The 6th Cir. Court of Appeals, which covers Kentucky, Ohio, Tennessee, and Michigan, says debtors in Chapter 13 bankruptcies can’t contribute to 401k or retirement plans while they are in bankruptcy.
This Decisions Limits an Individual’s “Fresh Start” Through Bankruptcy
If you are a debtor in a Chapter 13 bankruptcy, this decision is bad for you because it causes you to have a higher payment to the trustee. It also takes away your ability to save for retirement. The whole point of bankruptcy is to get a “fresh start”, and part of getting a fresh start is having the ability to save for retirement.
This Decision Will Effect All Taxpayers Eventually
If you are a taxpayer, this is also a really bad decision. People that haven’t adequately saved for retirement are more likely to take advantage of Medicare, Medicaid, and Social Security for longer periods of time (i.e. before age 67). An increase in the need for these programs will worsen the country’s debt problem and may increase taxes down the line.
What Should Be Done…
We all know that most people don’t save for retirement adequately. The bankruptcy system should force debtors to put money toward their retirement, not prohibit them. Instead of maximizing the amount of money creditors can get, maximize the benefit to all taxpayers in general. Most creditors are multi-billion dollar corporations, and many of them received bailouts during the great recession. There’s no reason the law should continue backstopping their bad lending decisions at the cost of regular people’s future.
It can be tough staying current on bankruptcy law and it is one of the many reasons that Northern Kentucky bankruptcy filers need the services of a skilled bankruptcy lawyer.
“We’ve Got You Covered.” If you live in the Northern Kentucky area, including Boone, Kenton, Campbell, Grant and Gallatin Counties, Lawrence & Associates can help you with your bankruptcy. Call us today for a free consultation!
Many people who file bankruptcy in Northern Kentucky have co-signers on their debt. For some, the co-signer is part of the reason they are filing bankruptcy in the first place! I cannot count the number of parents I have met who have had to file bankruptcy because they were sued when a child defaulted on car payments. Similarly, I have helped quite a few people file bankruptcy because an ex-spouse defaulted on the mortgage that both spouses signed before the divorce.
Trying Not to Hurt a Family Member’s Credit
Sometimes the reverse of that situation is also true. I’ve seen quite a few people fall on hard times with their debts generally, but faithfully keep a particular debt paid because they know a family member co-signed on that debt. The last thing anyone wants is for a family member’s credit to be hurt, especially if that family member has nothing to do with the default on that debt. In this situation, the question I’m most commonly asked is, “If I file bankruptcy on this debt, will it hurt my co-signer’s credit?”
Bankruptcy is Tied to Specific Social Security Numbers
The answer is straightforward, but there are a few factors that need to be considered before you arrive at a plan to deal with the debt. In short, if you file bankruptcy, your social security number is the one the bankruptcy attaches to. A co-signer’s social security number will not be involved, and thus the bankruptcy does not go on their credit. At most, the co-signer’s credit report will receive a notation, on the particular debt in question, that a bankruptcy was filed on that debt. This should not affect the co-signer’s credit score.
Can Creditors Come After Co-Signers After Kentucky Bankruptcy Proceedings Are Started?
The bigger and more important issue is the matter of whether the creditor can sue or demand payment from the co-signer. If the co-signer has not filed a bankruptcy of his or her own, then the co-signer might be forced to pay the debt. This can be avoided if you continue to pay on the debt, and there are several ways that this can be accomplished, including by filing a reaffirmation or by paying the debt through a Chapter 13 payment plan.
Protecting co-signers during a bankruptcy is one of the many reasons that Northern Kentucky bankruptcy filers need the services of a skilled bankruptcy attorney.
If you or someone you know may need to file bankruptcy, contact a Northern Kentucky Bankruptcy Lawyer today. Lawrence & Associates can help!
Chapter 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!
After an auto accident some people aren’t sure whether they should hire an attorney at all. It’s also tough to decide which Northern Kentucky attorney to hire to represent you in your dealing with insurance companies. No matter what, it is always a good idea to hire an attorney – a good attorney – to represent you in an automobile accident and/or liability claim. Look no further than the insurance industry itself for proof of this fact.
Internal Insurance Company Statistics Show You Should Hire an Attorney
Insurance companies’ internal statistics reveal that claims asserted by attorneys settle for an average of fifty percent higher than claims asserted by claimants without an attorney. On average, you leave fifty percent of the money you deserve, by law, on the table when you decide not to hire an attorney. It doesn’t take long to realize this is a bad deal for you. Remember that insurance company adjusters are trained to pay out as little as possible in any auto accident claim. Further, under Kentucky law the other driver’s insurance company doesn’t have a duty to pay you a fair settlement. Whether these adjusters have an ethical duty to treat injured people fairly is never considered by the insurance company. Insurance companies have a legal duty to investigate the claim, but rarely is a claim’s investigation fairly handled. Rather, insurance company’s use this opportunity to ignore or minimize facts helpful to the injured Northern Kentucky resident and to emphasize other facts that often have no relationship to whether or not an injury occurred.
