Not long after you file for Chapter 7 or Chapter 13 bankruptcy, you will receive a notice to attend the 341 meeting. What exactly is this and what can you expect to happen? Understanding “341” The 341 meeting takes its name from Section 341 of the United States...
chapter 13
How do Chapter 7 and Chapter 13 bankruptcies differ?
When your debts begin to spiral out of control, you may find yourself looking for ways to get your head back above water. In some cases, you may find that filing for bankruptcy may help you get the fresh start you need, but you may not know much about the process or...
Does filing for bankruptcy impact your spouse?
You and your spouse may have slightly diverging opinions when it comes to finances, which may have led to the two of you taking an unconventional approach to things like bank accounts and property ownership. A job loss or a series of poor financial decisions may bring...
What are a debtor’s obligations?
When Kentucky residents fall into debt and cannot get back out, bankruptcy is an option. Today we will take a look at one type of bankruptcy, known as Chapter 13. In specific, we will look at the obligations that a debtor has after filing for Chapter 13 bankruptcy. ...
Understanding what a discharge of debts means for you
When you have filed for Chapter 13 bankruptcy in Kentucky, you have agreed to a process whereby your debts will be reorganized to allow you to negotiate a customized plan for repaying the money you owe. Your level of commitment to abiding by the agreement you have...
Chapter 7 versus Chapter 13 bankruptcy
You have realized that you do not have the money to make another mortgage or credit card payment. You may lose your cars because you are close to defaulting on auto loans. It is time to bite the bullet and file for bankruptcy. You know that as an individual you can...
What is the bankruptcy means test?
Kentucky residents like you who are considering filing for Chapter 7 bankruptcy will have a number of steps to go through first. Today, we at Marcus H. Herbert & Associates will discuss what the bankruptcy means test is and why it is crucial to those applying for...
Should you file for bankruptcy to get rid of student loans?
As Kentucky residents turn to bankruptcy to start fresh and receive relief from smothering debt, it is important to know if student loans are discharged during bankruptcy. Unfortunately, many are unaware that getting rid of student loans requires more than just a...
3 things to know about taxes and Chapter 13
Filing Chapter 13 bankruptcy in Kentucky can give you a chance to get your finances back on track. Chapter 13 is a repayment plan that the court creates for you to repay all or part of your debts. At the end of the set time for your plan, anything left unpaid is...
Preparing to file for Chapter 13
For those who are looking into the process of filing for bankruptcy, there may be a number of options on the table and it can be difficult for some to decide which route is best. In this write-up, we will explore issues that relevant to filing for Chapter 13...