Basic Facts On Bankruptcy, Louisville, KY

Basic Facts On Bankruptcy, Louisville, KY

If a person is totally unable to repay his debts, according to the terms and conditions of the loan he has taken, he can file for bankruptcy. Bankruptcy is a legal process by which he will be able to discharge his debts within a reasonable time. After that he gets an opportunity to start afresh. The most common types of consumer bankruptcies are chapter 7 and chapter 13. If it is for any business organization, one has to file for chapter 11 bankruptcy. Louisville, KY residents can take help of the lawyers to decide on the most suitable type. However, if the debt amount is larger than the limits set by chapter 13, one can opt for chapter 11. To file for bankruptcy, one needs to consult a bankruptcy attorney and has to give him details of bank statements, loan papers, debt notices, credit bills, and tax returns. The attorney will analyze the financial condition and will give advice on choosing the right type of insolvency. Some of the common types of bankruptcy- Louisville, KY residents take advantage of are as follows- 1. Chapter 7: This is for a person who has very low income and wants to liquidate his assets, for paying off his debts. All his non-exempt properties will be sold and liquidated. Chapter 7 stays in the credit report for 10 years. 2. Chapter 13: A person can take advantage of this type if he has an income larger than the state's median income and wants to retain his property. This type will allow him to repay a portion of his debt, by opting for a debt management program, within 3 to 5 years. Chapter 13 stays in the credit report for 7 years. 3. Chapter 11: If a person wants to reorganize his business debts, he can opt for this type. One can also go for this as an individual, if his debt amount exceeds the limit for Chapter 13, as set by the US Bankruptcy Laws. residents have the opportunity to get help from the reputed Spalding & Spalding Law Office. Over 25 years this reputed law firm is providing their service to the residents of Louisville, KY. Their expert guidance will make the process easier for you. They have experienced attorneys who will give you detailed information on the 2 main types of bankruptcy, so that you can choose the most suitable one. Contact them today.

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