Do you automatically lose your home if you file for bankruptcy?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Many people across Kentucky find it difficult to stay atop of their financial affairs, and this may be due to unexpected medical debt, mounting credit card debt or something else. If you find yourself among those struggling to get your head above water, you may be considering filing for bankruptcy but wondering whether doing so could put your home at risk. According to SFGate, losing your home when you file for bankruptcy is not definite. Instead, there are many situations in which you may be able to file for consumer bankruptcy and still keep your home. Chapter 7 bankruptcies and your home Th ..read more
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When may a bankruptcy require a payment plan?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Chapter 13 bankruptcy allows you to manage your unsecured debts by combining them into a monthly payment plan. As noted by Credit.com, your income determines your plan. It may last for as little as three years or as long as five years. Your payments typically go toward repaying eligible creditors holding unsecured debts such as credit cards and medical bills. Once you have completed all of the payments in your plan, the court may dismiss their remaining balances. How much may I earn to qualify for a payment plan? The U.S. Bankruptcy Code requires individuals to have a regular income to qualify ..read more
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Important steps to take once emerging from bankruptcy
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by monte.olmsted@thomsonreuters.com
1y ago
The habits that steered you toward bankruptcy are now in check. You filed for personal bankruptcy, completed the process and have emerged with a fresh view of all things financial. In the months going through bankruptcy, you confronted your overspending, questionable financial decisions and lack of personal savings. Now, it is time to take steps in the opposite direction; one that will lead you toward financial freedom and independence. You gain a rewarding rebirth post-bankruptcy. Get a secured credit card and monitor credit report Now that you have emerged from bankruptcy, it is a good idea ..read more
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Can you erase some medical debts?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Unexpected medical bills can set you back financially and leave you feeling stressed about paying for necessities. Especially if you are not in a position to save, pressing medical needs may directly interfere with your ability to meet other financial obligations. In some cases, you may have the option of reducing or even avoiding some medical debts. Here are some helpful strategies that may work for you. Do your research One of the driving factors of outrageous medical bills is the times when you receive care from a provider that is not in-network with your insurance company. While this is so ..read more
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4 ways to stay out of credit card debt
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Credit card debt serves as one of the most common types of personal debt in America. You can fall into credit card debt for a huge number of reasons, and in the majority of cases, it is possible to dig yourself back out again. Of course, the last thing you want after finding debt relief is to somehow end up right back in credit card debt again. To avoid that, it is important to take steps to stay out of the red zone. Change how you view your card The Balance takes a look at ways to avoid falling back into credit card debt once you have dug yourself out. First, they suggest treating your credit ..read more
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How a collection agency may handle unpaid medical debts
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Debt collection agencies must follow federal rules when contacting individuals about unpaid bills. As noted by the Consumer Financial Protection Bureau, some collectors may also not find it worthwhile to mail notices for outstanding bills worth small dollar amounts. The Federal Register’s website notes a change beginning in late 2021. According to Regulation F of the Debt Collection Practices, instead of sending letters, bill collectors may notify the credit reporting agencies of smaller debts. Collectors may then expect debtors to contact them when they find the information on their credit re ..read more
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What property may I keep with a bankruptcy exemption?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
Kentucky residents may protect certain types of property from liquidation during a Chapter 7 proceeding. By filing a Schedule C with your petition, you may exempt your household goods, personal belongings, jewelry and tools for work. According to the United States Bankruptcy Court for the Western District of Kentucky, if your creditors do not file an objection, you may keep your listed exemptions. You may also hold on to your primary residence if its value falls within the exemption amount. How may I keep my home with an exemption? You may maintain ownership of your home by filing for a homest ..read more
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Certain debt remains after filing for bankruptcy
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by monte.olmsted@thomsonreuters.com
1y ago
Pursuing bankruptcy represents a big step toward financial recovery. However, before doing so, you have many questions along with concerns about how bankruptcy can help, its lingering effects as well as what debt for which you will remain responsible. While bankruptcy rids you of the burden of paying certain things such as medical debt, credit card debt, utility bills and personal loans, this process does not wipe away all debt. Please be prepared to understand this. Child support, taxes and student loans Among the debt that remains after a bankruptcy filing includes: Child support: If you owe ..read more
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How can you avoid credit card debt?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
When you fall into debt and have to file for bankruptcy, it can feel like the end of the world. Moving forward, your top priority will likely be some form of avoiding relapse or the possibility of falling back into debt again. But how can you do that? Some things you cannot control, but others are within your grasp. This includes how you treat your credit cards. View it as a debit card The Balance lists out numerous ways to potentially avoid credit card debt. One of the biggest ways is by changing the way you view your credit card in the first place. You likely consider your credit card as a w ..read more
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What are some possible consequences of bankruptcy?
Law Office Of Allan E. Dunaway | Louisville Bankruptcy Law Blog
by bkabritsor
1y ago
When your bills begin to outpace your wages, you may consider bankruptcy as a way to start fresh, but what happens once the process is in motion and you start thinking about rebuilding your credit? According to the credit reporting agency Experian, any type of bankruptcy stays in your file for 7-10 years, which can severely impact your chances of obtaining future loans and other types of credit. Understanding some possible consequences of bankruptcy may help you decide which type is best for your situation and how to prepare for the process so you come out the other side and feel more confiden ..read more
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