According to the Federal Trade Commission (FTC), the Fair Debt Collection Practices Act is the principal federal law that limits how far a debt collector can go to collect. It often works in tandem with the Fair Credit Reporting Act, which outlines how debt collection must be reported in someone’s credit report. If a debt collector participates in collection activities that go against the FDCPA, they have committed FDCPA violations and may face penalties. However, we recommend that you first speak with an approved credit counseling agency. At O’Bryan Law Offices, we offer financial counseling in Kentucky for those trying to be debt-free.
Ted’s Relevant Experience
If you need a foreclosure defense lawyer Kentucky, O’Bryan Law Offices is here for you. Also, consider speaking with an attorney who offers credit counseling. At O’Bryan Law Offices, we’ll evaluate your financial situation and recommend how to stop wage garnishment for your situation. We’ll also assist you with putting together a repayment plan to offer the bank, if applicable. In order to secure a bankruptcy discharge, you must file a bankruptcy petition.
What Debts Can You Discharge In Chapter 7?
Consolidating debt is most effective when the new loan or credit card has a lower interest rate than the one you’re presently paying. Also, if you have credit cards with no defined payback terms, a personal loan with a specified repayment schedule may provide you with the structure you need to keep to your repayment schedule. Mortgage companies who are not paid on time file motions for relief from the stay. A motion for relief from stay requests permission to start the foreclosure again in state court. Mortgage companies also file motions for relief from stay if they are not provided proof of tax and insurance payments. However, if you keep records of the mortgage, property tax, and insurance payments, you have evidence.
Legal Articles
Chapter 11 Bankruptcies are designed for corporations and small businesses with an extensive debt load. In Chapter 13 Bankruptcies, (also known as restructuring or reorganization) we can develop a plan to protect many of your assets including your home or car. We will develop a plan to repay a portion of the debt you owe over 3 to 5 years, in a payment plan which can easily work for your budget. The rest of the allowable debt will be discharged with the completion of the plan. If you make regular payments on your car loan, the lien will never come into play. If you eventually pay off the entire loan, the lien will be removed.
A bankruptcy law firm can help you file your bankruptcy petition and attempt to have your student loan debt discharged with your other debts. I’m originally from eastern Kentucky and most say it sounds like it when they hear my accent. I attended UK College of Law and began my career as an attorney with a mission of helping those who need it most in 2014. I have a wide variety of legal practice experience including criminal defense, family law, wills & estate planning, and bankruptcy law.
Depending on your financial situation and goals, we may or may not recommend that you file bankruptcy for debt relief. Another important consideration is finding one of the better credit counseling agencies that offer a free consultation. O’Bryan Law Offices offers a free consultation for consumers who are looking for a fresh start financially. Another option to help achieve debt relief is calling your creditors. If you have debts related to credit card use, this means calling your credit card companies. Explaining your financial life and your attempts at debt management to creditors could at least put you in control of your situation.
For the duration of the plan, the debtor must make every monthly payment on time and submit the payments to the bankruptcy trustee. Here again is the February 3rd, 2015, motion hour hearing where a judge spent nearly an hour sanctioning a debtor and his attorney in front of other attorneys. In the end, she sends cases to the US Trustee to investigate both the attorney and the debtors. Several of his cases were subject to being dismissed due to allowing clients to make payments on filing fees or paying attorney fees after he filed the case. In bankruptcy matters, Ted represents debtors, creditors, and committees in insolvency proceedings. Ted is a frequent speaker at bankruptcy conferences, including recent American Bankruptcy Institute conferences.
If so, most likely one of the most important things to you is ensuring the profitability and success of your business. Unfortunately, we live in uncertain times, and you may find it difficult to keep your business up and running without some financial assistance or the help of an attorney. For detailed advice about your situation and your options, there’s no substitute for talking to an experienced bankruptcy attorney. We have years of experience with bankruptcy law and do not recommend filing bankruptcy without the help of an experienced attorney. Contact us at O’Bryan Law Offices with convenient locations in Louisville, Frankfort, or New Albany to Schedule a Free Consumer Bankruptcy Consultation.
This is the same document that tells you when and where your creditors’ meeting will take place. The trustee’s job is to verify the information you provided to the court when you filed for bankruptcy. Chapter 13 bankruptcy can provide numerous benefits to those who have consistent income and who want to protect their home and other valuable assets. This chapter of bankruptcy can also benefit small businesses, but not large companies or corporations.
Waiting too long could prevent attorneys from being able to help you effectively. Let’s say you have fallen behind on your mortgage payments, but the foreclosure process has yet to officially start. The servicer of your mortgage can begin to charge fees during this time. Some examples of these fees include late fees and inspection fees.
To find out how much equity you have in your home, calculate your home’s current value. Let’s say your home is worth $200,000, and you still owe $150,000 on it. In this case, you have $50,000 in equity on your home, but the Kentucky bankruptcy exemptions would only protect $5,000 of that equity. The Eastern district oversees 22 counties in Kentucky, and has its main court location in Lexington.
A creditor may be willing to waive a late fee or increased interest rate if you notify them before you miss a payment. Engaging in good faith practices with your creditors is almost never a bad idea. You may garner some support or understanding from these creditors. This may result in receiving lower payments for a certain number of months.
