If you feel suicidal when the bills start rolling in every month, then it is time to get help. Putting a bet on the Kentucky Derby will not help. However if you live in the Bluegrass State the best thing to do is to a find a firm of experienced Northern Kentucky bankruptcy lawyers. There is no shame attached to declaring yourself bankrupt in today’s world but you need good advice to come up smiling again.
There are two schemes available – Chapter 7 and Chapter 13. Once you have chosen your lawyer they will advise you as to which method is appropriate for you. It largely depends on the type of debts you have to settle and the means at your disposal. So be prepared to bare all to your elected advocate.
To qualify for Chapter 7 there is a means test. If your income is considered to be below that of similar families in the state then you may qualify. Normally all unsecured debt will be wiped out if the court decides that you are eligible for the protection of Chapter 7. This does not however include taxes, alimony or student loans which never go away. A court appointed trustee will sell off whatever assets you have that are not exempt. If you are way behind on your mortgage or car repayments you can lose both although you must stress the importance of keeping them to your attorney from the start and it may be that a Chapter 13 petition will be the better option..
With a Chapter 13 petition, the debt is not wiped out but again the court will appoint someone to manage your debt to the satisfaction of your creditors, the court and you, yourself. You may be granted up to five years to pay everything off and you will normally find it quite manageable as interest rates will miraculously have come down. Creditors after all are human too and would rather get something than nothing.
Now it is time to take a serious look at your lifestyle. You simply cannot afford ever to get into debt again. Your creditors are legally debarred from harassing you. What you are left with is yours and you must build on it. Part of the process in Kentucky makes it mandatory for all those filing for bankruptcy to attend a credit counseling class before and after you file. And they make you pay for it. However this is a good investment and maybe you can ask for more advice.
Whether you choose your lawyer online or by personal recommendation is up to you as long as they specialize in this line of work. They will help you to garner all the information and documentation required. They will be beside you throughout the process.
A complimentary 30 minute interview is normally the first contact you will have with your putative legal representatives. Use it wisely. They will give you details of all the available options and also the various costs involved. Be sure you have your facts and figures ready and do not hesitate to ask about anything that puzzles you.
Once your Northern Kentucky bankruptcy lawyers have done their job and your debts are discharged you must begin to rebuild your credit rating. It will take time and planning. It is not easy, but it is essential.
You can visit the website www.northernkentuckybankruptcyattorney.com for more helpful information about Finding Northern Kentucky Bankruptcy Lawyers