Guiding You Through The Bankruptcy Process
Initial Consultation Agreement Notice to Debtors There are a number of factors to consider when filing for bankruptcy in Kentucky. Unexpected events such as illnesses, being laid off and divorce expenses can have a detrimental effect on your finances and credit. The uncertainty that arises from being in such a precarious financial situation can seem overwhelming. At Wilson, Stavros, Rowsey & Thomas, we understand that juggling bills can become stressful. If you are considering bankruptcy, you should be aware that you have many options available for remedying your unique situation.
Why Choose Us?
Our 25 years of experience in practicing bankruptcy law* make our attorneys especially suited to offer our services and address bankruptcy matters. As our client, you can always expect to receive high-quality customer service from Ashland staff. Our lawyers want to help you handle your debts and regain control of your finances and your life.
Chapter 7
Chapter 7 bankruptcies can be most beneficial to people who earn a modest income and have little property to protect. This type of bankruptcy does not involve a payment plan and may give you a chance to start over by discharging your personal liability for credit card debt, putting an end to phone calls from harassing creditors.
Chapter 13
Chapter 13 bankruptcy provides a way for you to consolidate your debts and bills. It also provides options for stopping foreclosures, tax levies and wage garnishments. You can have your debt restructured, allowing you to repay it over a number of years.
Common Questions About Bankruptcy In Kentucky
People often have questions when they consider bankruptcy. Our legal team guides clients through each step with clear explanations and steady support. The following questions can help you understand the issues that may influence your next decisions:
How do I know if I qualify for Chapter 7 bankruptcy?
Chapter 7 eligibility depends on your income, household size, type of debt, and value of assets. Many people qualify when their income falls below specific guidelines or when their budget shows limited room for repayment. Our attorneys review your documents, walk through the means test and explain how federal rules apply to your situation.
How does bankruptcy affect my credit score?
A credit score is a combination of many factors and a bankruptcy filing would be one factor. A bankruptcy filing appears on your credit report for several years. Your score may drop at first, but you can rebuild credit with steady habits. Paying bills on time, lowering balances and using credit with care, after the bankruptcy, can help you move toward a stronger financial profile over time.
Will bankruptcy stop creditor harassment and collection calls immediately?
Filing your case triggers an automatic stay, which generally pauses most collection efforts while the case is active. This step can stop calls, letters, garnishments and certain lawsuits. Some creditors may still ask the court for permission to continue limited actions and secured creditors may take steps tied to collateral if payments fall behind. Our team explains what the stay covers and how it applies to your circumstances.
Can bankruptcy stop foreclosure or repossession?
Bankruptcy may slow or pause these actions, especially when you file under Chapter 13. This chapter allows a repayment plan that helps you address past-due amounts over time. You may still need to stay current on ongoing payments, and creditors may request relief from the stay if you fall behind. We discuss timelines and options so you understand how the process works in your situation.
What debts do not qualify for discharge through bankruptcy?
Certain debts remain after bankruptcy. These include child support, alimony, recent income taxes, debts tied to fraud and many student loans. Some older tax debts or student loans may qualify for relief only under specific conditions. Our attorneys explain which balances may continue and how bankruptcy interacts with each category.
These questions offer a starting point as you consider your next steps. Our legal team can review your documents, explain your choices and help you understand the protections available through federal law.
Bankruptcy outcomes depend on each person’s facts, financial history and court requirements. This information offers general guidance and does not replace legal advice tailored to your situation.
Filing For Bankruptcy Can Have A Long-Term Financial Impact. Get The Facts Before You File.
Our legal team will meet with you to educate you on your available choices. Schedule your free case evaluation online or over the phone at 606-618-0929.
*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.