Bankruptcy Advice in Louisville

Because filing bankruptcy affects businesses and personal finances significantly, seeking bankruptcy advice in Louisville is an important first step.  John H. Ruby & Associates works with many clients to help them find the best way to deal with their debt. 

Options to resolve insolvency

Many people are struggling with debt today, and bankruptcies are more common than ever before.

However, before resorting to bankruptcy, you should explore other approaches to handling debt.  Credit counseling is now an eligibility requirement for filing bankruptcy under the Bankruptcy Code.  Loan modification and debt consolidation may be workable financial remedies for some people.  Sometimes your lawyer can negotiate reduced fees and interest rates with creditors, short of filing for bankruptcy.  When you seek bankruptcy help in Louisville, discuss other options with your attorney and get help with deciding whether you need to file bankruptcy. 

The right type of bankruptcy

If your debt is insurmountable, bankruptcy may resolve your issues.  However, you need to decide which type of bankruptcy best suits your situation.  Review your debt, assets, projected income, and pressing creditor issues with a knowledgeable attorney.  Ask about important factors when choosing a type of bankruptcy, such as:

• What debt can you discharge?  You need to understand which debts can be cleared through bankruptcy.  Some debt is generally not dischargeable in Chapter 7, such as child support, certain tax debts, student loans, IRS liens, and liens on collateral. 
• What assets may you lose?  Certain assets are protected when filing bankruptcy and others are not.  For example, depending on how much equity you have in your home, it may or may not be exempt when filing Chapter 7.  If your home is not exempt from the bankruptcy, the court may order it sold and the equity used to pay your creditors.
• Are you eligible for Chapter 7?  Find out based on your income under the means test whether you fit in the right income bracket for Chapter 7.
• Is your future income adequate to support filing Chapter 13?  Your lawyer may be able to negotiate reduced interest or even principal on certain debt.  Find out whether you would be able pay off debt in monthly installments for three to five years through a Chapter 13 plan based on projected income.

Seeking skilled Louisville bankruptcy help can be invaluable for determining the right type of bankruptcy and devising a financial plan that is in your best interests.

Contact John H. Ruby & Associates about bankruptcy in Louisville

For Louisville bankruptcy help, call our firm at 888-314-8437 or email us for assistance today.