Bankruptcy Attorney serving Richmond, KY
Mounting bills are always overwhelming, but if you are unable to pay them, it can add another layer of stress and worry. Fortunately, there are options. If you’re tired of struggling with bills and debts, you might consider filing for bankruptcy. Our Richmond, KY, bankruptcy lawyer can help you decide whether this is the right step for you and guide you through the process. We can help you make a solid plan for a better financial future.
The attorneys at Bunch & Brock understand the challenges you face, and we’re ready to help get you in a better financial situation. We utilize our knowledge and experience to help you achieve a fresh start. Let us give you the peace of mind you deserve.
Contact our Richmond bankruptcy lawyer today at 859-254-5522 for a consultation.
Why Do You Need Our Bankruptcy Lawyer serving Richmond, KY?
Bankruptcy should never be viewed negatively. On the contrary, bankruptcy can help you achieve financial freedom after facing significant troubles. However, bankruptcy can be complex, so it is best to have a lawyer on your side with the right skills to get you through the process successfully.
Our legal team has years of valuable experience and a strong understanding of bankruptcy law. We know exactly how to handle bankruptcy cases in Kentucky. When your financial difficulties seem too much to bear, we want you to count on us to help give you the relief you need.
Why Is Bunch & Brock the Best Choice for My Bankruptcy?
First and foremost, our hard work and dedication to our clients has earned us a great reputation and respect. We always strive to put clients first, taking the time to get to know them, their situation, and their goals. By asking all the right questions and gathering important details, we conjure the best possible plan to move forward.
We’re grateful to have worked with so many wonderful clients since our inception in 1976, helping them achieve relief from their financial burdens. We know even the thought of bankruptcy makes most individuals feel scared and apprehensive. We work with you to put your mind at ease and get you through the bankruptcy process and quickly and painlessly as possible.
How Do I Know When It’s Time to Call Bunch & Brock?
While there is no exact time to call us, we truly believe the sooner you call, the better. Most people bear the burden of their financial struggles for months before they even consider the thought of getting help.
The longer you wait, the worse your situation can get. Avoid getting in too deep with your financial troubles. Help is available for you whenever you need it.
Our Richmond, KY, legal team can guide you through your options. Contact our qualified attorneys today to get started.
You can reach our Richmond bankruptcy attorney at 859-254-5522 for an initial consultation.
How Much Does It Cost to Hire Our Richmond, KY, 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 is a flat rate. In some cases, you’ll pay a portion of the fee up front. You’ll 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 additional costs. When you call us, we’ll discuss your situation to give you a better idea of what fees you may expect for your case.
How Long Does a Bankruptcy Stay on My Credit Record?
Bankruptcies can mean a fresh start. However, it is important to understand that it can also represent a serious financial setback. With a bankruptcy on your credit record, it may be difficult to secure consumer debt at a reasonable interest rate in the first few years after filing. It may also be challenging to get a mortgage or other type of loan.
Nonetheless, you should not be deterred. These obstacles are worth it when you consider the benefits of filing for bankruptcy.
The amount of time a bankruptcy stays on your record depends on the type of bankruptcy you file:
- 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 Kentucky 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 Richmond, KY, Bankruptcy Lawyers Protect Your Retirement Savings?
Generally, your current or future Social Security payments and your retirement accounts are beyond the reach of the creditors. These funds typically receive protection. However, in a few cases, there are caps on the amounts under 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.
Will I Be Able to Keep My Car and Home After Filing in Richmond, KY?
The ability to keep a car or home after filing for bankruptcy is one of the most common concerns for individuals. When you file a personal bankruptcy in Richmond, you will have the opportunity to keep property, including your vehicle or home.
To keep these and other personal property items, they must meet the rules for exemptions in Kentucky, including:
- Current loan: If you have a loan, 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 exemption, though.
- Equity value: For items you own, as long as the equity value is lower than the exemption limit, you usually can keep the item.
What Debts Don’t Go Away After a Richmond, KY, Bankruptcy Filing?
Although bankruptcy will take care of many kinds of debts, 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 through lying on the financial forms.
Note that even if you forget to list certain debts on your filing, you still owe those debts. You should follow all rules for filing your petition for bankruptcy to receive relief from your debts.
Bankruptcy rules can get complicated Our lawyers can help you to ensure your filing is proper and free of mistakes.
Will I Have to Appear in Court After Filing for Bankruptcy in Richmond, KY?
Most individuals filing for bankruptcy will never have to go to court.
In some cases, you might be required to attend a hearing allowing creditors to ask questions or you may have to appear in court if you need to dispute a creditor’s claim. Aside from these circumstances, you can handle your bankruptcy outside the courtroom.
Should you ever need to attend court, you can count on our legal team to represent you.
