Bankruptcy Attorney serving Frankfort, KY
If you’re facing mounting bills and have no feasible way to pay them, you’re likely experiencing inescapable feelings of stress and frustration. It may seem as though you have no options; fortunately, filing for bankruptcy may be the best path forward for you.
Filing for bankruptcy can seem overwhelming and scary, but our Frankfort bankruptcy lawyer is ready to help walk you through the process from start to finish.
The attorneys at Bunch & Brock fully understand the challenging position you’re in. Our team has extensive experience in guiding clients through the bankruptcy process on the way to a fresh financial start. Let our attorneys give you the peace of mind you need.
Contact our bankruptcy lawyer serving Frankfort, KY, today at 859-254-5522 for a consultation.
Why Do You Need Our Frankfort Bankruptcy Attorney?
Your financial future depends on doing things right and managing the bankruptcy law in your favor. There are a lot of moving parts when it comes to filing a bankruptcy case. You want to make sure that nothing gets left out. Our team has years of experience and know-how in handling these types of cases in Frankfort. We can step in and make those harassing phone calls and letters from annoying creditors stop immediately, giving you room to breathe.
When financial difficulties overwhelm you, everything feels stressful. Even going to the grocery store and counting your pennies or wondering whether you have money to buy gas for your car can seem insurmountable. That’s where our bankruptcy lawyers in Frankfort can help lift the load off your shoulders and create a strategy for a fresh financial start.
Why Is Bunch & Brock the Best Choice for My Bankruptcy?
At Bunch and Brock, we strive to put our clients and their needs first. We feel it’s important to get to know every individual client and their situation, as this allows us to serve you better and come up with the best legal strategy for you.
Since our inception in 1976, we’ve always gone the extra mile for our clients. We are proud of our hard work and dedication, which have earned us recognition in our community. We’ve had many successes in the past helping clients with their bankruptcies, and we’re ready to do the same for you. The bankruptcy process is intimidating, but with our Frankfort attorneys on your side, you can expect to receive the care you deserve while we work hard to get you the best possible outcome.
How Do I Know When It’s Time to Call Bunch & Brock?
While there is no particular time you should contact our office, from our experience, we’d always say “the sooner the better.” Many individuals wait and struggle for long periods of time, prolonging their financial crisis.
The moment you feel you’re getting in too deep, contact us right away. We’ll ask all the right questions and gather the necessary details to be able to answer your questions and provide the best next steps.
There is absolutely no shame in needing help. Our Frankfort, Kentucky bankruptcy attorney are always ready to lend a helping hand. Contact our office as soon as possible for more information on how to alleviate your financial burdens.
You can reach our Frankfort bankruptcy attorney at 859-254-5522 for an initial consultation.
How Much Does It Cost to Hire Our Frankfort Bankruptcy Lawyer?
Every law firm sets its own fee schedules. Some firms charge an hourly rate, and some charge a lump-sum fee for a particular service. Often, the cost of bankruptcy legal services in Frankfort is a flat rate. In some cases, you’ll pay a portion of the fee up front and pay the balance at the conclusion of the case.
In addition to our fees, you will also have to pay court filing fees. More complicated cases can require more attorney hours and higher costs. When you contact us, we’ll discuss your situation to help give you a better idea of what you can expect to pay.
How Long Does a Frankfort Bankruptcy Stay on My Credit Record?
While filing for bankruptcy in Frankfort does yield a fresh start, you should understand that taking this route also represents a serious financial setback. With a bankruptcy on your credit record, it can be difficult to secure consumer credit at a reasonable interest rate in the initial years after your filing. Additionally, it can make it challenging to obtain a mortgage or other type of loan. Nonetheless, these challenges are more manageable when you know you’re on your way to a brighter future.
- Chapter 7 – A Chapter 7 filing will stay on your credit record for 10 years after a judge discharges the bankruptcy.
- Chapter 13 – This filing will stay on your credit record for 7 years after you fulfill and complete the terms of a Chapter 13 reorganization plan.
- Chapter 12 – This type of filing deals with farm businesses and fishing businesses. If you make a consistent income from a family-owned business in these areas, a Chapter 12 filing may be your best option. It stays on the credit report for 7 years.
Is a Business Bankruptcy Filing Possible?
Business bankruptcy filings in Frankfort may be the best option for you, no matter what kind of business organization setup you’re using. Our team has experience with all kinds of filing options. We know how to help our clients find the right way forward for their needs.
Can Our Frankfort Bankruptcy Lawyers Protect Your Retirement Savings?
