Frequently Asked Questions About Bankruptcy
At Robinson Salyers, PLLC, our experienced bankruptcy attorneys help people file for bankruptcy in Shelbyville, Frankfort and throughout central Kentucky.
Bankruptcy is a complex process, and it’s natural that you would have questions about how it works. Our attorneys would be happy to talk to you about your debt relief options so that you can decide if bankruptcy is right for you.
Follow the links below for general information about some of the most frequently asked questions about bankruptcy:
- Is bankruptcy affordable? Many people can’t afford not to. You can count on us to provide clear guidance that helps you make wise decisions about your finances.
- Can I file for bankruptcy more than once? If you have already filed for bankruptcy at some point in your life, you may be able to file again.
- Is Chapter 7 bankruptcy or Chapter 13 bankruptcy right for me? We can help you decide which type of bankruptcy, if any, is best for your situation.
- Will I lose my home? Bankruptcy has helped people save their homes from foreclosure.
- What property do I get to keep? You may be surprised to learn what property you can keep in bankruptcy. We will work closely with you to help you understand your options.
- I’ve been sued. What do I do next? When you file bankruptcy, your creditors are required to end collection efforts, either permanently or temporarily, depending on the circumstances.
Can I Afford Bankruptcy In Kentucky?
If you are struggling with debt, you may feel as if there is no way you will be able to afford a bankruptcy lawyer. At Robinson Salyers, PLLC, our attorneys have worked with hundreds of clients facing bankruptcy in Shelbyville, in Frankfort and throughout central Kentucky. They understand this all too well. They also understand that problems like creditor harassment, foreclosure, wage garnishment and lawsuits do not go away by themselves.
Once you retain an attorney, you will stop making payments on all debts such as:
- Credit cards
- Bank signature loans
- Medical bills
- Store charge accounts
You will also experience immediate relief from harassing calls from creditors. An automatic stay will temporarily halt any foreclosure actions, repossessions and wage garnishment. Once you discover the ways in which filing for bankruptcy can lead you to greener pastures, the question is no longer, “Can I afford bankruptcy?” The question becomes, “Can I afford not to file bankruptcy?”
Lawyers Who Make Bankruptcy Affordable
Your initial consultation at our law firm will be completely free. In that initial meeting, a lawyer will explain the process and evaluate your situation to determine whether bankruptcy is indeed the right solution for your financial problems.
We provide cost-effective representation and work to get you to a fresh start in the most efficient manner possible. We have provided low-cost bankruptcy services to people throughout central Kentucky from our offices in Shelbyville and Frankfort.
Can I File Bankruptcy Again In Kentucky?
Nobody plans on filing for bankruptcy a second time. However, debts can pile up fast when you have encountered a medical catastrophe or lost a job. If you are considering filing for bankruptcy a second time, our attorneys at Robinson Salyers, PLLC, in Shelbyville and Frankfort, Kentucky, can help you understand when to file.
Our Lawyers Can Help You With A Second Bankruptcy
A common misconception is that you have to wait eight years before you can file for bankruptcy again. The truth is, you do not have to wait that long to file for bankruptcy protection a second time.
While you do have to wait eight years between Chapter 7 filings, you may have the option of filing for Chapter 13. For example, many people file for Chapter 7 bankruptcy to eliminate their unsecured debts, and then file Chapter 13 to save their house. You may be able to file for Chapter 13 within a year of filing for Chapter 7.
Our lawyers can help you determine whether you can file for bankruptcy a second time. They understand that filing for bankruptcy a second time is not something most people want to do. However, if it is the best solution to your financial problems, we can guide you through it a second time.
We Will Take The Time To Answer All Of Your Questions
Schedule a consultation with our attorneys at Robinson Salyers, PLLC, today to discuss filing for bankruptcy a second time. Call our office in Shelbyville at 502-220-4439 or Frankfort at 502-257-5417, or you can send an email.
How Can I Protect My Home?
Losing a home that you worked hard to obtain is nothing short of heartbreaking. Though you may feel as if the situation is hopeless, there are many alternatives to foreclosure. In Shelbyville and Frankfort, Kentucky, the attorneys at Robinson Salyers, PLLC, are committed to helping clients save their homes.
