Chapter 7 Bankruptcy Attorney Louisville
Chapter 7 Bankruptcy Lawyers
Sometimes, life throws curveballs. When you’re going through a financial hardship, declaring bankruptcy may be an option to remedy your situation. In Kentucky, you can file for Chapter 7 bankruptcy. While some fear that bankruptcy carries a negative connotation, it can actually be very beneficial to start fresh. The Chapter 7 bankruptcy attorneys at O’Bryan Law Offices can discuss your options for bankruptcy. For a better idea of the process, take a look at our bankruptcy timeline.
What is Chapter 7 Bankruptcy?
The “chapter” names involved in bankruptcy proceedings come from the chapters where they appear in the federal bankruptcy legal code. Chapter 7 is also called “liquidation bankruptcy.” The goal is to discharge unsecured debt that has grown beyond your control. This can include medical bills, credit cards debt, unsecured loans, and sometimes more.
What are the Benefits of a Chapter 7 Bankruptcy?
There are many benefits of filing for Chapter 7 bankruptcy: A Chapter 7 bankruptcy offers you the most complete relief, most unsecured debts are eligible for discharge, proper use of exemptions helps get the full benefit, and working with a debt relief agency is beneficial.
Chapter 7 Bankruptcy Offers You the Most Complete Relief
At O’Bryan Law Offices, our experienced bankruptcy attorneys help people decide whether to file for bankruptcy, and which form of bankruptcy relief to choose if options are available. For most people, Chapter 7 bankruptcy will result in the most complete relief from indebtedness. To find out whether you are eligible for Chapter 7 relief and whether it’s right for you, contact us in Louisville, Frankfort or New Albany for a free consultation.
Most unsecured debts are eligible for discharge in Chapter 7
The main benefit of bankruptcy under Chapter 7 is the prospect of a complete discharge of most unsecured debts. Although certain obligations like recent taxes, student loans or child support are not dischargeable in bankruptcy, you can end up walking away from most other claims: credit card debt, medical bills, revolving loan accounts, or any other debt that is not supported by collateral or covered by some rather narrow exceptions.
Not everyone qualifies for Chapter 7 relief, however. Your gross household income has to be no greater than the state median in Kentucky or Indiana, as the case may be. We can analyze your income and expenses to see whether you qualify for Chapter 7 bankruptcy in Louisville.
Proper use of exemptions helps get the full benefit of Chapter 7
In theory, at least, the principle of Chapter 7 is to sell off your assets and divide the proceeds among your unsecured creditors, leaving you supposedly without property but at least free of debt. However, fortunately it doesn’t really work that way. Both Kentucky and Indiana have detailed schedules of exemptions that allow you to claim certain property as unavailable to creditors. In most cases, holders of unsecured claims collect little or nothing from you, and you keep everything you have.
People with substantial equity in their homes or who own valuable nonexempt property might find Chapter 13 debt consolidation and repayment plan to be a better choice, that way, there is little or no risk that you will have to liquidate assets to meet the claims of creditors. Many of the Chapter 7 cases we file are “no-asset” cases that expose the debtor to no risk of loss.
We work closely with our clients to get the most out of Chapter 7
The Chapter 7 discharge is the most complete relief available under the Bankruptcy Code, but it comes with certain responsibilities. You need to make a full and accurate disclosure of your debts and assets. Your case will be supervised by a trustee, who will be interested to see if there are nonexempt assets available for unsecured creditors. The trustee can also recommend denial of discharge or dismissal of your case if you don’t follow the bankruptcy rules.
Our lawyers make sure that you understand your responsibilities and we help you meet them. The vast majority of Chapter 7 debt relief cases proceed smoothly from filing to final discharge, which is our goal in every case. To learn more about our Chapter 7 bankruptcy practice, contact us at O’Bryan Law Offices in Louisville, Frankfort or New Albany.
We are a Louisville debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Is Chapter 7 Bankruptcy Right for Me?
For some overwhelmed Kentucky consumers, it makes sense to file for Chapter 7 bankruptcy protection. This option provides a person with the opportunity to deal with certain types of debt once and for all. For others, it may not be the right option. There is no one-size-fits-all solution for dealing with unsecured debt, and it is in your interests to first explore all of the options available to you.
Can Individuals File Chapter 7 Bankruptcy in Kentucky?
A Chapter 7 bankruptcy filing completely discharges most debts of an individual. In most cases, an individual may keep certain significant assets. It is inaccurate to view Chapter 7 bankruptcy as an admission of failure or the end of the line. Sometimes Chapter 7 bankruptcy is your best option.
O’Bryan Law Offices can evaluate your situation and discuss your options, including a possible Chapter 7 bankruptcy filing, or debt relief through a Chapter 13 bankruptcy (for individuals) or a Chapter 11 bankruptcy (for businesses).
Can I File Chapter 7 Bankruptcy For My Business?
A Chapter 7 bankruptcy filing completely discharges most debts of a business. In most cases, a business can continue operations.
In certain cases, businesses may qualify to file for a Chapter 13 Bankruptcy for Business.
How a Chapter 7 Bankruptcy Attorney Can Help You
One-On-One Guidance Throughout Filing For Chapter 7 Bankruptcy
Considering filing for bankruptcy can be frightening. You may be unsure about the potential impact on your future, yet unable to continue to manage your overwhelming debt without taking legal action.
The attorneys at the family-based, O’Bryan Law Offices can walk you through this intimidating time. Chapter 7 bankruptcy is the most suitable option for many individuals and even some businesses. With over 50 years of combined experience, our attorneys can provide the personalized, knowledgeable guidance you need.
Determining What Is Right For You
Chapter 7 bankruptcy enables you to discharge many unsecured debts, while allowing you to keep some valuable possessions. It will not relieve you of certain obligations, such as student loan payments, child support obligations or some taxes, yet will provide an enormous relief for other debts.
To evaluate whether Chapter 7 bankruptcy is right for you, we will discuss:
- The makeup of your current debt load
- Your income and assets
- Any history of filing for bankruptcy
- Your priorities, including to keep your home or car
We prioritize getting to know you and your unique situation before making any recommendations.
Filing Your Bankruptcy Petition With The Court
When we decide that Chapter 7 is right for you, we will advise on the steps to take leading up to filing your bankruptcy petition. You will meet with your dedicated attorney and paralegal multiple times before we formally commence your case by filing the petition with the appropriate Kentucky or Indiana court. We will then submit all necessary documents and forms on your behalf to the court as needed.
Helping You Move Forward
Federal law requires you to complete a financial education requirement as part of the bankruptcy process. We emphasize the importance of financial literacy. We can recommend a court-approved course for you.
Once you are discharged from your debts, we can assist with helping you move forward from your once insurmountable debt. If you observe any inaccuracies in your credit report or need guidance on restoring your credit score, we can provide productive guidance.
Contact The Louisville Chapter 7 Bankruptcy Attorneys at O'Bryan Law Offices
We will be there with you every step of the way. Whether you want to file for Chapter 13, Chapter 7, or LLC bankruptcy, we’re here for you. Schedule a free initial consultation with our lawyers. We have offices in Louisville, Frankfort and New Albany. Contact us by calling 502-400-4020 or by emailing us through our website.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Visit our Chapter 7 Bankruptcy Forms page for more information on how you can prepare to file.