Madisonville Bankruptcy Lawyer

Madisonville Bankruptcy Attorney

If you are considering filing for bankruptcy, you are likely in a difficult financial position you may never have expected to be in. You may consider bankruptcy as a last resort option that equates to failure, but that’s not the case. Bankruptcy can be a viable option for debt relief that can buy you enough time to figure out a long-term solution. The bankruptcy process can be difficult, so you may want to consider reaching out to a Madisonville bankruptcy lawyer.

The legal team behind Michael J. Thompson, Attorney at Law, understands how hard and complex the bankruptcy process can be. Depending on the type of bankruptcy you are seeking to file, the process can be different. A Madisonville bankruptcy attorney’s help can be invaluable during all this. You will want someone on your side with experience handling bankruptcy cases and who has considerable knowledge of Kentucky bankruptcy laws.

Chapter 7 & Chapter 13 Bankruptcy

It is vital to your case that you choose the correct method of filing for bankruptcy that most accurately aligns with your current financial position. The two forms of bankruptcy that are filed the most in Kentucky are Chapter 7 and Chapter 13. Your lawyer can help you better understand how each of these methods may help your case. Both methods are effective, but one may be better for you than the other. Here are the distinct differences between these two methods:

• Chapter 7: This method is often the immediate choice for people who need quick debt relief. By filing for Chapter 7 bankruptcy, you are blocking your creditors from being able to liquidate your assets, but not your court-appointed trustee from taking your estate. They can sell off your assets to pay creditors. The state allows you to protect certain assets up to a certain amount, including your home, vehicles, and retirement benefits.
• Chapter 13: Filing for Chapter 13 bankruptcy can result in a different outcome than filing for Chapter 7 bankruptcy. This method is usually for people with a higher income. It involves a committed repayment plan you must stick to, which means you must have income to make those payments with. The payments can last as long as five years, depending on your income level and other factors.

Hire a Bankruptcy Lawyer

There are many important reasons why you should hire a bankruptcy lawyer. Above all, you may be wholly unfamiliar with the bankruptcy filing process in Kentucky. The last thing you want is to make a costly mistake that can derail the process. Michael J. Thompson is a proud member of the Kentucky Bar Association and has considerable experience in the fields of criminal defense, family law, and bankruptcy cases. He can bring a personalized and focused approach to your case.

According to recent statistical data gathered by The American Bankruptcy Institute, bankruptcy filings are not uncommon in Kentucky. In just 2023 alone, there were over 10,000 filings for bankruptcy throughout the state. Additionally, in 2024, the Western District of Kentucky saw nearly 2,500 filings for Chapter 7 bankruptcy and over 3,000 filings for Chapter 13 bankruptcy, according to data from the United States Bankruptcy Court.

As you navigate filing for bankruptcy in Madisonville, it’s important not just to have an experienced lawyer by your side, but to take the proper precautions to better understand your position. When filing for bankruptcy, you may want to become more familiar with financial literacy. You may want to consider reaching out to a local financial planning support group like Franklin Wealth Management or an Edward Jones Financial Advisor. They can help your position.

FAQs About Madisonville, KY Bankruptcy Laws

How Much Does an Attorney Cost to File for Bankruptcy in Kentucky?

There is no telling how much a bankruptcy attorney may cost you in Kentucky. Everybody’s bankruptcy needs are different, with each case having its own details and contributing factors that will ultimately influence the total amount your lawyer will charge for their services. Those factors will include the complexity of your case, the specific location of your filing, any creditor disputes that may arise, and your lawyer’s own experience handling bankruptcy cases.

Do I Need a Lawyer to File for Bankruptcy in Kentucky?

You do not need to hire a lawyer to file for bankruptcy in Kentucky. However, it is highly recommended that you do so anyway. The bankruptcy filing process can get complex, and any mistakes you make can be costly. The last thing you want is to cause long-term consequences because you didn’t hire appropriate legal help for your situation. The right lawyer’s help may be indispensable to your case.

Who Is the Right Person to Talk to About Bankruptcy?

There are many qualified individuals you may want to talk to about bankruptcy. An experienced bankruptcy lawyer may be the right place to start. They can help walk you through the filing process and ensure you don’t make mistakes. You may also want to consider speaking with a reputable credit counseling agency that can help you make long-term plans for what to do after bankruptcy. Talking to the right people about your situation can be beneficial.

How Long Does It Take to File for Bankruptcy in Kentucky?

There is no telling how long it will take to file for bankruptcy in Kentucky. The bankruptcy filing process is different for everyone and is largely dependent on several specific contributing factors. These factors include the method of bankruptcy you are filing for. Chapter 7 bankruptcy is generally the faster method, as it usually takes several months to finalize. Chapter 13, however, may come with a payment plan that lasts several years.

Contact Our Madisonville Bankruptcy Lawyer Today

There’s nothing wrong with asking for help when you need it. Filing for bankruptcy is not the equivalent of failure. It’s taking charge of your debt and doing what you need to do to clear it. An experienced bankruptcy lawyer can help you figure out a plan. Michael J. Thompson, Attorney at Law, understands the kind of help you need. Contact us to speak to a member of our team about your case.