Steven S. Crone Attorney at Law
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Owensboro Chapter 7 Bankruptcy Lawyer

What Kind Of Bankruptcy Is Right For You?

When Kentucky residents choose to go forward with a bankruptcy filing, there are several decisions that need to be made. One of these decisions is what type of bankruptcy to file. There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Attorney Steven S. Crone can help you figure out which makes the most sense for your unique situation.

Contrary to popular belief, there is nothing wrong with filing for bankruptcy. The process is in place to allow people to restructure or eliminate their debts so that they can work toward a more stable financial future. As an experienced bankruptcy lawyer, I have helped many people with filing Chapter 7 and filing Chapter 13 bankruptcies, and I have seen their financial lives improve as a result.

Bankruptcy: A Fresh Financial Start

In order for me to determine what kind of bankruptcy might be right for you, I will do a complete review of your financial picture. Regardless of your stage in life, it is never too late to start anew with a clean slate, particularly when you are feeling overwhelmed by debts.

In order to qualify for Chapter 7 bankruptcy, the monthly income of the person or married couple who is filing generally has to be below the median income level in Kentucky. This is determined via a procedure known as the means test. If the means test is successful, then Chapter 7 is an option.

As an experienced Owensboro Chapter 7 bankruptcy attorney, I can help you get the process underway toward having many of your debts discharged. As soon as you file, creditors must abide by an automatic stay that prevents them from attempting to collect their debts.

A less common, but still popular option, is Chapter 13 bankruptcy. There is no means test, and debtors set up a repayment plan, lasting up to five years, to pay down their debts. The amounts vary from person to person, but a key benefit is that foreclosure proceedings on a primary residence will stop after a Chapter 13 bankruptcy filing.

Many college graduates find themselves burdened by heavy student loan debt loads. Student loans are generally not able to be discharged, but filing for Chapter 13 can still be beneficial to graduates who are having trouble making ends meet.

The sooner you contact me, the sooner I will be able to help. Contact me online, or call me directly at 270-215-2543.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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