bankruptcy - Shur Law

Bankruptcy Attorney in Louisville

shurlaw-administrator — Mon, 11 Sep 2023 13:40:38 +0000

Navigating Financial Challenges: Finding a Bankruptcy Attorney in Louisville, KY

In today's uncertain economic climate, many individuals and businesses in Louisville, Kentucky, find themselves facing overwhelming financial challenges. If you're one of them, you might be considering bankruptcy to regain control of your financial future. Seeking the guidance and support of a knowledgeable bankruptcy attorney in Louisville, KY, is essential to make informed decisions and navigate the complex legal process successfully. This article will provide you with valuable insights into finding the right bankruptcy attorney to help you achieve a fresh start.

Why Consider Bankruptcy in Louisville, KY?

Debt Relief: Filing for bankruptcy can provide immediate relief from unmanageable debt, allowing you to start anew financially.
Legal Protection: Bankruptcy offers legal protection against creditor harassment, wage garnishments, and asset seizures, giving you peace of mind during the process.
Fresh Start: Bankruptcy can provide a fresh start, allowing you to rebuild your credit and financial stability over time.

Bankruptcy Chapters: Which One Is Right for You?

Chapter 7: Often referred to as "liquidation bankruptcy," Chapter 7 allows for the discharge of unsecured debts, such as credit card bills and medical expenses, typically within a few months.
Chapter 13: This chapter involves creating a manageable repayment plan over three to five years, enabling you to retain assets like your home while gradually paying off debts.

Why Choose a Bankruptcy Attorney in Louisville, KY?

Local: A bankruptcy attorney in Louisville, KY, understands the unique aspects of the local legal system, including Kentucky bankruptcy laws and regulations. This local knowledge can be invaluable in ensuring your bankruptcy case proceeds smoothly.
Personalized Guidance: When you work with a bankruptcy attorney in Louisville, you can expect personalized guidance tailored to your specific financial situation. We will assess your circumstances and help you choose the most appropriate bankruptcy chapter for your needs, be it Chapter 7 or Chapter 13.
Navigating Complex Paperwork: Bankruptcy involves a considerable amount of paperwork and legal documentation. Bankruptcy attorneys in Louisville are well-versed in the intricate documentation required, ensuring that your case is filed correctly and on time.

Finding the Right Bankruptcy Attorney in Louisville, KY

When searching for a bankruptcy attorney in Louisville, KY, it's crucial to consider various factors in making an informed decision:

Experience Matters: Look for attorneys with a proven track record of handling bankruptcy cases successfully. Experience matters when it comes to navigating the complexities of bankruptcy law. Shur Law has an attorney in Louisville that previously served as a bankruptcy trustee in Kentucky for several years.
Practice Focus in Bankruptcy Law: Ensure that the attorney you choose focuses their practice on bankruptcy law. This demonstrates a deep understanding of the intricacies of bankruptcy cases. Shur law limits our practice areas to three primary areas: family law, estates and bankruptcy. The attorneys that represent bankruptcy clients focus on that practice area.
Local Reputation: Research online reviews, testimonials, and ask for recommendations from friends or family to gauge the reputation of bankruptcy attorneys in Louisville, KY. A quick search of Shur Law will show the quality service that we have provided our clients.
Initial Consultation: Many bankruptcy attorneys offer free initial consultations. Take advantage of these consultations to discuss your case and get a sense of the attorney's communication style and expertise. Call 502-221-7710 to schedule your free phone or video consultation.

Conclusion

Filing for bankruptcy is a significant decision that can provide much-needed relief from overwhelming financial burdens. However, it's crucial to have the right guidance and support throughout the process. By using the principals mentioned in this article, you can efficiently locate a qualified bankruptcy attorney in Louisville, KY, who can help you navigate the complexities of bankruptcy law and work towards a brighter financial future. Remember, with the right legal representation, you can take the first step towards a fresh start.

