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August 2016 Archives

Accident settlement funds used to pay off creditors

Kentucky residents who have overwhelming debt may be able to work out a way to restructure their obligations by filing for Chapter 13 bankruptcy. If they have a regular income, Chapter 13 bankruptcy can allow them to repay their debts pursuant to a court-approved plan without liquidating any of their assets. However, any unexpected income that the debtor might receive after the plan is confirmed could result in the repayment plan being modified.

Preventing foreclosure with a Chapter 13 bankruptcy

Homeowners in Kentucky and around the country may fall behind on their mortgage payments due to a layoff, Illness or other unforeseen setback. While the holders of revolving debt like credit card balances may sometimes be willing to negotiate when it seems clear that their alternatives are either litigation or writing the debt off, mortgage holders have a secured interest and can pursue foreclosure when debtors fail to make their payments as agreed.