Take Control Over Your Financial Future; Partner With an Experienced Chapter 13 Attorney
Living with overwhelming debt can make planning for the future seem impossible. If you are dealing with financial crisis, facing foreclosure, or being constantly harassed by creditors you may be frightened and frustrated. Despite your financial troubles, you do have rights and there are options for you to seek relief. Mike Carey is an experienced and compassionate bankruptcy attorney who can help you assess your options and guide you through the process of Chapter 7 or Chapter 13 bankruptcy. He can help you if you are facing foreclosure or wage garnishment and need relief fast. If you’re in the Bowling Green, KY area and need legal assistance to deal with your debt problem, call Carey Law now and start with a free consultation.
Bankruptcy is not the right option for everyone, and it isn’t a decision that should be made lightly. While bankruptcy can give you a fresh start, it’s also important to know that it will affect your credit and it’s possible that you will have to give up some of your property in the process. Bankruptcy may be able to wipe out unsecured debts like credit card debt, but there are some types of debts that simply can’t be discharged in a bankruptcy. For example, child support payments, student loans, and most tax debts are not eligible to be discharged via bankruptcy. Mr. Carey will assess your unique financial situation and advise you on your potential options.
Chapter 13 bankruptcy is reserved for debtors who have a reliable income. The process is designed to help you restructure your debt into a manageable payment plan that lasts 3-5 years. Your monthly payment amount is based on your disposable income, which is calculated by subtracting your living expenses from your total income. When you complete the payment plan, remaining debt may be discharged by the bankruptcy court, meaning you are no longer obligated to pay it. Chapter 13 is advantageous because it can stop foreclosure and repossession actions so that you can stay in your home and keep your vehicle.
Our Chapter 7 Law Firm Will Help You Seek Relief From Debt So That You Can Start Fresh
For many of our clients, Chapter 7 bankruptcy is the ideal option to improve their financial situation. Chapter 7 is also called liquidation; it involves a bankruptcy trustee collecting and selling the debtors non-exempt assets and using the proceeds to pay off their creditors. After liquidating non-exempt property, any remaining unsecured debt is discharged and the debtor is no longer obligated to pay. Some people believe that if they file Chapter 7 bankruptcy, they will lose everything. This simply isn’t the case. Many of our clients are able to discharge their debts without losing any of their important property. In many cases, debtors filing Chapter 7 can claim an exemption for their home, car, clothing, furniture, etc.
Chapter 7 bankruptcy is typically the ideal option for debtors who have lower incomes and few assets, as well as those with little equity in their assets. It is designed for people who can keep up with payments on their secured debts (home mortgage, auto loans, etc.) but can’t afford to make payments on unsecured debts such as credit cards and medical bills. To file Chapter 7, you’ll have to take a debtor education course and pass a “means test”, which essentially proves that you don’t have enough disposable income to pay off creditors on your own. If you fail the Chapter 7 means test, you may be eligible to file for Chapter 13 bankruptcy and propose a 3-5 year payment plan.
A Foreclosure Attorney Can Offer Guidance to Help You Keep Your Property and Stop Wage Garnishment
Depending on your unique situation and goals, an attorney may be able to help you stop foreclosure and other debt collection actions such as wage garnishment and vehicle repossession. If you feel that you have a valid defense against foreclosure, or if you want to assess other options such as bankruptcy with the help of an experienced professional, call Carey Law and speak with Mike Carey today. Mike aims to provide relief and assistance to individuals and couples experiencing financial distress in a respectful and dignified manner. Get the guidance and representation you need; call Carey Law today.
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The information contained on this website is presented for informational and marketing purposes only and is not to be understood as legal advice. You should consult an attorney for advice respecting your individual needs. Carey Law looks forward to speaking with you about your particular needs. Please note, however, that the mere act of contacting our firm does not create an attorney-client relationship. As a result, you should never send any confidential information to our office until a Representation Agreement has been signed by both you and Carey Law.