Can’t Be Enforced 

In Northern Kentucky, a debt consolidation agreement is subject to contract laws, and without a valid contract between you and your creditors the workout can’t be enforced in a Northern Kentucky County court. This means that, if a creditor such as a credit card (like Capital One), or a medical provider (like St. Elizabeth Medical Center) decides not to be bound by the terms of the workout, they can still sue you in the county in which you live. This is the central reason that debt consolidation agreements often do not work for Northern Kentucky residents. Creditors that do not participate in the debt consolidation plan are entitled to file a lawsuit, which sometimes makes the entire exercise pointless. Only filing bankruptcy provides Northern Kentucky debtors with the muscle they need to force creditors to obey the rules.

Debt Consolidation vs Chapter 13 Bankruptcy

There are many reasons why Northern Kentucky residents try to avoid bankruptcy by contacting a debt consolidation company. Many debtors believe bankruptcy is a bad thing, and try to avoid it by seeking a new repayment agreement with creditors. What those debtors don’t realize is that a Chapter 13 bankruptcy provides the same relief but also forces the creditors to abide by the new repayment plan. The downside of the debt consolidation agreement is that it will not freeze interest accumulation on unsecured debts, while a Chapter 13 bankruptcy will. Further, if the debt consolidation agreement fails, Northern Kentucky debtors will enter bankruptcy anyway, but with the added complication of having less money than they would have had if they had filed the Chapter 13 bankruptcy in the first place.

Lawrence & Associates is experienced in debtor-creditor law and we can advise Northern Kentucky debtors on whether a non-bankruptcy workout will provide immediate debt relief.


Bankruptcy Explained: Understanding Property Exemptions – Keeping Your House and Car

Posted on Wednesday, February 18th, 2015 at 1:19 pm    

If you file a Chapter 13 Bankruptcy, you can always keep your property. If you file a Chapter 7 Bankruptcy, the United States bankruptcy code allows you to keep your house, keep your car, and keep your property so long as your equity in that property is below certain thresholds at the time the bankruptcy is filed. Equity is the value of the property minus the amount of any loans secured against it. The amount of equity you can have and still keep your property depends on whether you file your bankruptcy in Kentucky or Ohio.

How to Keep Your House and Car When You File Bankruptcy in Kentucky

Kentucky allows you to use federal exemptions to keep your property. This is good, because federal exemptions are usually much more forgiving than state exemptions. Kentucky allows you to use Kentucky state exemptions as well, but they are not as good as the federal exemptions and are rarely used. You can read the entire section of the federal bankruptcy code that gives us property exemptions, 11 U.S.C. 522, here: http://www.law.cornell.edu/uscode/text/11/522. The exemption levels are adjusted every three years. For the latest levels, contact Lawrence & Associates or check our blog to make sure these amounts haven’t changed.

As a rule of thumb, if you file bankruptcy in Kentucky you usually only have to worry about protecting your home, your car, or any “luxury” items you might own (such as a nice boat). The federal exemptions are large enough that it is rare for anything else to be in danger. The good Fort Mitchell bankruptcy attorney assess your equity in your property for you, and report your options to keep your house, car, and other property to you before filing. For example, under the federal exemptions you can keep your home as long as your equity in the house and land is less than $22,975.00 (and married couples can keep their home with double that exemption). So a married couple filing bankruptcy with a $200,000.00 house and a $175,000.00 mortgage can keep the house since their equity ($25,000.00) is less than the total exemption ($35,950.00). Figuring out how to value the home, car, or other property appropriately is sometimes a matter of controversy, but your attorney will be able to affix all values before filing.

How to Keep Your House and Car When You File Bankruptcy in Ohio

Ohio requires that you use the state exemptions, but does not allow federal exemptions. This can be good or bad, since Ohio has a much better exemption for your home, but lesser exemptions in other areas. Other than the change in exemption levels, the analysis works basically the same when you file bankruptcy in Ohio as it does when you file bankruptcy in Kentucky. Unfortunately, because Ohio’s exemptions are so much worse than the federal exemptions (again, other than the exemption for your home), many people who file bankruptcy in Ohio have more trouble keeping their car, or other property.


Bankruptcy Explained: What Actions Can a Creditor Legally Take to Collect A Debt?