The post Bankruptcy Attorney in Louisville first appeared on Shur Law.

Chapter 11 Bankruptcy

shurlaw-administrator — Thu, 10 Aug 2023 19:11:47 +0000

Reorganization bankrutpcy

Navigating Chapter 11 Bankruptcy: A Comprehensive Guide

Introduction

In the world of finance and business, uncertainty is a constant companion. Economic downturns, unforeseen challenges, and shifting market dynamics can sometimes push even the most robust companies to the brink of insolvency. To provide a lifeline for struggling businesses, the U.S. legal system offers a powerful tool known as Chapter 11 bankruptcy. This legal process enables companies to restructure their operations, debts, and finances, with the ultimate goal of emerging stronger and more viable. In this blog post, we will delve into the intricacies of Chapter 11 bankruptcy, exploring its purpose, the essential information it requires, and the step-by-step process to successfully navigate this complex terrain.

Understanding Chapter 11 Bankruptcy

Chapter 11 bankruptcy, often referred to as "reorganization bankruptcy," is a legal mechanism under the United States Bankruptcy Code that allows businesses to restructure their operations and debts while continuing to operate. Unlike Chapter 7 bankruptcy, which involves liquidation and the closure of the business, Chapter 11 provides an opportunity for the company to reorganize its affairs and regain financial stability. This option is crucial for companies facing financial distress but believe they have the potential for a turnaround.

Why Chapter 11 is Needed

The decision to file for Chapter 11 bankruptcy is often driven by the need to address mounting financial challenges and avoid complete collapse. Companies may be burdened by excessive debt, impending loan defaults, creditor pressure, or declining revenues. By filing for Chapter 11, a business gains access to a protective legal shield known as the automatic stay, which halts all collection actions and gives the company a chance to negotiate with creditors and develop a feasible restructuring plan.

Essential Information for Chapter 11 Bankruptcy

Detailed Financial Information: A comprehensive understanding of the company's financial standing, including assets, liabilities, income, expenses, and cash flow, is vital. This information serves as the foundation for crafting a realistic restructuring plan.
Business Operations Overview: Clear documentation of the company's operations, including organizational structure, key personnel, and business strategies, helps stakeholders comprehend the company's current state and potential for recovery.
List of Creditors: An exhaustive list of creditors, along with the nature and amount of their claims, ensures that all stakeholders are accounted for during the restructuring process.
Proposed Restructuring Plan: A well-thought-out plan outlining how the company intends to address its financial challenges, streamline operations, and achieve profitability is the linchpin of a successful Chapter 11 bankruptcy.

Navigating the Chapter 11 Bankruptcy Process

Filing the Petition: The process begins with the company filing a Chapter 11 bankruptcy petition in the appropriate U.S. Bankruptcy Court. This triggers the automatic stay and provides the company with breathing room to devise a restructuring strategy.
Exclusivity Period: The debtor is granted an initial period of exclusivity, during which only the debtor can propose a restructuring plan.
Developing the Plan: The debtor works closely with its legal and financial advisors to formulate a restructuring plan that outlines how it intends to address its financial challenges, reduce debt, and streamline operations.
Creditor Negotiations: The proposed plan is then presented to creditors, who have the opportunity to negotiate and provide input. The company and its advisors work with creditors to garner support for the plan.
Plan Confirmation: Once the plan has gained sufficient support, it is presented to the bankruptcy court for approval. Creditors vote on the plan, and the court ultimately decides whether to confirm it.
Plan Implementation: If the plan is approved, the company begins implementing the proposed changes, which may include debt reduction, asset sales, renegotiating contracts, and other measures designed to restore financial health.
Emergence from Bankruptcy: After successfully implementing the restructuring plan, the company emerges from Chapter 11 bankruptcy as a reorganized entity, poised for a fresh start and renewed growth.

