What is Bankruptcy?

Know Your Rights

You might be thinking it’s a “last ditch” effort, but filing a Kentucky bankruptcy may be one of the smartest things you’ll ever do. Protecting your home from foreclosure, your car from repossession, and your wages from garnishment will give you the confidence and hope to keep going… And you can’t put a price on that. Here’s what bankruptcy is, and how it applies to you.

Bankruptcy is a legal process in which debtors can file a petition to protect themselves from creditors for any outstanding debts that are owed. Filing for bankruptcy is a right that’s been given to you by the federal government, and a Louisville bankruptcy lawyer can help you obtain that right.

The United States Bankruptcy Code provides two different options for individuals: Chapter 7 and Chapter 13. If you file a Chapter, you can restructure your multiple monthly payments into one affordable monthly payment. If you file a Chapter 7, you can get certain debts discharged altogether without having to repay them.

Chapter 13 Bankruptcy is the most common form of bankruptcy. It can help stop a home foreclosure or garnishment, and help you get caught up on past-due mortgage payments so that you can keep your home. To learn more about the benefits of a Chapter 13, click here.

Chapter 7 Bankruptcy is a way to eliminate debt with generally no repayment to creditors. It allows an individual to completely get rid of most debt by receiving a discharge from the Bankruptcy Court. To learn more, click here.

While most people assume that bankruptcy forces you to give up your home, car, paycheck, and other assets, it’s actually the other way around. In a majority of cases, your personal property can be protected through a bankruptcy petition.

Filing for bankruptcy is your legal right, and it’s there to protect you.

If you are considering filing for bankruptcy or if you would like to learn more about how the bankruptcy process could benefit you, Tracy L. Hirsch is here to help.

She is an experienced and compassionate lawyer, who is ready to help you through the bankruptcy process and guide you toward a stable financial future. She will work with you to determine which chapter of bankruptcy you qualify for, as well as which will provide the most immediate relief.

It’s imperative to consult with a Louisville bankruptcy attorney in every bankruptcy case, in order to ensure that you keep any and all assets that the law allows. Hirsch Law is here to discuss your options to help you keep your home, car, and other valuable possessions by filing for bankruptcy.

Text or call (502) 435-2593 to get started today.

Which Type of Kentucky Bankruptcy is Right For You?

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