You would no longer have to make monthly payments Louisville Foreclosure Attorney on the car, but you would still need to pay for things like gas and general maintenance. Before you take extreme measures to take back your car, however, you may want to consider whether you can afford future payments moving forward. You don’t want to get your car back just to have the same situation occur later on down the road. Not only will the repossession be on your credit report, but as will your failure to pay the loan on time. For every month that you are past due, the lender can report your account as delinquent. In the case that a creditor sells your account to a collections agency, that record may also appear as a negative mark in your report.

However, it usually takes a lender a while to restart the foreclosure process, so your stay may actually last somewhat longer. If you are dealing with a foreclosure, you will have to decide if you want to fight it and if it will be worth it to pay for an attorney’s help. If you have a legitimate defense to foreclosure and want to fight to keep your home, you will almost certainly need the assistance of an attorney. The attorneys at O’Bryan Law Firm know how difficult this process can be for you and your family. Your house was an investment, both financially and emotionally.

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.

Is Kentucky Debt Settlement A Bad Idea?

In fact, there are some notable positives to consolidating debts that don’t come with bankruptcy filings. No, a bankruptcy discharge will not clear any prior repossessions from your credit report. If you have had your car repossessed, it will most likely stay on your credit report for up to 10 years, even if you file for bankruptcy.

Elements Of A Chapter 12 Repayment Plan

Those struggling with managing their debt are often desperate for a solution. That’s where debt settlement and debt consolidation companies come in. In many cases, a debt settlement company will target vulnerable individuals seeking debt settlement services. Sometimes, a debt consolidation loan or debt settlement plan is ultimately a ploy to trick consumers into paying more than they owe. Unfortunately, the relative newness and popularity of this industry mean it is largely unregulated. At O’Bryan Law Offices, we offer Kentucky residents a chance to achieve debt relief without being left worse off than they were before.

Just because you owe money to another person, a bank, a credit card company, a landlord or another party doesn’t mean you’ve signed away your legal rights. Federal and state debtor-creditor laws explain both the legal rights and obligations of debtors (people who owe money) and creditors (those who are owed money). Your lawyer can discuss the pros and cons of debt settlement, garnishment, personal bankruptcy and other possible solutions. Many states forbid lawyers to say they “specialize” in a specific practice, but for bankruptcy law you wouldn’t want it any other way. The Chapter 13 bankruptcy attorney fees in Kentucky are flat fees.