Posted on Friday, February 13th, 2015 at 4:24 pm    

creditor harassmentA good bankruptcy attorney can protect you from abusive and threatening creditors. Creditors are notorious for using threats, intimidation tactics and false information in order to scare debtors into making payments. The truth is, regardless of your ability to pay, or what a creditor may claim, there are certain actions they cannot legally take. When you know the facts, you are in a better position to make decisions about your financial future and stop the abuse. According to the Fair Debt Collection Practices Act, creditors are prohibited from “abusive, deceptive and unfair debt collection practices.” If a creditor continues to violate these laws and harass you and your family, you may be able to bring a claim against them and sue for financial damages.

Find an Experienced Creditor Harassment Attorney

Find an experienced Northern Kentucky Bankruptcy Lawyer who has handled creditor harassment cases in the past. A good bankruptcy attorney will work to build a strong and successful case for you against creditors that are harassing you.

The truth about debt collection attempts is that…

  • Creditors CANNOT call you at work once you have asked them to stop
  • Creditors CANNOT call you excessively or at unreasonable times
  • Creditors CANNOT call your family members and reveal the alleged debt
  • Creditors CANNOT intimidate you by providing false and misleading information
  • Creditors CANNOT have you arrested
  • Creditors CANNOT use vulgar or abusive language
  • Creditors CAN file a lawsuit to have a lien placed on your home
  • Creditors CAN seek to repossess your automobile
  • Creditors CAN attempt to garnish your wages
  • Creditors are legally obligated to cease all contact and collection attempts once you have filed for bankruptcy. If they do not, you have the right to sue them.

Contact Us (859.371.5997) for a Free Consultation


Bankruptcy Explained: What Type of Bankruptcy Should I File?

Posted on Friday, February 6th, 2015 at 9:04 am    

types of bankruptcyAdvice from an attorney is your best bet when deciding if you should file a Chapter 7 or Chapter 13 bankruptcy.  Are you facing foreclosure from a bank like Wells Fargo, being sued for medical bills by a hospital like St. Elizabeth, or confronting a mountain of Capital One credit card debt? Filing a Chapter 7 or Chapter 13 bankruptcy will end the harassing phone calls and letters. You must comply with the terms of any repayment agreement or you will lose these protections, so it is important to have strong legal guidance before agreeing to anything. Choosing the right kind of bankruptcy can mean the difference between keeping your house, keeping your car, keeping your money, or losing it all. Some of the things a Northern Kentucky Bankruptcy attorney will need to know is a client’s past income and current assets. Knowing the asset exemptions and median income levels of the client will help to make the decision easier.

Chapter 7 Bankruptcy

A bankruptcy lawyer’s first step will be to determine whether you are eligible for protection under Chapter 7. The 2005 revisions to the bankruptcy laws require that, to qualify to discharge debts under Chapter 7, you must submit to a “means test,” demonstrating to the court that you lack the means to repay your creditors in a Chapter 13 proceeding. We will conduct a means test and, if you qualify, we will prepare and file all documents required to complete the Chapter 7 process. We will carefully explain which debts can be eliminated, as well as which assets you can protect, so that you get the benefit you deserve.

In General, You Cannot File a Chapter 7 Bankruptcy If You…

  • have filed a bankruptcy in the last eight years
  • have assets with significant value that you don’t want to lose
  • have income over median for your household size in the Commonwealth of Kentucky.

Make Sure to Assess The Value of Your Property Correctly

Figuring out how to correctly assess the value of your property, or the correct number for median income, can be a daunting task, and the consequences of making a mistake are very drastic. A Northern Kentucky Bankruptcy lawyer will make sure your bankruptcy is filed correctly so that you get the maximum benefit from your decision to file.

You Get Immediate Relief  After You File a Chapter 7 Bankruptcy

Once you file for protection, an automatic stay goes into effect, preventing your creditors from calling, writing or taking any other legal action to collect the debt. A Chapter 7 bankruptcy petition can also stop foreclosure proceedings, wage garnishments and repossession actions. With the help of a lawyer, in Kentucky, a Chapter 7 bankruptcy proceeding can generally be completed in 3 to 5 months.

Chapter 13 Bankruptcy

If you don’t qualify to permanently discharge debt under Chapter 7 or prefer to set up a new payment plan with your creditors, we 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.