Kentucky Bankruptcy Process: How Our Richmond, KY, Bankruptcy Lawyer Can Help You File
As a start, 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 also must 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 Richmond, 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 Kentucky. These forms, collectively referred to as the schedules, ask you to describe your current financial status and recent financial transactions. These typically cover those transactions within the last two years. Our team will walk you through this situation.
Our Richmond, KY, Bankruptcy Attorneys Take the Guesswork Out of the Process
For most, the bankruptcy process can be confusing and intimidating. You might believe it’s best to handle your bankruptcy on your own, but this often backfires, as it can take longer and end up costing you more.
Rather than trying to decipher everything on your own, contact Bunch & Brock. We have the skills necessary to get the work done timely and help ensure your filing is error-free. We’ll provide the support and guidance you need from start to finish.
Having a qualified Richmond, KY, bankruptcy attorney on your side can help take some weight off your shoulders, giving you time to focus on what matters most to you.
Our Bankruptcy Lawyers in Richmond, KY, 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 then are 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 Richmond bankruptcy lawyers at 859-254-5522 for your initial consultation.
Kentucky Pre-Discharge Debtor Education Course
In Kentucky, after you file for bankruptcy, you must take a debtor education course. Completing this class is necessary to receive a discharge of your debts. The course aims to teach you how to properly handle your finances and budget accordingly. Once you complete the court you will earn a debtor education certificate.
This class is often available online and is not particularly difficult. We can discuss the course with you and provide more information on when and where to take it.
Where Bankruptcy Proceedings in Kentucky Happen
There are two federal bankruptcy courts in Kentucky:
- Kentucky Eastern Bankruptcy Court: Serving Ashland, London, Covington, Frankfort, Lexington, and Pikeville
- Kentucky Western Bankruptcy Court: Serving Bowling Green, Louisville, Owensboro, and Paducah
Our Richmond, KY, bankruptcy lawyer has spent a lot of time in these courthouses. We are familiar with the judges, clerks, and staff. It can be intimidating to walk into a courthouse by yourself and try to find the forms, documents, and information you need. Let our team do this for you and spare you unneeded stress and uncertainty.
Contact Our Richmond, KY, Bankruptcy Lawyer Now
If you’re experiencing particularly troubling financial times, you have options. Bunch & Brock can help provide solutions. Contact us at 859-254-5522 to discuss your situation.
We’re here when you need us.
What Are the Common Reasons People File for Bankruptcy?
You’re not alone if you feel overwhelmed by debt. In the 12-year span from October 1, 2005, to September 30, 2017, about 12.8 million consumer bankruptcy petition filings occurred 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 popular belief, most bankruptcy cases aren’t a result of irresponsible spending habits. Instead, they often occur due to financial hardships. Many individuals are unable to deal with unexpected job loss or expenses while remaining up to date on bills.
Below are the top 10 reasons people file for bankruptcy, according to 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 catastrophes due to medical-related expenses.
2. Reduced Income
Companies all over the country are constantly looking for ways to cut expenses. For some employees, this can mean pay cuts or reduction in bonuses, leading to an inability to remain in good financial standing.
3. Job Loss
Even with a severance package, an unexpected job loss can lead individuals to financial ruin. Unfortunately, savings accounts and assets only take you so far, and there is no way to know when you’ll get another job.
4. Credit Debt
Credit debt is not just a result of excessive spending. It adds up after certain events, including emergencies, illness, or job loss.
Divorce and separation can mean a 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
Emergencies happen in the blink of an eye, whether it be a car breakdown, a home repair, or a medical issue. One emergency is all it takes to leave you in a compromised financial situation and drain your savings.
7. Student Loans
If you haven’t paid that student loan off yet, you’re not alone. 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, so student loans account for about 150 of those filings.
For many of today’s KY homeowners, the rising costs of heating, air conditioning, electric light, 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 in order to avoid foreclosure on their home.
10. Bad Budgeting and Overspending
Successfully managing money is no easy task. Bad budgeting and overspending can quickly lead to excessive debt.
Filing for bankruptcy occurs more frequently in Kentucky than in other states, according to ABI.
Personalized, Professional Legal Guidance from Bunch & Brock
Picking the right bankruptcy attorney in Richmond, KY, is essential, as not every lawyer is the same. Be sure to look for an attorney that puts your needs and goals first, makes themselves available to you throughout the process, and works diligently to achieve a favorable result. At Bunch & Brock, we do everything we can to make the bankruptcy process smooth and efficient.
No one ever pictures themselves in a position to file for bankruptcy, but life happens. Bankruptcy may be your best choice for financial freedom. Let Bunch & Brock help you get to your new beginning.
Call 859-254-5522 and talk to an experienced and highly effective Richmond, KY bankruptcy attorney. Your new future begins today.