Louisville Chapter 7 Bankruptcy Lawyers Assist in the Discharge of Debts
Kentucky law firm stands up for people who need a fresh start
If you’re burdened with overwhelming debt and lack the income to create a repayment plan, filing for Chapter 7 bankruptcy might be the best way to restore your financial independence. At Levy Law Office in Louisville, we can prepare a thorough, accurate filing that enables you to discharge your debts and restart financially if you are eligible to do so. Our attorneys will advise you on the likelihood of obtaining relief and explain what property is subject to liquidation if your petition is granted. We work quickly so that you can be free of phone calls from creditors and other types of collection harassment. There is no reason to deal with this burden when the law and our lawyers are here to help you re-establish your financial footing.
Strong counsel to help you navigate the bankruptcy process
Liquidation and debt discharge are powerful steps that can be taken to relieve your immediate financial pressure. We deliver straightforward advice to Kentucky and Indiana residents on whether this is the right step for them by explaining issues such as:
- Filing requirements and means testing — If you have filed for debt discharge within the last eight years, you might be precluded from doing so again. Means testing standards relating to assets, obligations, debts and income must also be met. People whose assets fall above the level eligible for Chapter 7 bankruptcy may still be able to file under Chapter 13.
- Automatic stay — This is the court directive that stops collectors from pursuing you for payments. From this point, creditors are reliant on the court for recovery.
- Creditors’ meeting — Shortly after filing under Chapter 7, the court will convene a meeting in which the bankruptcy trustee addresses creditor concerns and can get your feedback regarding specific items.
- Debt discharge — When the process concludes, liquidated assets are used to pay creditors, and most debts are discharged, meaning that the creditors no longer have any legal claim against you for repayment. However, some types of debts cannot be discharged, including student loans, taxes, child support and alimony obligations.
Any legal process can be unsettling, and bankruptcy cases often create added stress. But once you take the first step, our skilled bankruptcy attorneys with Levy Law Office can handle each detail on your behalf. Our steadfast advocacy will enable you to make the right decisions and proceed with confidence.
Knowledgeable advice on asset liquidation and exempt property
If your assets are to be liquidated in order to pay debts in a Chapter 7 proceeding, it is important to know which property is exempt. Each state has its own rules, but some home equity value, insurance benefits and personal items are protected in Kentucky and Indiana. Our lawyers can explain the specific regulations that affect you.
Contact a skillful Chapter 7 lawyer serving Kentucky and southern Indiana residents
Levy Law Office represents Louisville-area clients in a complete range of bankruptcy and debt-relief matters. Please call 502-495-3027 or contact us online to schedule a meeting.