In most cases, creditors cannot touch your current or future Social Security payments and retirement accounts, as they are protected. Still, in some instances, there are caps on the amounts that receive protection.
Congress overhauled the bankruptcy laws in 2005. Under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), nearly all ERISA-qualified (Employee Retirement Income Security Act) retirement accounts and pension plans remain exempt from creditors. There are some exceptions. ERISA-qualified pension plans that are exempt include:
- Profit-sharing plans
- Defined-benefit plans
- Money purchase plans.
However, regular savings accounts, investment accounts, and stock option plans that are not ERISA-qualified plans do not receive protection. Additionally, if at the time you file for bankruptcy, some of your previous Social Security payments have been commingled with other funds in a checking or savings account, it may be difficult to protect these payments.
For questions regarding your payments and savings, it is best to discuss your situation with our Frankfort bankruptcy attorney.
Will I Be Able to Keep My Car and Home After Filing in Frankfort, KY?
When filing for bankruptcy, one of the primary concerns most people have is whether they will be able to keep a home or car after filing for bankruptcy.
When filing for personal bankruptcy, you will have a chance to keep property like a home or a vehicle. These items must meet the rules for exemptions in Kentucky, which include:
- Current loan: If you have a loan on the car or home, and if you are up to date on the payments, you may continue making payments and keep the property.
- Residence: You typically can keep a home if it is your main residence. Vacation homes may not meet the rules for exemptions.
- Equity value: For items you own, as long as the equity value is lower than the exemption limit, you can often keep the item.
What Debts Don’t Go Away After a Frankfort, KY Bankruptcy Filing?
Bankruptcy will take care of many kinds of debts. However, there are a few exceptions, including:
- Child support
- Legal fines
- Some taxes owed
- Student loans
- Property loans for items you continue to own
- Loans you received by lying on the financial forms.
It is not uncommon for individuals to forget to list certain debts on their bankruptcy petition. Note that although you might not list it, you still owe those debts.
There are specific rules to follow when drafting your petition and filing for bankruptcy. Our Frankfort bankruptcy attorney will help ensure your filing is accurate.
Do I Have to Appear in Court as Part of Filing for Bankruptcy in Frankfort?
Most bankruptcy petitioners in Kentucky never have to appear before a judge. You may, in some instances, need to attend a hearing where creditors can ask questions. Otherwise, the only time you would need to appear in court with a judge is when you need to dispute a certain creditor’s claim. We will represent you and stand by your side during all hearings and court appearances.
Kentucky Bankruptcy Process: How Our Frankfort Bankruptcy Lawyer Can Help You File
To begin, you will need to follow the 2005 Bankruptcy Act. This requires all individual debtors who file bankruptcy in Kentucky on or after October 17, 2005, to undergo credit counseling within six months of filing. The filers must also complete a financial management instructional course after finishing the filing process.
To begin the filing process, you must itemize your current income sources, major financial transactions for the last two years, monthly living expenses, debts (secured and unsecured), and property (all assets and possessions, not just real estate). You should also collect your tax returns for the last two years, deeds to any real estate you own, titles for your cars, and the documents for any loans you may have. Talk to us for help with this process.
Filing Bankruptcy in Frankfort, KY
Once you have this information, our bankruptcy lawyer can help you determine which property may be exempt from seizure, based on the exemptions in KY.
To perform the actual filing, our team will help you file a two-page petition and several other forms in bankruptcy court in Frankfort. These forms, collectively referred to as the schedules, ask you to describe your current financial status and recent financial transactions. These typically cover transactions within the last two years. Our team will walk you through this situation.
Our Frankfort Bankruptcy Attorney Takes the Guesswork Out of the Process
For most, even the thought of filing for bankruptcy is enough to make them want to avoid the process altogether. Still, many feel the need to take on this grand task on their own. If you’re considering filing for bankruptcy, don’t go it alone. Even one mistake can result in severe consequences.
Rather than take on the nearly impossible task of figuring out the bankruptcy process all on your own, talk to one of our Frankfort bankruptcy lawyers. We have the required skills and knowledge to get the job done quicker, with better results.
Bunch & Brock recognizes the challenges you face. Let us take some of the pressure off your shoulders.
Our Bankruptcy Lawyers in Frankfort Can Explain the Kentucky Median Income Rule
If your current monthly household income is less than the Kentucky median income for a household of your size, you may pass the means test. You are then eligible to file a Chapter 7 bankruptcy in Kentucky.
To determine your average household income, calculate your monthly income over the last six calendar months. If you are over the median income limit, but your income has steadily declined over the last six months, you may want to wait. It’s possible your median income may fall under the median level for Kentucky over the next few months.