You Get Immediate Relief  After You File a Chapter 13 Bankruptcy

When you file for protection under Chapter 13, an automatic stay goes into effect, which prevents your creditors from calling, writing or using any other means to collect the debt, other than through the bankruptcy proceeding. The automatic stay will suspend foreclosure or repossession actions, as well as wage garnishments, giving you time to get back on your feet financially. In many instances, you will be able to reduce the amount you have to pay, sometimes to as little as a penny on the dollar, by entering into agreements with your creditors. A Chapter 13 bankruptcy can be ideal for someone with large medical bills or credit card debt, allowing you the opportunity to keep most or all of your assets and enter into payment arrangements that are workable.

Contact Us (859.371.5997) for a Free Consultation


Bankruptcy Explained: There Are Legal Solutions That Provide Debt Relief to Those Who Need It

Posted on Thursday, January 29th, 2015 at 2:37 pm    

fresh start bankruptcyThere 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. 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. Have you received notice that your wages will be garnished due to delinquent payments on your financial obligations? Has the bank started foreclosure proceedings on your home? Is your car about to be repossessed? Or have you realized that try as you may, there is just no way for you to stay current on all of your bills? Regardless of the financial problems you are facing, it is important to realize that there are legal solutions to help you obtain debt relief.

Immediate Relief For Pressing Financial Problems

Above all, do not ignore your financial problems or lawsuits that creditors bring against you. These issues will not disappear. Your best option is to contact a bankruptcy attorney at the first sign of financial distress. Even if you are facing immediate foreclosure, repossession or wage garnishment, Lawrence & Associates can provide swift legal action to help protect you. Your start to a fresh financial future begins when you contact a Northern Kentucky bankruptcy lawyer. A bankruptcy attorney will help you file Chapter 7 bankruptcy or Chapter 13 bankruptcy. Good Fort Mitchell, Kentucky bankruptcy lawyers will take the time to fully explain your legal options and the bankruptcy process in an understandable way — not with complex legal jargon. Good bankruptcy attorneys will also provide advice on how to stop creditor harassment, garnishment, foreclosure and repossessions.

Contact Us (859.371.5997) for a Free Consultation


Important Considerations Regarding Debtors and Their Spouses in a Chapter 7 Bankruptcy in Kentucky

Posted on Friday, January 23rd, 2015 at 3:23 pm    

spouse bankruptcyWhen considering filing for Chapter 7 bankruptcy in Kentucky, a debtor who is married needs to take into account how one’s marriage will affect his or her ability to file. For example, according to the U.S. Dept. of Justice, the state median family income for filing a Chapter 7 bankruptcy in Kentucky is $40,020 for a single person household, while for a two person household, it is $46,815.[1] This is a particularly important factor which must be calculated when filing for bankruptcy. The bankruptcy Means Test is a formula used to determine whether your income is low enough for you to file Chapter 7 bankruptcy. High income filers who “fail” the means test may still file Chapter 13 bankruptcy as a way to discharge a portion of their debts, but it usually won’t wipe out their debts altogether.

Is the Debt in the Debtor’s Name or the Spouse’s Name?

The married debtor needs to determine whether the debts are solely in the debtor’s name, or if they are also in the debtor’s spouse’s name as well. Debts that were obtained in both spouses’ names will make each spouse jointly and severally liable for payment of that debt. Therefore, it is often necessary for both spouses to file for bankruptcy in order to avoid liability of the debt.

Conversely, if only one partner in a marriage is responsible for a debt, then generally only that spouse should file for bankruptcy. However, even in circumstances where only one spouse needs to file for bankruptcy, the debtor-spouse is still required to list his or her spouse’s income as part of the household income that is used in the Means Test. See e.g., In re McSparran, 410 B.R. 664 (Bankr. D. Mont. 2009) (unexplained failure to list non-filing spouse’s income was fatal to confirmation). Generally, this makes it more likely that the debtor’s household income will be greater than the allowed median family income, and consequently, make the debtor less likely to be eligible to file Chapter 7 bankruptcy.

