Kentucky Personal Bankruptcy Attorney
The generally accepted meaning of the American Dream is the idea that anyone can have a happy and successful life if they work hard. Implied in this opportunity is prosperity.
There is no mention of losing your job to downsizing, your home to foreclosure, your access to easy credit. Yet, these losses have been felt by a multitude of hardworking people who tried to provide for their family only to end up with finances in shambles. Creditors who want their money yesterday. Ominous foreclosure notices in the mail. Utilities being shut off. Cars being repossessed. Wages being garnished.
If you have found yourself in this discouraging situation with debt that you don’t know how to turn around, there is good news. You may be able to get relief through bankruptcy, which is legal way to have your debts forgiven. Many people mistakenly believe that filing for bankruptcy means they will lose all of their assets. In fact, the opposite is true. Bankruptcy is a way to protect your money and property from aggressive creditors who can use the courts to seize your possessions.
Based in Lexington, the bankruptcy attorneys at Bunch & Brock understand that circumstances exist that can result in financial problems for even the most well-intentioned people. Anyone can find themselves facing a tough economic situation such as unemployment, underemployment, being a victim of a fiscal crisis (like the recent ones affecting the housing and credit industries), coping with a divorce or enduring a debilitating illness.
An experienced Kentucky personal bankruptcy attorney at Bunch & Brock will represent debtors in all kinds of consumer bankruptcy law cases. The United States Bankruptcy Code provides a few different ways for individuals to file bankruptcy:
- Chapter 7 Bankruptcy: The most common form of bankruptcy. It allows some, if not all, debts to be discharged. A discharge means that the debts no longer exist and no longer have to be paid.
- Chapter 13 Bankruptcy: Best for those who have a steady income, temporary financial problems and a desire to repay some of the debt. If you successfully complete the court-approved payment plan, the debts covered by the plan are discharged.
- Chapter 12 Bankruptcy: Available only to to “family farmers.” There are special qualification requirements for “family farmers” relating to the income, assets and debts of those engaged in farming.
Not all debts are eligible to be discharged, and there are certain advantages and disadvantages to filing under the various chapters. Furthermore, new bankruptcy debtors have to receive credit counseling from an approved credit counseling agency before they can file.
Bankruptcy can be a complicated legal maze. An experienced attorney can help you through the difficult journey and see you through to an improved financial future. They will handle every phase of the process, including getting creditors to stop attempting to collect on unpaid bills. It is important to seek legal advice as soon as possible to begin rebuilding your credit, which is the key to accessing a good job, a decent neighborhood and a good mortgage if you want to be a homeowner.
Being free of crushing debt is an essential part of living the American Dream. With over 35 years of experience in our community, the Fayette County bankruptcy lawyers at Bunch & Brock are committed to providing each of our clients with a high level of personal service. We are dedicated to helping those in our community who may find themselves struggling with overwhelming financial problems. We promise a Kentucky personal bankruptcy attorney at Bunch & Brock will take the time to fully understand your situation and discuss options for your debt relief. Let us work with you to make the best plan for eliminating or repaying your debts. We encourage you to contact our office by calling 859-254-5522 or filling out this online form.
Chapter 7 or Chapter 13 Bankruptcy?
Personal bankruptcy can provide a variety of financial relief – but is Chapter 7 or Chapter 13 the best option for you? The bankruptcy attorneys at Bunch & Brock can help provide you the detailed advice you need, but below is an overview we hope you’ll find helpful.
Each type of bankruptcy offers a variety of options that can influence what assets are protected, if/when wages are garnished, tax liabilities and credit card debt. Bankruptcy can seem like a complicated maze, but understanding the types of bankruptcy will help identify the best solution for your circumstance. Call us today to discuss your financial challenges and let our lawyers help point you in the right direction.