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What Chapter Is Right For You?

Bankruptcy is the best way to put an end to creditor harassment, wage garnishment, and threats of repossession. Bankruptcy is also the most efficient way to restructure your finance and leave your debt in the past where it belongs. If you are struggling with debt, the real question is not whether it makes sense to file for bankruptcy, it is what form of bankruptcy represents the best fit for your present circumstances.

In Louisville and surrounding Kentucky communities, Hoge Partners, PLLC offers compassionate, thoughtful representation for individuals and families in Chapter 7 and Chapter 13 bankruptcy cases. You can rely on us to examine your situation, learn about your goals, and guide you toward the best possible outcome for your family and your future. We have extensive knowledge of financial issues, including the valuation of business and real estate assets and the financial issues at play in a divorce.

Chapter 7 Bankruptcy

Chapter 7 is a bankruptcy process accomplished via liquidation. Some assets (home, car, bank account) are exempt from being liquidated. Once a Chapter 7 bankruptcy is wrapped up (typically a matter of three to five months), remaining debts will be eliminated. Chapter 7 is the most desirable option for most people due to its simplicity and efficiency. However, you must pass the means test in order to qualify for Chapter 7. People with too much income for Chapter 7 will need to pursue Chapter 13.

Chapter 13 Bankruptcy

In addition to those with too much income to qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy is a good choice for people who wish to keep a home that is threatened with foreclosure. Chapter 13 is a restructuring of financial assets made possible by a repayment plan. The repayment plan is usually structured to last three to five years, after which remaining debts will be forgiven. The repayment plan can provide homeowners with an opportunity to resolve their missed mortgage payments and emerge in a better financial situation without losing their home to foreclosure.

Let Us Help You

The first step toward achieving a fresh start through bankruptcy is speaking to an attorney about your situation. Call us 502-996-8069 today or contact our Louisville office via email to schedule your free 15-minute initial phone consultation. We look forward to helping you put your debt behind you.