Conclusion

Chapter 11 bankruptcy is a lifeline for struggling businesses, offering a path to recovery and revitalization in the face of financial turmoil. By providing the tools for debt reduction, operational streamlining, and strategic repositioning, this legal process enables companies to emerge from the brink of insolvency stronger and more resilient than before. While navigating the complexities of Chapter 11 bankruptcy can be challenging, armed with the right information and a dedicated team of legal and financial advisors, businesses can chart a course toward a brighter financial future.

The post Chapter 11 Bankruptcy first appeared on Shur Law.

Chapter 13 Bankruptcy

shurlaw-administrator — Thu, 10 Aug 2023 18:57:10 +0000

The Wage Earners Bankruptcy

Introduction: Facing financial hardships can be overwhelming, but there are legal avenues that can help individuals regain control of their financial situation. One such option is Chapter 13 bankruptcy, a structured repayment plan that allows debtors to reorganize their debts and work towards a more manageable financial future. In this blog post, we'll delve into what Chapter 13 bankruptcy Ohio entails, the information needed to file, and the process of obtaining a discharge.

Understanding Chapter 13 Bankruptcy In Ohio

Chapter 13 bankruptcy, often referred to as a "wage earner's plan," is a type of bankruptcy designed for individuals with a regular income who are struggling with unmanageable debts. Unlike Chapter 7 bankruptcy, which involves liquidation of assets, Chapter 13 focuses on creating a repayment plan that spans three to five years. This enables debtors to retain their assets while gradually repaying their debts.

Information Needed for Filing:

Complete Financial Disclosure: Debtors must provide a detailed account of their financial situation, including income, expenses, assets, and liabilities. This comprehensive overview helps the bankruptcy court assess the individual's ability to make payments under the proposed plan.
List of Creditors and Debts: An accurate list of all creditors and the corresponding debts is crucial. This includes secured debts (e.g., mortgages, car loans) and unsecured debts (e.g., credit card debt, medical bills).
Income Documentation: Proof of income from all sources, including pay stubs, tax returns, and other documentation, helps establish the debtor's ability to make the proposed payments.
Monthly Budget: A detailed breakdown of monthly expenses, including essentials such as housing, food, transportation, and healthcare, gives the court insight into the debtor's financial obligations.
Property and Asset Information: A list of all properties and assets, along with their values, is necessary for the court to determine how the repayment plan will affect the debtor's assets.

The Chapter 13 Bankruptcy Process:

Filing the Petition: The process begins by filing a Chapter 13 bankruptcy petition with the appropriate bankruptcy court. At this stage, an automatic stay is issued, preventing creditors from taking any further collection actions.

Creating the Repayment Plan: Working alongside an attorney, debtors formulate a repayment plan based on their disposable income. This plan outlines how debts will be repaid over the three to five-year period.

Meeting of Creditors: Debtors attend a meeting of creditors, also known as a 341 meeting. Creditors have the opportunity to ask questions about the repayment plan and the debtor's financial situation.

Confirmation Hearing: A bankruptcy judge reviews and approves the repayment plan during a confirmation hearing. Once confirmed, debtors start making payments to a trustee, who then distributes the funds to creditors according to the plan.

Completion of the Plan: Over the designated repayment period, debtors consistently make payments as outlined in the plan. Changes to the plan may be made under certain circumstances.

Obtaining a Discharge: Upon successful completion of the repayment plan, debtors may be eligible for a discharge of remaining unsecured debts, such as credit card debt and medical bills. However, some obligations, such as child support, student loans, and certain tax debts, may not be dischargeable.

Conclusion: Chapter 13 bankruptcy offers a structured path for individuals to reorganize their debts, retain their assets, and work towards financial stability. By providing detailed financial information, creating a feasible repayment plan, and adhering to the bankruptcy process, debtors can navigate the complexities of Chapter 13 bankruptcy and ultimately obtain a discharge, giving them a fresh start on their journey towards financial recovery. As every individual's financial situation is unique, seeking guidance from a qualified bankruptcy attorney is essential to ensure the best possible outcome.