Determining Eligibility to File for Chapter 7 Bankruptcy

Other factors used in determining eligibility for Chapter 7 Bankruptcy are known as adjustments. For example, a debtor’s household expenses are taken into consideration as a way to determine the debtor’s actual disposable income, and can have the effect of preserving a debtor’s eligibility to file a Chapter 7 bankruptcy when the debtor’s household income is greater than the allowed median family income. The inclusion of the debtor’s household expenses will usually be factored into the Means Test by a debtor’s bankruptcy attorney, especially when the attorney is attempting to ensure that his or her client is eligible to file Chapter 7. However, one of the most overlooked “tools” available to a married debtor who is otherwise ineligible to file a Chapter 7 due in part to the inclusion of the debtor’s spouse’s income are Marital Adjustments. “The Marital Adjustment is the portion of a non debtor spouse’s income that is not paid on a regular basis to the household expenses of the debtor or debtor’s dependants.” (John P. Gustafson, The Chapter 13 Means Test:Line-by-Line, February 7, 2013).

This means that a debtor can deduct from the non-filing spouse’s income any amount used to pay for personal expenses that are separate from the debtor’s household expenses. These expenses, also known as “marital deduction expenses,” have the effect of reducing the debtor’s spouse’s income used in the Means Test to solely the amount that is used to contribute towards the debtor’s expenses or the debtor’s dependent’s expenses.

Marital Deduction Expenses

Although there is little case from the Kentucky Federal Courts regarding what qualifies as marital deduction expenses, most courts have generally found that the following can be considered marital deduction expenses:

  • Alimony Payments
  • Student Loan payments made by the non-filing spouse for his or her own student loans
  • Car payments for the non-filing spouse’s car
  • Credit Card payments for non-filing spouse’s credit cards.
  • Etc.

Therefore, although it is clear that there are many different ways in which a debtor could become eligible to file a Chapter 7 bankruptcy, it can be a rather daunting task for someone who is unfamiliar with the bankruptcy laws and requirements.

If you are attempting to make this determination on your own, or know someone else who is, please don’t hesitate to contact Lawrence & Associates. Our attorneys are extremely knowledgeable and dedicated to making sure that you are able to take advantage of all the protections that are afforded to you in a bankruptcy.

Contact Us (859.371.5997) for a Free Consultation

[1] http://www.justice.gov/ust/eo/bapcpa/20130501/bci_data/median_income_table.htm

Immediate Relief For Pressing Financial Problems

Above all, do not ignore your financial problems or lawsuits that creditors bring against you. These issues will not disappear. Your best option is to contact a bankruptcy attorney at the first sign of financial distress. Even if you are facing immediate foreclosure, repossession or wage garnishment, Lawrence & Associates can provide swift legal action to help protect you. Your start to a fresh financial future begins when you contact the bankruptcy law firm of Lawrence & Associates. Our firm helps clients file Chapter 7 bankruptcy and Chapter 13 bankruptcy. When you work with our firm, we will take the time to fully explain your legal options and the bankruptcy process in an understandable way — not with complex legal jargon. We can also provide advice on how to stop creditor harassment, garnishment, foreclosure and repossessions.


Should I Take Out New Debt Before a Bankruptcy? The Don’ts and the Don’ts

Posted on Wednesday, January 21st, 2015 at 4:23 pm    

bad faith debtShould you take out new debt just before filing bankruptcy? No. No no no no. Please don’t. For those who are looking for a short and easy answer from an attorney, look no further. For those who want to know how taking out new debt right before filing bankruptcy can ruin your chances for a discharge, read on.

Bankruptcies Have to be Filed in Good Faith

Bankruptcies need to be filled in good faith like debt must be taken out with the good faith that you intend to pay it back. Taking out a debt with intent to discharge it in bankruptcy makes both taking out the debt and filing the bankruptcy an exercise in bad faith. The law sets an arbitrary cut off for when a debt is presumed to have been taken out in bad faith. If you take the debt out within 90 days prior to filing a bankruptcy, there is a presumption that the debt will be non-dischargeable. If you charge a de minimus amount to a credit card – say you mistakenly ring up a $7 lunch on your Mastercard – it’s unlikely the creditor will pursue the matter in court. But racking up debts of more than $500 within that 90 days is almost certain to call the creditor’s attorneys into court with you.