While these calculations can seem confusing, the team at Bunch & Brock can explain them in easy-to-understand terms. We will take the guesswork out of jargon related to filing for bankruptcy.
Get the help you need from highly experienced attorneys. Contact our Frankfort, KY bankruptcy lawyers at 859-254-5522 for your initial consultation.
Kentucky Pre-Discharge Debtor Education Course
After you file for bankruptcy in Kentucky, you are required to take a debtor education class. Without taking this course, you are unable to receive discharge of your debts.
The purpose of this course is to teach you to better handle your finances and to budget appropriately. The course is not particularly difficult and provides many essential financial tools. Once you complete the course, you will receive a debtor education certificate.
Our team can answer any questions or concerns you may have regarding the debtor education class.
Contact Our Frankfort, KY, Bankruptcy Lawyer Now
While your situation may seem hopeless, we assure you it is not. Our Frankfort, KY bankruptcy attorneys are ready to provide the compassion and support you need during a trying time. Contact us at 859-254-5522 to request a consultation.
We’re here when you need us.
What Are the Most Common Reasons People File for Bankruptcy?
If you feel as though you’re drowning in debt, you are not alone. In the 12-year span from October 1, 2005, to September 30, 2017, about 12.8 million consumer bankruptcy petitions were filed in the federal courts. Of those, 8.7 million (68%) were under Chapter 7, and 4.1 million (32%) were under Chapter 13, according to USCourts.gov.
Contrary to what many believe, most bankruptcy cases are not a result of reckless and irresponsible spending. Most cases actually arise from financial hardship. Many petitioners are lower-income individuals who simply can’t afford to deal with unexpected major expenses such as job loss or medical bills. Here are the top 10 reasons people file for bankruptcy, according to an article in the Huffington Post.
1. Medical Expenses
A recent Harvard University study showed that medical expenses account for approximately 62% of personal bankruptcies in the U.S. Interestingly, the study also showed that 72% of those filing for bankruptcy due to medical expenses had some type of health insurance, thus debunking the myth that only the uninsured face financial catastrophe due to medical-related expenses.
2. Reduced Income
Companies are constantly looking for ways to cut expenses, most often resulting in pay cuts for employees. When employees experience these pay cuts and reductions in bonuses, they are much more likely to end up filing for bankruptcy as a result.
3. Job Loss
Job loss usually means relying on savings and assets. Unfortunately, these can run out very quickly, depending on how long it takes to find another job.
4. Credit Debt
Credit debt isn’t just a result of irresponsible spending for Kentuckians. It can also pile up due to catastrophes such as illness and disability, job loss, emergency expenses, or unexpected income reduction.
Divorce and separation can result in significant loss of income and assets for either or both partners. It may also mean taking on a portion of your partner’s debt if you co-signed or opened joint accounts with them. Divorce is a common reason for financial trouble in Kentucky, as the state has one of the 10 highest rates of divorce in the United States.
6. Unexpected Expenses
Although it’s easy to think it will never happen to you, emergencies can happen in the blink of an eye, for many different reasons. Whether it be a car breakdown, home repairs, or medical emergencies, these unexpected expenses can result in massive financial burdens.
7. Student Loans
Millions of individuals have student loans, and they can take many years to repay. Statistics show that student loans account for at least 1% of all U.S. bankruptcies. According to Statista, Kentucky has about 15,000 bankruptcies per year, meaning student loans account for about 150 of those filings.
8. Utility Payments
For many of today’s homeowners, the rising costs of heating, air conditioning, electricity, and other necessities can heighten other financial problems and pave the way to bankruptcy.
According to statistics, more than 1% of Americans must file for bankruptcy to avoid foreclosure on their home.
10. Bad Budgeting and Overspending
Thanks to inflation, managing money is harder than ever. A combination of bad budgeting and uncontrolled spending can provide a shortcut to skyrocketing debt and bankruptcy. Filing for bankruptcy occurs more frequently in Kentucky than in other states, according to ABI.
Personalized, Professional Legal Guidance from Bunch & Brock
The options for bankruptcy lawyers in Frankfort, KY, are plentiful. Still, it is important to keep in mind that not all attorneys are the same. Look for a lawyer that has the necessary experience, knowledge, and compassion to successfully get you through your bankruptcy.
Deciding whether to file for bankruptcy is never an easy choice. We’re here to address all your questions and concerns and provide the best possible route to financial freedom. Count on Bunch & Brock to guide you to your new beginning.
Call 859-254-5522 and talk to an experienced and highly effective Frankfort bankruptcy attorney. Your new future begins today.