The post Chapter 13 Bankruptcy first appeared on Shur Law.

Chapter 7 Bankruptcy

shurlaw-administrator — Thu, 10 Aug 2023 18:36:50 +0000

Chapter 7 Bankruptcy In Ohio: A Comprehensive Guide

Introduction

In the face of financial hardship, both individuals and businesses in Ohio might encounter overwhelming debt that makes it hard to meet obligations. That's where Chapter 7 bankruptcy comes in. It provides a chance to begin anew, permitting debtors in Ohio to eliminate qualifying debts and reconstruct their financial situations. Our guide delves into the specifics of Chapter 7 bankruptcy in Ohio, from understanding its essence to gathering the necessary details for filing and navigating the discharge process.

Chapter 7 Bankruptcy Explained

Chapter 7 bankruptcy, also known as "liquidation bankruptcy," is a legal process designed to provide individuals and businesses with relief from overwhelming debt. Through this process, debtors can discharge certain unsecured debts, such as credit card balances, medical bills, and personal loans, allowing them to emerge from bankruptcy with a clean slate.

Information Needed to File for Chapter 7 Bankruptcy

Financial Information: Gather all relevant financial documents, including income statements, tax returns, and a list of assets and liabilities. This will help assess your financial situation and determine your eligibility for Chapter 7 bankruptcy.
List of Creditors: Create a comprehensive list of all your creditors, including their names, addresses, and the amounts owed. This list will form the basis for your bankruptcy petition.
Means Test Calculation: The means test evaluates your income and expenses to determine if you qualify for Chapter 7 bankruptcy. It compares your income to the median income in your state, and if your income is below the median, you likely qualify. Otherwise, a more detailed analysis is performed.
Property Exemptions: Identify the property that is exempt from liquidation under your state's bankruptcy laws. These exemptions vary from state to state and may protect assets such as your primary residence, car, clothing, and household goods.
Credit Counseling Certificate: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency. This course helps you explore alternatives to bankruptcy and understand the implications of your decision.

The Chapter 7 Bankruptcy Filing Process

Pre-Filing Preparation: Organize the required information and documents as outlined above. Consider seeking advice from a qualified bankruptcy attorney to ensure you navigate the process smoothly.
Filing the Petition: Your attorney will help you prepare the necessary forms and file the Chapter 7 bankruptcy petition in your local bankruptcy court. The automatic stay will go into effect, preventing creditors from taking further collection actions.
Meeting of Creditors (341 Meeting): Approximately 20 to 40 days after filing, you will attend a meeting with your creditors and the bankruptcy trustee. You'll answer questions about your financial situation under oath. Creditors can attend but often do not.
Asset Liquidation (if applicable): The bankruptcy trustee may sell non-exempt assets to repay creditors. However, many Chapter 7 cases are "no-asset" cases, meaning debtors do not have non-exempt assets to be liquidated.
Financial Management Course: After the meeting of creditors, you must complete a financial management course to receive a bankruptcy discharge.
Discharge: Typically, within a few months of filing, you will receive a bankruptcy discharge, releasing you from personal liability for eligible debts. Certain debts, like student loans and recent taxes, are generally not dischargeable.

Conclusion

Chapter 7 bankruptcy can offer a lifeline to those drowning in debt, allowing them to start anew with a clean financial slate. By understanding the information required and the process involved, individuals and businesses can navigate the Chapter 7 bankruptcy process with greater confidence. While this guide provides an overview, consulting with a qualified bankruptcy attorney is crucial to ensure your specific circumstances are properly addressed and to maximize the benefits of Chapter 7 bankruptcy.

The post Chapter 7 Bankruptcy first appeared on Shur Law.