We Are Here To Help With Your Mortgage Foreclosure
Mortgage obligations cannot simply disappear. If you are behind on a house payment, you may seek protection under Chapter 13, which allows you to reorganize your debt so that you can catch up with payments and bring your accounts current.
However, Chapter 13 is not the only option. By filing for Chapter 7 bankruptcy, you can eliminate other debt such as credit card debt or medical bills, which will allow you to put more of your income toward paying your mortgage. When you file for either Chapter 7 or Chapter 13 bankruptcy, the court will apply an automatic stay to temporarily stop the foreclosure action in its tracks.
Another option is negotiating with your mortgage servicer for a modification of your mortgage. Our attorneys have the skills and knowledge to effectively negotiate with mortgage servicers to reduce monthly payments to a level you can afford.
Lastly, if you have experienced problems with your mortgage servicer, you may wish to consider filing a counterclaim to the foreclosure suit against the servicer for breaching promises.
Contact An Experienced Bankruptcy And Trial Lawyer Today
Don’t lose hope; consider all of your options for saving your home. Contact bankruptcy lawyer John Robinson of Robinson Salyers, PLLC, in Shelbyville at 502-220-4439 or Frankfort at 502-257-5417, or send an email.
What Assets Can I Keep In Kentucky?
Understanding which assets you can keep after filing for bankruptcy can be difficult if you do not get the information from an experienced attorney. At Robinson Salyers, PLLC — with locations in Shelbyville and Frankfort — our attorneys will help you understand which assets you may keep, which you may have to surrender and what steps can be taken to protect them.
Which Assets Are Exempt?
In 2005, Kentucky adopted the federal exemptions for bankruptcy. This was a significant improvement for filers in Kentucky because the federal exemptions are broader and more generous to filers. Under federal law, certain assets are exempt from liquidation in bankruptcy proceedings, including:
- Jewelry (up to a certain value)
- Vehicles (depending on the value)
- Retirement funds
Assets that are not exempt are items such as vacation homes, firearms, boats and recreational vehicles, and tax refunds. Some exemptions are greater for married couples. To gain a better understanding of which assets you may keep and which you may have to liquidate, speak with a qualified bankruptcy attorney like ours at Robinson Salyers, PLLC.
If you file for Chapter 13 bankruptcy, you will not need to liquidate your assets. In fact, if you have a house or other assets that you want to preserve, Chapter 13 bankruptcy is a good option. Our lawyers will work hard to help you achieve the best possible result.
Contact Robinson Salyers, PLLC, To Get Answers
What Should I Do If I Have Been Sued?
If you are being sued by a creditor, don’t put the summons in the trash. Don’t hide it from your spouse. Don’t hope it will disappear. You have 20 days to file a formal response in court record — that means you need to call an attorney today.
With locations in Shelbyville and Frankfort, Kentucky, Robinson Salyers, PLLC, will work with you to gather information immediately about bankruptcy solutions and next steps.
We Help With Debt Collection Actions
Creditors can bring lawsuits for all types of matters, such as:
- Credit card bills
- Personal injury claims
- Driving without insurance
- Disputes with former business partners
- Failure to pay property taxes
Too often, people assume they cannot afford to pay an attorney. Don’t make that mistake. We at Robinson Salyers, PLLC, provide cost-effective representation to clients facing creditor lawsuits — which are far more costly in the long run if they are ignored.
If you fail to file an answer, that failure will result in garnishments against your wages or bank accounts, and judgment liens will be filed against any property that you own. We have experienced trial lawyers who are prepared to aggressively defend you against overzealous creditors.
Do Not Give Up; Our Bankruptcy Attorneys Can Help
Receiving a notice that you are being sued is very stressful, but it will not simply disappear if you pretend it isn’t happening. To protect yourself and your property, you must contact an attorney as soon as possible. Call Robinson Salyers, PLLC, in Shelbyville at 502-220-4439 or Frankfort at 502-257-5417 to schedule an initial consultation.