Bankruptcy Lawyers in Louisville, Kentucky
Providing Legal Guidance for Families in Oldham, Spencer, Shelby, Bullitt, Anderson, and Franklin Counties
The attorneys at Hodge & Smither understand that times can get tough for Kentucky households. The onset of the COVID-19 pandemic and the financial hardships it brought are stark evidence of that. When debt amasses, payment due dates come and go, and creditors begin threatening serious action, many people look to bankruptcy to find relief. Although bankruptcy is not a cure-all for various kinds of debt, it is an option that can provide a fresh start.
When clients choose us for their needs, our Louisville bankruptcy attorneys offer the straightforward legal guidance they need. We will not get your hopes up for some unrealistic ending to your situation. Instead, we will be honest and work hard to help you pick the best option for your situation and see you through it.
What Kind of Bankruptcy Is Right for You?
Our Louisville bankruptcy lawyers help individuals file for Chapter 7 or Chapter 13 bankruptcies. The two general differences between the types of filings are what happens to a filer’s assets and their debts.
Below are more details about the different filing options:
- Chapter 7 bankruptcies are generally for individuals with incomes below the Kentucky state median. These types of filings eliminate an individual’s debt, and can lead to surrender of unexempt assets. Kentucky uses Federal Exemptions under 11 U.S.C. § 522, which provide generous exemptions allowing most filers to retain their assets. Hodge & Smither attorneys have helped Chapter 7 clients replace their old, repair-plagued and bloated-payment vehicles with newer, affordable and reliable vehicles by working with local car dealers that offer ‘fresh start’ opportunities to bankruptcy filers. And under certain circumstances, Hodge & Smither attorneys can recover money paid to or garnished by creditors within 90 days of a bankruptcy filing.
- Chapter 13 bankruptcies provide individuals and married couples with regular income the tools to keep assets with payments in arrears or in default, and to stop foreclosures and repossessions. Chapter 13 filers will restructure their debts into an affordable monthly payment based in part on their ability to repay the debt over three to five years. In many cases, Chapter 13 filers can pay back as little at 1% of their unsecured debt. It requires filers to repay all or part of their debt in a time frame of three to five years.
Local Insights: Understanding Bankruptcy in Louisville
Navigating the complexities of bankruptcy in Louisville requires a deep understanding of the local landscape and resources available to residents. At Hodge & Smither, we are committed to providing tailored guidance that resonates with the unique challenges faced by our community. Louisville, being the largest city in Kentucky, has its own set of financial stressors, from fluctuating employment rates to the rising cost of living. Our team is here to help you find the best path forward.
For those considering bankruptcy, it's important to be aware of the local resources that can support you through this process. The Louisville Metro Office of Resilience and Community Services offers various programs to assist residents facing financial difficulties. Additionally, the Kentucky Court of Justice provides valuable information on bankruptcy filings and legal proceedings.
One of the common pain points for Louisville residents is the threat of foreclosure. With the help of our experienced attorneys, filing for Chapter 13 bankruptcy can be a strategic move to halt foreclosure proceedings and create a manageable repayment plan. This option is particularly beneficial for those with a steady income who wish to keep their homes and other valuable assets.
Another significant concern is vehicle repossession. In Louisville, reliable transportation is crucial for daily commuting and maintaining employment. Our attorneys have successfully assisted clients in retaining their vehicles through both Chapter 7 and Chapter 13 filings. By leveraging local 'fresh start' programs offered by car dealers, we can help you secure a more dependable vehicle, ensuring you stay mobile and financially stable.
At Hodge & Smither, we pride ourselves on our deep connection to the Louisville community. We understand the local economic pressures and are dedicated to providing solutions that are both practical and effective. If you're considering filing for bankruptcy, reach out to us for a consultation. We are here to help you navigate this challenging time with confidence and clarity.
Understanding the Bankruptcy Process: What to Expect
Navigating the bankruptcy process can feel overwhelming, but knowing what to expect can ease your concerns. At Hodge & Smither PLLC, we prioritize transparency and communication, ensuring that you are informed every step of the way.
Here’s a brief overview of the bankruptcy process:
- Initial Consultation: During your first meeting with our experienced attorneys, we will assess your financial situation and discuss the best options for your circumstances.
- Filing the Petition: Once you decide to proceed, we will help you gather the necessary documents and file your bankruptcy petition with the court.
- Automatic Stay: Upon filing, an automatic stay is put in place, halting creditor actions against you, including collections and foreclosures.
- 341 Meeting of Creditors: You’ll attend a meeting where creditors can ask you questions about your financial situation. Our team will prepare you for this meeting to ensure you feel confident.
- Discharge of Debts: If all goes well, the court will discharge your eligible debts, allowing you a fresh financial start.
Throughout this process, our dedicated team will provide personalized support, answering any questions you may have and helping you navigate any challenges that arise. We are committed to making this journey as smooth as possible for you.
Why Choose Hodge & Smither PLLC?
With years of experience in bankruptcy law, our firm understands the unique challenges faced by individuals and families in Louisville and surrounding areas. We pride ourselves on our compassionate approach and our ability to tailor solutions that meet your specific needs. Let us help you regain control of your financial future.
To speak with an experienced Louisville bankruptcy lawyer, contact us online to give us a call today.
Client Testimonials
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I highly recommend you look no further for all your legal needs.
“Becky has both represented and assisted me on various matters, and has proved to be proficient, understanding, and capable of navigating complex situations.”
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The case results turned better than expected!
“Mr. Hodge worked with me on a case recently, a very understanding, knowledgeable, easy to speak with and professional gentleman. The case results turned better than expected and I would highly recommend them to anyone.”
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I cannot recommend enough.
“I have used Jonathan Hodge for a number of things. Everything that he has done for me has been professionally handled and has turned out far better than I could have expected.”
Bankruptcy’s Benefits and Drawbacks
The situations that lead people to file for bankruptcy are often tough. This is why many potential filers seek bankruptcy to also seek multiple kinds of relief from their debts.
Some of the ways that bankruptcy can help include:
- Discharging debts so that the filer is no longer legally obligated to pay them
- Allowing a filer to keep some assets such as a home or car
- Halting wage garnishments and intrusive and persistent debt collection
- Restoring water, electricity, gas, and other utility services
Here are some things individuals should consider before filing for bankruptcy:
- Bankruptcy cannot discharge debts from missed child support or alimony, most tax debt, or overdue student loan payments
- Cosigners on debts can still be responsible for paying them
- Bankruptcy can require filers to give up property
- Bankruptcy can impair your credit and increase the costs of borrowing in the future.
At Hodge & Smither, we offer free consultations and can provide payment plans so that our clients can get much needed counsel and advocacy in the situations where they need it most.
We are a debt relief agency and have practiced bankruptcy law for over 20 years. Our services include helping individuals and couples file for bankruptcy relief under the Bankruptcy Code.