Bankruptcy In Ohio

shurlaw-administrator — Tue, 18 Jul 2023 16:44:01 +0000

How To File Bankruptcy In Ohio

Are you wondering how to file bankruptcy in Ohio? Look no further. At SHUR LAW, we’re not only your reliable source for legal advice but also your partner in navigating the complexities of bankruptcy. Our experienced team guides you through the entire process, ensuring you understand the steps involved and make informed decisions. Additionally, if you’re searching for a bankruptcy attorney in Cincinnati, our services extend to providing expert assistance tailored to your local needs. From understanding the paperwork to representing your best interests, SHUR LAW is here to help you achieve a fresh financial start.

Here is how your Chapter 7 Bankruptcy case will proceed in 10 simple steps:

Step 1: Upload Requested Documents

We will need pay stubs, bank statements, car and house titles, tax returns, driver’s licenses, and social security card, separation agreement and/or divorce decrees, any recorded mortgages or deeds, retirement account info, and proof of taking the credit counseling course. All these items can be uploaded in MyChapter when you complete your questionnaire.

Step 2: Complete and Submit Your Questionnaire

You likely have already received a link to our only questionnaire, MyChapter. If you have not, please let us know so that we can send it. Please be as detailed as possible and fill in every question. Include all of your creditors. If you do not know about a creditor, go to www.annualcreditreport.com and get your free credit report. Make sure you save this as a pdf and upload it to MyChapter.

Step 3: Review

After you submit your quetionnaire to us, we will incorporate your answers into the documents required to file your case. The assigned paralegal will likely contact you to ask questions and get missing information. After review is complete, our office will schedule a signing meeting.

Step 4: Credit Counseling

Prior too filing your case, you must complete a court approved credit counseling course. We work with a company, debtorcc, that provides this service at a low cost. You should receive an invite from them directly. The fee for the counseling is separate and paid directly to the credit counseling company.

Step 5: Signing Meeting

At the scheduled signing meeting, your attorney will walk through all documents that you will be signing and answer any questions you may have. Your attorney will also explain the process at the one hearing, called a 341 meeting. We will need to know the balance of all of your accounts on the day of the signing meeting. Please screenshot that balance for us. At this meeting, your documents will be signed.

Step 6: File Application

We will file your application and send you an email confirming your case was filed. The filing is almost always done immediately following the signing meeting. Once the case is filed, the automatic stay will be in place and creditors are forbidden from contacting you. Please notify us immediately if the calls continue.

Step 7: Setting a 341 Hearing Date

The court will set a hearing date. At this hearing, we will either go to the federal courthouse or do a phone call with the court. It is very important that you be on time either in person or on the phone. Please contact your attorney as soon as possible if there is any issue with your attendance. The hearing is presided over by a Trustee, who is an attorney in the community that has an extensive background in bankrupty and is appointed by the court to search for assets. The trustee will swear you in and ask if the information is correct and if the document has your signatures. Answer all questions truthfully.

Step 8: Post 341

Our office is in constant contact with the trustee for your case and the US Trustees office. We submit all required documents prior to the hearing. Occasionally an issue with arise or the trustee will ask for an amendment or supplemental document. If we request information or documents from you, please provide those as quickly as possible so that we can satisfy those requests. The discharge will be filed by the court approximately three months after the 341 meeting.

Step 9: Debtor Education Course

At any time after your case is filed, you can complete the debtor education course. If you are in a Chapter 13, the trustee will send you the information regarding this course and her office will pay for this expense. For Chapter 7 cases, this course must be paid for by you. You will get notifications from our partner, debtorcc.org prompting you to complete this course. Your case cannot be concluded until the course is done.

Step 10: Case Completed

Once you have a discharge from the court the debts listed and not subject to an exclusion will be removed as a debt you owe. Filing bankruptcy will lower your credit score, but you can find tips on how to raise it again here.

Call us at 513-449-0990 to schedule a consultation with one of our attorneys.

The post Bankruptcy In Ohio first appeared on Shur Law.