Shelbyville bankruptcy attorney and divorce lawyer W. Matthew Wade entered the practice of law with the purpose of helping individuals tap into the power of the law to solve real problems. You can work directly with a knowledgeable, results-oriented Kentucky lawyer at the law offices of W. Matthew Wade, PLLC.
Financial Freedom for Kentucky Debtors
Individuals and couples seeking debt relief and financial freedom are welcome to call 502-647-9344 or e-mail the law offices through this website to request a consultation. The United States Constitution, the foundational document that defines our freedoms, includes provisions for bankruptcy, a reality that debtors sometimes face. If you are seeking financial freedom from crushing debts, bankruptcy may be the financial solution you are looking for. Get answers today by calling Shelbyville bankruptcy attorney W. Matthew Wade.
Shelbyville Chapter 7 Lawyer
Today’s tough economy has brought more and more Americans to the point of considering bankruptcy as a debt relief solution. Were you laid off? Has your mortgage gotten out of control? Have you incurred expenses because of a medical crisis or a natural disaster? Has divorce thrown your already-precarious finances out of whack?
Whatever the reason, please know that you are not alone — and there is help in the face of overwhelming debt. Contact a knowledgeable Kentucky lawyer W. Matthew Wade to learn how Chapter 7 bankruptcy can stop creditor harassment and give you a fresh start. Put a Stop to Creditors’ Bullying Tactics
If you are considering filing bankruptcy, you may already be familiar with the intimidating tactics of many creditors even after you have missed just one or two payments. They call borrowers at home, at work or anywhere. Credit card companies, health care providers and collection agencies may have already begun to make your life miserable, compounding the worry, fear and anxiety that a debt overload brings about.
Chapter 7 bankruptcy is a preferred debt relief solution for many debtors in Shelbyville and elsewhere for one simple reason: it eliminates — wipes out — discharges consumer debts including:
- Credit card debt
- Personal loans
- Medical loans
To demonstrate to a bankruptcy court that you qualify for Chapter 7 bankruptcy, the first step is a means test. W. Matthew Wade, PLLC, advises you to take the means test with the help of an attorney. Do not attempt to complete this requirement without legal advice. Mr. Wade can help you characterize your debts, list your income and assets, and determine your monthly expenses accurately.
Assuming your income is not too high, you can begin the process of a Chapter 7 bankruptcy right away. Even if you need time to get attorney’s fees and court fees ready, you can retain W. Matthew Wade, PLLC, in Shelbyville with a small payment and pay the rest off while you are preparing your documentation.
Once you have verified your eligibility through a means test, listed all your debts, assets and income and paid your fees, Mr. Wade can help you file Chapter 7 bankruptcy very soon. As soon as you file bankruptcy, the automatic stay goes into effect. The automatic stay prohibits creditors from seeking to collect debts. They will not be allowed to call you, send you letters, garnish your wages, levy your bank account or seize other assets. As soon as your personal bankruptcy is complete and debts have been discharged, this ban becomes permanent.
If Chapter 7 is not right for you, Chapter 13 bankruptcy may be the answer, with its own unique advantages. Get advice on planning for either type of bankruptcy and rebuilding credit afterward. Contact Shelbyville Chapter 7 bankruptcy attorney W. Matthew Wade by phone at 502-647-9344 or by e-mailing his Kentucky law firm through this website.
Shelbyville Chapter 13 Lawyer
Chapter 13 bankruptcy is often appropriate for wage earners whose income is too high for Chapter 7. Debtors sometimes elect Chapter 13 for other reasons. For example, they may want to keep their homes while paying back missed mortgage installments over several years’ time without penalty and with little or no interest.
In a Chapter 13 bankruptcy, a trustee of the bankruptcy court reorganizes debts and creates a manageable payment plan. A Chapter 13 filer makes one payment per month to the trustee for three to five years, and the trustee distributes these funds proportionately to creditors.
A Chapter 13 bankruptcy offers many of the same advantages of a Chapter 7 bankruptcy including the opportunity to stop creditor harassment through the automatic stay. As soon as you file either type of bankruptcy, creditors are forbidden from attempting to collect debts.
Are creditors and collection agencies calling you at home and at work, at all hours? Are they threatening and pressuring you? Filing Chapter 13 bankruptcy puts a stop to creditor harassment immediately.
Your creditors will be unable to garnish your wages. They will not be allowed to levy your bank account or seize any other assets. They must stop collection efforts entirely throughout the three- to five-year repayment period. A creditor who continues to attempt to collect from you faces steep penalties and sanctions from the court.
Fight Home Foreclosure With Chapter 13 Bankruptcy
Chapter 13 bankruptcy has a number of distinct advantages for bankruptcy filers including:
It allows you to repay non-dischargeable debts such as back taxes, alimony and child support as part of one affordable monthly payment over three to five years with little or no interest. It prioritizes debts based on whether they are secured or unsecured. The Chapter 13 bankruptcy filer repays secured debt (such as car loans) over several years’ time. Whatever amount remains of the affordable monthly payment goes toward unsecured debts (such as credit card balances and unpaid medical bills). A bankruptcy judge may reduce the total owed on a car to match the current Blue Book price, rather than the outstanding balance on the car loan. Likewise, a bankruptcy may cram down a mortgage, resulting in a balance due that reflects current housing values. Unsecured debt repayment often equals only a small percentage of the original total owed. At the end of the three- to five-year period, the rest of these debts are discharged — wiped out.
Shelbyville Chapter 13 Bankruptcy Attorney
Learn more about how you can stop foreclosure in Shelbyville, Frankfort or Louisville, Kentucky. Attorney W. Matthew Wade can provide the information and tools that you need to protect your home during a Chapter 13 bankruptcy. Contact the law offices of W. Matthew Wade, PLLC, to schedule a free initial consultation with a Kentucky bankruptcy lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.