For example, insurance companies will insist that the following facts are important…
The fact that the injured person did not report a significant injury at the scene or use an ambulance (again, very common even with significant injuries);
Any prior injuries you have had, even if those injuries have nothing to do with the way you were hurt in the crash;
Degenerative Disc Disease or underlying arthritis shown in X-rays (everyone has this, but the insurance claims it is proof that the injured person has a pre-existing injury);
The fact that the emergency room report reports an injury incorrectly (this is more common than you think);
The extent or type of property damage to the cars involved in the wreck;
In truth, none of these things tell the story of your injury, and your claim should never be declined or paid in less-than-full because of these things.
Don’t Get Caught Between Sophisticated Automobile and Health Insurance Companies
A good Northern Kentucky auto accident attorney can help you minimize the effect of liens from health insurance companies and medical providers after your verdict or settlement. Some laws, such as the Medicare Secondary Payer Act, are very complex and almost impossible to wade through even for some attorneys. If you don’t have attorney, the people that are supposed to be on your side – your own insurance company or your medical providers – will often take more of your settlement or verdict than the law requires you to pay. In short, the injured Northern Kentucky resident is often caught between multiple insurance companies, both auto insurance and health insurance, and medical providers who are sophisticated and want to be paid with money that should compensate the injured person for his or her injuries. The unrepresented injured person is often taken advantage of. A full-time Fort Mitchell Kentucky personal injury attorney knows that reaching a resolution with the other person’s insurance carrier is only half the battle, and takes pride in maximizing his or her client’s recovery.
Lawrence & Associates Law Firm also helps auto injury victims in Ohio receive the compensation they deserve. Call us today!
Ohio: (513) 351-5997
Kentucky: (859) 371-5997
 Determinants of Total Compensation for Auto Bodily Injury Liability Under No Fault; Investigation, Negotiation and the Suspicion of Fraud, published in Insurance and Risk Management, volume 71, January 2004, at pages 633 through 662.
When 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.
A man was injured when a piece of construction equipment collided with his vehicle and crushed him.
A man was working on a motor vehicle when a truck struck the vehicle. The man was pinned between the two vehicles, and his hips and legs were broken.
A man was changing a tire on an Ohio road when he was negligently struck by another vehicle, resulting in life threatening injuries.
A woman was killed while driving due to spillage left on the road.
A man developed a rare nerve condition due to his employment, which made it impossible for him to use one arm.
A man was a passenger in a rental car when it spun out of control and killed him.
A barge worker (Jones Act Seaman) was climbing down a ladder from an empty to a loaded barge when the improperly secured ladder collapsed. The worker’s head injury which caused...
“Mr. Tripp did a great Job on my case. Made me feel at ease and made everything easy. I would definitely recommend Peter Tripp.”
“Overall...she knows what's she is doing attentive on time and she will fight for you without judging or being pushy.”
“Mrs. Rodriguez was great, this was my first time ever seeking legal assistance with anything and she was very helpful for the whole process, she explained everything that was needed...”
“Danielle handled my case with care and compassion she knew that I was in over my head. She talked to me and made me feel at ease. She is a...”
“She is awesome, if I have a question she is on it. She takes the time to explain everything to me until I completely understand. She's very nice, polite, and...”
Bessie - Warsaw, KY
“Very clearly defined what was going to happen and then took control of the situation and got things done. Had been fighting things for over a year before her”
Michael - Crittenden, KY
“Lawrence & Associates handled my case professionally with detailed explanations of the process. Every question I had was answered to my satisfaction. Their knowledgeable staff guided me through a difficult...”
Glen - Union, KY
“I worked with Marisa after a coworker recommended her. I have worked with with a few attorneys due to some on-going issues with an ex-spouse. Marisa was much better to...”
Charles - Cincinnati, Ohio
“She (Marisa Dyson) went above and beyond for my family after we got scammed out of $1,000 even though it was a small claim she treated our case like it...”
Janyce - Blue Ash, Ohio
“My family retained Marisa to represent our father in an Ohio Worker's Compensation fraud case. Every other attorney laughed at him and said it was hopeless. Marisa put her heart...”
Danielle - Lebannon, Ohio
“I previously submitted a rating for Ms. Rodriguez a few months ago. She represented me and my family very well in a personal injury matter arising from a car accident....”
Heather - Highland Heights, Kentucky
“Having Danielle go to bat for me was a decision I'll never regret. She's a thorough sharp shooter who does what she says she's going to do. Danielle has excellent...”
Julie - Florence, Kentucky
“I recommend Pete as an attorney to anyone who's been injured because he took care of me personally when it came to helping me with getting my medical benefits through...”
Chris - Cold Spring, Kentucky
“Danielle Rodriguez worked very hard to help me with my insurance company after I was hit by a non-insured, non-licensed driver who hit my car. She explained that is why...”
