Working To Protect One Of Your Most Significant Assets

Your home has a lot of value, both financial and sentimental. The prospect of losing your home due to insurmountable debt can be devastating. Fortunately, there are options to save it.

At O'Bryan Law Offices, our attorneys educate individuals and families across Kentucky and Southern Indiana on their options to pursue debt relief and retain their valuable assets. With over 50 years of combined experience, we offer one-on-one guidance throughout an uncertain time.

What Is The Automatic Stay?

As soon as you file for bankruptcy, the court issues an automatic injunction known as the automatic stay. This requires creditors to halt their collection efforts against you, which can include lawsuits, garnishments and more. Creditors can only get around this with the approval of the bankruptcy court. This can also stop the foreclosure of your home if the filing occurs before the sale of the home.

Determining The Fate Of Your Home Through Bankruptcy

When you file for Chapter 7 bankruptcy, you must turn over certain property to a bankruptcy estate, managed by a bankruptcy trustee. This trustee then sells such property to pay off your creditors. You may be able to retain your home beyond the temporary automatic stay period if:

  • You are current on your mortgage payments
  • You have the means to stay current on payments post bankruptcy
  • Your equity in your home is less than the exempt amount

Filing for Chapter 13 bankruptcy may increase your opportunities to keep your home, but you must be able to afford your monthly mortgage payments after bankruptcy. Because Chapter 13 bankruptcy creates a repayment period for your debts, you may have more assets available to do so.

Pursuing Your Priorities In Bankruptcy

When keeping your home is a priority, we will discuss your options to pursue this through Chapter 7 or Chapter 13 bankruptcy. We have considerable experience in mortgage issues and foreclosure proceedings, as well as in how bankruptcy trustees think. We will fight to protect your home.

Consult With A Knowledgeable Lawyer

Filing for bankruptcy does not have to lead to the loss of your family home. Contact our offices in Louisville, Frankfort or New Albany to learn how we can help save your home. Schedule a free initial consultation by calling 502-400-4020 or by emailing us.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.