Debt can be unpredictable. While you may feel as though you’re on top of your payments, bills can begin to pile up in the blink of an eye. When it seems like you have nowhere left to turn, we’re here to show you that there is a light at the end of the tunnel. Bankruptcy can help you get there.
At Gorski Law Office, PSC, we’re well-aware of the stigma surrounding bankruptcy. While many equate this process with failure, we believe that it’s just the opposite. Filing for bankruptcy allows you to take back the power over your finances and start building a stronger future. There is no shame in asking for help—reach out to our attorneys in Louisville, Kentucky, today to discuss your options for overcoming your debt. We proudly assist individuals in La Grange, Shelbyville, Jefferson County, Oldham County, and Bullitt County, as well as Jeffersonville and New Albany, Indiana.
Which Chapter is Right for You?
Most individuals typically file for either Chapter 7 or Chapter 13 bankruptcy. Each chapter has distinct benefits and drawbacks, as well as unique eligibility requirements.
This form of bankruptcy is both efficient and effective. Usually completed in just a few months, Chapter 7 bankruptcy allows for the elimination of most unsecured debts and some secured debts through the liquidation of your assets. Liquidation refers to the selling of your assets to pay back creditors. However, you will be able to maintain ownership of your exempt assets, which usually include your home, your car, and other essential items.
Because this form of bankruptcy does not involve a repayment plan, it is usually best for individuals who have a low income and few assets. To qualify for Chapter 7, you must pass the Chapter 7 means test, which takes your income and expenses into account. The best way to determine your eligibility with accuracy is to speak with a qualified legal professional. Reach out to our team at Gorski Law Office, PSC if you’re considering filing for Chapter 7 bankruptcy.