Denise - Fort Mitchell, Kentucky
“Mr Tripp was very helpful with all the questions I had about my workers compensation claim. He seemed very knowledgeable and really explained things in a way that I could...”
Becky - West Chester, Ohio
“I highly recommend Justin Lawrence and his office. I have sought guidance from Justin in personal injury cases multiple times over the years and have referred countless individuals to him...”
Aaron H - Union, Kentucky
“Without hesitation, I would recommend Ms. Rodriguez to anyone seeking high-quality legal representation. You can trust her to work hard on your behalf. She was knowledgeable, thorough, responsive, and kept...”
Heather - Newport, Kentucky
“I just used Mr.Tripp to settle a workman's comp claim and he was phenomenal. He was very professional. He told me up front what to expect an what he expected...”
Ernest - Covington, Kentucky
“My experience with my attorney, P. Tripp, was excellent. My case was settled with an outcome beyond my expectations. He was very informative with future happenings and knew what to...”
J. Good - Newport, Kentucky
“The professionalism along with genuine care for a client could not be beat. I walked in with my problem and walked out with no worry. I highly recommend this group...”
Becky R - Covington, Kentucky
“I was fortunate to have Peter Tripp as my attorney. If I ever need a lawyer again, (I hope I never do) I will call him. Mr. Tripp was very...”
Larry S. - Highland Heights, Kentucky
“Mr.Tripp was very honest, up front and a genuine guy. He did not promise me anything but he said he would work hard to get every penny that I deserved...”
John - Walton, Kentucky
“I was referred to Peter Tripp by my personal attorney and he successfully and fairly settled my worker's compensation claim. My former employer became much more cooperative once Pete began...”
Danny - Fort Thomas, Kentucky
“Justin recently assisted me with a Chapter 13 bankruptcy filing. Needless to say this is a very traumatic experience for one to go through. Justin's advice, knowledge, responsiveness, and compassion...”
Ralph - Cincinnati, Ohio
“I thought Justin was very professional and took care of my case as quickly as possible. He was knowledgeable on the procedures and what information he didn't know he researched...”
Jennifer - West Chester, Ohio
“Justin has been excellent throughout my case. He was very reassuring from the beginning. Justin has worked hard at my difficult case and has made every effort to keep me...”
Rebecca - Blue Ash, Ohio
“I have a work injury and was having trouble getting my injury taken care of through Workers Compensation. Lawrence & Associates worked on my case from day one and I...”
Jackie S - Dry Ridge, Kentucky
“I was struggling with debt and had to file bankruptcy. I looked at several lawyers and felt Justin Lawrence was the most trustworthy and inspired confidence. His rate was reasonable...”
Jose - Florence, Kentucky
“After my car accident I spent weeks trying to deal with insurance companies with no satisfaction. I contacted Justin Lawrence and his firm. Justin explained step by step how the...”
Rodeny N - California, Kentucky
“Justin Lawrence and his staff were very down to earth and personable. They made my wife and I very comfortable and turned a very uneasy situation into not such a...”
Chad P - Florence, Kentucky
“Our home of 25 years was in foreclosure and we were devastated. We didn’t know what to do. Someone told us about Justin Lawrence. He began to work on getting...”
Janice F - Warsaw, Kentucky
“Not only did Justin Lawrence do a great job on handling my case, he is a great guy as well. A very good lawyer!”
Timothy M - Warsaw, Kentucky
“I contacted Justin Lawrence and his firm when my uncle needed help getting social security. Mr. Lawrence and his staff were professional and kind, always asking how my uncle was...”
Emily B - Warsaw, Kentucky
“Great Attorney and staff – fabulous to work with!”
Shannon S - Seymour, Indiana
“The service provided by Mr. Lawrence and his firm was rendered professionally, timely, and with complete concern towards my situation. I would use their services again.”
Patricia P - Falmouth, Kentucky
“I am happy with Justin Lawrence’s hard work on my case. I send out a big thank-you to his staff also.”
Jacklyn E - Verona, Kentucky
“Justin L. Lawrence and his firm assisted me with some probate court issues and he had all the legal documents in order for my court date. He represented me in...”
Julie B - Ft. Thomas, Kentucky
“Justin Lawrence is a very good attorney and his staff is very nice. Justin is very knowledgeable about the law”
Rhonda M. - Warsaw, Kentucky
“I recently contacted Justin Lawrence for legal assistance, and his firm not only presented itself in the utmost professional manner, but the understanding of their clients well surpassed expectations. I...”
David S - Burlington, Kentucky
“I find Justin Lawrence to be a most competent attorney. Everyone at Lawrence & Associates is very accessible and I would highly recommend Justin and his team.”
Sonny R - Glencoe, Kentucky
“I went to Lawrence & Associates with a problem and within 1 week Justin Lawrence had some money coming to me that was rightfully mine. And soon after that he...”