Usually If You Take Out Debt Just Before a Bankruptcy, You Can’t Add That Debt to the Bankruptcy

The penalty for taking out debt prior to filing is usually that the debt is non-dischargeable. This means that you can’t get rid of the debt in bankruptcy. The problem is that the entire debt is non-dischargeable, not just the amount you charged within the 90 day period. Let’s assume you have $10,000 on a Discover Card, and you add another $600 to it about a month before you file. If Discover comes to court to enforce the non-dischargeability of the debt, you now have a $10,600 debt that survived the bankruptcy. In cases where the court feels the Debtor’s behavior was especially bad, the court could kick out the entire bankruptcy and prevent the Debtor from filing again.

But Circumstances Matter; Creditors Need to Prove Your Intention of Bad Faith

Not all debts incurred within 90 days prior to filing a bankruptcy fall are necessarily going to be bad faith debts. Circumstances matter, and the creditor has to prove that you intended to act in bad faith. Let’s say you have an American Express card that you regularly pay off at the end of the month. Suddenly you have a heart attack, which gets you a whole lot of medical bills that your insurance won’t pay. You’ve got to file a bankruptcy, and your AmEx is going to get roped in with the medical bills. You’d used the AmEx all the way up to the day of your heart attack, and you need to file the bankruptcy 60 days after the heart attack. Will the AmEx debt be considered bad faith? Absolutely not. A good Kenton County bankruptcy attorney will get both the AmEx bill and the medical bills discharged, and get you a fresh start on life.

You have to give your attorney full disclosure of any debts you’ve taken out prior to filing. Experienced bankruptcy attorneys, like those at Lawrence & Associates can advise you on the best way to handle your debts and the best timing in which to file your bankruptcy.

Contact Us (859.371.5997) for a Free Consultation

Providing You With Debt Relief Solutions Through Bankruptcy

Regardless of the reasons that brought you to financial distress, filing for bankruptcy does not make you a bad person. In fact, the government created bankruptcy in order to help people recover from unmanageable financial problems. At Lawrence & Associates, we help our clients understand how bankruptcy laws are made to protect them and will allow for a brighter financial future.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Immediate Relief For Pressing Financial Problems

Above all, do not ignore your financial problems or lawsuits that creditors bring against you. These issues will not disappear. Your best option is to contact a bankruptcy attorney at the first sign of financial distress. Even if you are facing immediate foreclosure, repossession or wage garnishment, Lawrence & Associates can provide swift legal action to help protect you. Your start to a fresh financial future begins when you contact the bankruptcy law firm of Lawrence & Associates. Our firm helps clients file Chapter 7 bankruptcy and Chapter 13 bankruptcy. When you work with our firm, we will take the time to fully explain your legal options and the bankruptcy process in an understandable way — not with complex legal jargon. We can also provide advice on how to stop creditor harassment, garnishment, foreclosure and repossessions.


The Telephone Consumer Protection Act (TCPA) Protects Debtors From Harassment Such as Robo Call Abuse and Other Techniques

Posted on Thursday, January 15th, 2015 at 4:22 pm    

Robo CallsRecently, the Telephone Consumer Protection Act has become a big deal. This important law says that big banks, mortgage companies, and credit card companies cannot harass you when trying to collect a debt. Specifically, the TCPA doesn’t allow the creditors to call your cell phone without permission to do so. Robo calls that happen multiple times per day are especially frowned upon (although not outright illegal yet), and can result in big penalties for the creditor.

Example: Bank of American and the Coniglios of Florida

The TCPA is a powerful law, as is the Fair Debt Collection Practices Act. Either can make a creditor sorry for using abusive methods to collect a debt. Take, for example, the example of the Coniglios, a Florida couple that began receiving harassing calls from Bank of America. They sometimes received robocalls five times per day, all related to a mortgage they were behind on. Bank of America had the option to foreclose on the house, or to re-structure the mortgage so the Coniglios could get caught up, but it apparently chose to do neither. Instead, Bank of America allegedly decided to harass the Coniglios into giving up the home via robocall.  The Coniglios took them to court and they wound up receiving over $1,000,000 from Bank of America as a penalty for Bank of America’s conduct – an amount that came to approximately $1,500 per call!

Debt Harassment is Happening in Northern Kentucky Also

While the Coniglios’ case is unusual in size and scope, similar conduct by creditors causes Northern Kentucky families grief and hardship every day. Many times, this harassment forces families into bankruptcy and further hurts their credit. The emotional impact of the banks’ harassment only adds to the families’ stress from being financially strained.

