Professional credit counseling in Louisville is mandatory for any individual or business owner seeking to file bankruptcy in KY. This mandatory debt relief education can prove to be extremely beneficial in understanding the loss of control one has experienced over their finances and can help to ensure that once debt has been discharged, the slate will stay clean. OBryan Law Offices can help you find affordable credit counseling in Louisville- call 502-400-4020 to get started.
Filing for bankruptcy is often a breath of fresh air for people with mounting debt when there seems no clear way to get out from under the burden. If you’re thinking about filing Chapter 7 bankruptcy, credit counseling can help you see why filing Chapter 13 might just be the better option. The state of Kentucky recognizes that for many individuals, filing for bankruptcy is not about being irresponsible for their debt, and believes most people want to do the right thing. Chapter 13 can help you repay a portion or all of your debt at a lower rate of interest in a way that will enable you to fit payments into your budget.
Your pre-filing debt counselor will discuss debt relief alternatives with you that you may find to be attractive options in becoming debt free. While they might not necessarily eliminate or erase your debt, they are options that are designed to work in tandem with your budget to help you pay off current debt. The difference Chapter 13 bankruptcy will make in your repayment plan is striking, since the bankruptcy court has authority to lower your rate of interest on each of your loans or debts, so you can start paying off the balance and not just the interest.
While many clients just wish their credit card debt would go away, the responsible thing to do is to pay it off so that creditors are able to recover their losses from your purchases. Chapter 13 bankruptcy will assist in lowering insane interest rates on your credit card debt to make repayment not only possible, but very easy for you to manage. If repayment can be made in such a way that it actually fits in a debtor’s budget, repaying the loans becomes more agreeable.
Let OBryan Law offices help you get signed up for pre-bankruptcy credit counseling in Louisville so you can better understand your options. Credit counseling will not mandate that you opt for Chapter 13 other than take the benefits offered by Chapter 7, it will simply enable you to make the best choice for your situation.
After you file for bankruptcy, KY law requires that you take a debtor education course to learn how to create and stick to a realistic budget. This course can be life-changing for those who go through the program and can lead to a brighter financial future for you and your family, regardless of which type of bankruptcy you decide on. Schedule your free consultation with a bankruptcy lawyer from OBryan Law Offices now and discover the benefits of working with legal experts.Credit Counseling Louisville
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