12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Do I Need a Lawyer to File for Bankruptcy in Avawam, KY

Do I Need a Lawyer to File for Bankruptcy in Avawam, KY


The greatest glory in living lies not in never falling, but in rising every time we fall.
 
- Nelson Mandela


Corporations and partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court.

In many cases, it's a good idea to have a bankruptcy attorney. However, many petitioners file for bankruptcy without a lawyer. Some represent themselves in bankruptcy because they cannot afford the lawyer's fees. Others have simple cases, and don't feel the need to hire a lawyer. Even the simplest Chapter 7 bankruptcy requires extensive paperwork, gathering of financial documentation, research of bankruptcy and exemption laws, and follow up with local rules and procedures.

Bankruptcy rules are very technical, and a misstep may affect a debtor's rights. For example, a debtor whose case is dismissed for failure to file a required document, such as a credit counseling certificate, may lose the right to file another case or lose protections in a later case, including the benefit of the automatic stay. Bankruptcy has long-term financial and legal implications, so it is very important to do it right. An individual filing for bankruptcy must list all property and debts in their bankruptcy schedules. If a debt is not listed, it is possible the debt will not be discharged.

The simpler the bankruptcy, the better your chances are to successfully complete it and receive a discharge on your own. So it's usually more feasible to file without an attorney if you are filing a simple Chapter 7 bankruptcy.

If your household income is low and you own little or no assets, and you don't have any priority debts or creditors alleging fraud against you, then your case may be simple enough for you to handle without an attorney.

Bankruptcies filed under Chapter 13 can be more complex than Chapter 7. If you are underwater on your mortgage payments, and if your second mortgage is worth less than your first mortgage, you may be able to use Chapter 13 bankruptcy to "strip" the second mortgage (discharge it in bankruptcy). If you owe more than your car is worth, through a process known as "loan cram down," you may be able to negotiate a Chapter 13 payment plan based on what the car is actually worth, as opposed to the value of the car loan.

You may choose to file a Chapter 13 to take advantage of these benefits or simply because you make too much money to qualify for a Chapter 7. No matter what your reason is, it generally means that your case may be too difficult to file on your own.

In Chapter 13 bankruptcies, in addition to filing the official bankruptcy forms, you must also design a proposed repayment plan, which can be very difficult to do. Stripping your second mortgage or cramming down a car loan will usually require filing additional motions and paperwork with the court.

So, if you are planning to file a Chapter 13 or a complex Chapter 7, it is a good idea to hire a qualified attorney. Your Chapter 7 will usually be more complex if you own a business, have high income, own significant assets, or have creditors who may claim fraud. If any of the above applies to you, you risk having your case dismissed, your assets being taken and sold, or facing a lawsuit in your bankruptcy to determine that certain debts should not be discharged. In that case, it is advisable to hire an attorney to handle your bankruptcy.

Bankruptcy fraud is a crime and the presiding judge may also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as transferring assets to friends and family, destroying or hiding property, falsifying records, or lying. Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide.

Individual debtors are generally required to obtain credit counseling from an approved provider within 180 days before filing a case, and to file a statement of compliance and a certificate of credit counseling furnished by the provider. Failure to do so may result in dismissal of the case.

Homeowners who are having trouble or have fallen behind in making their mortgage payments may have options that would allow them to avoid foreclosure and bankruptcy, starting with renegotiating with the mortgage lender. However, please beware of marketing offers made once your house is in foreclosure - there are a number of fraudulent schemes specifically directed at individuals facing foreclosure.

Only you can decide if hiring a lawyer is right for you. Check out 12Law.com for listings of lawyers in your neighborhood.
 
Personalize & Print a Free KY Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free KY Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Avawam, KY
Steptoe & Johnson
1010 Monarch St # 250
Lexington, KY 40513
(859) 219-8214
General Practice Attorneys, Attorneys
Cooper, Michael T
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Friedman, Hal D
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Phillipe W Rich
4824 Preston Hwy
Louisville, KY 40213
(502) 694-6681
Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  General Practice Attorn
Franklin & Rapp
1001 Monarch St,Ste 120
Lexington, KY 40513
859-554-1765
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Pers
Franklin and Rapp
1001 Monarch St
Lexington, KY 40513
859-554-1765
Civil Litigation & Trial Law Attorneys,  Insurance Attorneys,  Legal Service Plans,  DUI & DWI Attor
Sharon K Carney Paralegal Inc
4041 Preston Hwy
Louisville, KY 40213
(502) 366-6040
Paralegals
Franklin and Rapp
1001 Monarch St Ste. 120, Ste 120
Lexington, KY 40513
(513) 370-5726
Personal Injury Law Attorneys,  Criminal Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce
Amanda Rogers Blincoe
105 E Flaget Av
Coxs Creek, KY 40013
(502) 348-5300
Attorneys,  Family Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Wills, Trusts & Estate
Stout Heuke P S C
200 High Rise Dr # 252
Louisville, KY 40213
(502) 966-3347
Attorneys, General Practice Attorneys
Martin R Douglas
1031 Wellington Way
Lexington, KY 40513
(859) 327-3320
General Practice Attorneys, Attorneys, Legal Service Plans
Gorham Charles W
3151 Beaumont Centre Cir # 200
Lexington, KY 40513
(859) 255-2711
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
G. Christopher Van Bever, P.S.C. Attorney-at-Law
4704 Waterside Court
Lexington, KY 40513
(859) 321-2588
General Practice Attorneys, Business Law Attorneys
Bryan Gowin
1000 Trevilian Way
Louisville, KY 40213
(502) 708-2332
Attorneys, General Practice Attorneys
Adams Hayward & Welsh
4036 Preston Hwy
Louisville, KY 40213
(502) 584-2111
Labor & Employment Law Attorneys, Attorneys, Corporation & Partnership Law Attorneys, Legal Service
Musselwhite Meinhart & Staples
3103 Fern Valley Rd
Louisville, KY 40213
(502) 384-1968
General Practice Attorneys, Attorneys
Wohlander Law Office PSC
1031 Wellington Way
Lexington, KY 40513
(859) 309-1691
General Practice Attorneys, Attorneys, Legal Service Plans
Wiser Hemlepp & Assoc
4245 Palmetto Dr
Lexington, KY 40513
(859) 219-1295
Attorneys
Woolley Billie Sue
3121 Wall St
Lexington, KY 40513
(859) 223-1200
Family Law Attorneys, Attorneys, Legal Service Plans
Troutman Michael W
4740 Firebrook Blvd
Lexington, KY 40513
(859) 253-0991
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US