If you or someone you know is suffering financially, or getting harassed by their lenders, know that you (or they) don’t have to suffer alone. A Northern Kentucky Bankruptcy Lawyer can help you!

Contact Us (859.371.5997) for a Free Consultation

Providing You With Debt Relief Solutions Through Bankruptcy

Regardless of the reasons that brought you to financial distress, filing for bankruptcy does not make you a bad person. In fact, the government created bankruptcy in order to help people recover from unmanageable financial problems. At Lawrence & Associates, we help our clients understand how bankruptcy laws are made to protect them and will allow for a brighter financial future.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Know the Consequences of Sending Gifts, Payments, and Transfers to Family Before Filing for Chapter 7 Bankruptcy

Posted on Monday, December 22nd, 2014 at 2:33 pm    

Fraudulent TranfersOnce you file for Chapter 7 Bankruptcy, the bankruptcy code provides a trustee to check into any assets that were transferred for up to a year before you filed. The trustee will be looking for “gifts” and “favorable payments.” A favorable repayments can show a preference in paying one debt over another.  A gift can show that a “fraudulent conveyance” was made. When a favorable payment or gift is paid to a family member or “insider”, the bankruptcy code is really harsh. Favorable payments and gifts to insiders can be looked at for up to two years before the bankruptcy was filed in most cases.  In Kentucky this can be extended to 5 years by the trustee using what is called a “strong arm” provision that allows trustees to use state law to go after preferences and fraudulent transfers.

Examples of Why You Need to be So Careful…

  1. Borrowing From a Close Relative for a Business – The borrower with the business intended to pay this relative back in a lump sum from a retirement account, but then it began looking like bankruptcy was imminent. This would create a double problem. The first problem is that exempt funds that would have ridden through the bankruptcy would have been converted to non-exempt funds. The second would be that the trustee pull that large lump sum payment back into the estate from the relative. From those reclaimed funds, the trustee would pay himself a percentage and the rest would have gone to unsecured creditors.
    Result… The retirement would be gone and the relative would remain largely unpaid (they would be treated the same as any other unsecured creditor and receive cents on the dollar).
  2. Securing a Personal Residence but Having a Considerable Amount of Unsecured Debt – Someone with considerable unsecured debt has their personal residence secured to the hilt, but they owned several acres in another state free and clear of any lien. –  It was important to this person to retain the out-of-state land because they wanted to give the land to someone else to keep it in the family.
    Result… Viewed as a fraudulent conveyance and the land would be taken and sold by the trustee with proceeds going to unsecured creditors.

These examples highlight the importance of sitting down with a northern kentucky bankruptcy lawyer practitioner who can help you with a comprehensive plan. Lawrence & Associates can provide swift legal action to help protect you and your family.

Contact Us (859.371.5997) for a Free Consultation

Providing You With Debt Relief Solutions Through Bankruptcy

Regardless of the reasons that brought you to financial distress, filing for bankruptcy does not make you a bad person. In fact, the government created bankruptcy in order to help people recover from unmanageable financial problems. At Lawrence & Associates, we help our clients understand how bankruptcy laws are made to protect them and will allow for a brighter financial future.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.


Tips For Filing Bankruptcy in Northern Kentucky During the Holidays

Posted on Thursday, December 11th, 2014 at 4:27 pm    

Holiday BankruptcyBelow are some thing to keep in mind this holiday Season if a bankruptcy is a possibility before the new year…

  1. Gifts –  Christmas gifts that are worth hundreds of dollars must be listed in your bankruptcy.
  2. Expensive Items Purchased –  Any items purchased to be kept in house or given away as a gift  to someone else has to be reported. Luxury items being purchased will raise red flags that could prevent you from discharging your debt. A luxury item is defined as something costing more the $650.
  3. Tax Refunds – Tax refunds are considered an asset and must be reported even if you do not know the exact amount you will be receiving.
  4. Home Equity – If you have a lot of equity in your home, it can limit the amount of exemption you can put towards your assets. Be very careful.

If you are planning to go bankrupt over the holidays, it would be good to consultant with a Northern Kentucky bankruptcy attorney as soon as possible.

At Lawrence & Associates, we help our clients understand how bankruptcy laws are made to protect them and will allow for a brighter financial future.

Contact Us (859.371.5997) for a Free Consultation

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