Law Office of Allan E. Dunaway, PLC

September 2013 Archives

Mortgage settlement funds help some borrowers in Kentucky

The mortgage crisis was a massive disaster for thousands of families. The bubble of real estate prices placed thousands of Kentucky homebuyers in the unfortunate circumstance of having to pay greatly inflated prices for their homes, only to see those prices collapse. The collapse damaged the economy, driving many companies out of business and leaving many employees out of work.

Can I keep a home in a Chapter 7 bankruptcy?

People often wonder in Kentucky whether they can file a Chapter 7 bankruptcy if they are a homeowner. The classic answer from a bankruptcy attorney will probably be, "It depends." In a Chapter 7, the trustee's job is to collect all of the non-exempt assets, sell them and pay the proceeds to your creditors. If your only assets are exempt property, then there are no assets for the trustee to sell.

FHA changes requirements for borrowers with bankruptcy

The Great Recession was hard on many Kentucky residents in the Louisville area. The crash of real estate values coincided with the loss of many jobs, as businesses closed or laid-off workers. This left many people with homes that were worth less than their mortgages and it left them without sufficient income to continue making payments on the now overvalued mortgages.

13 plan set at five years, even without disposable income

In a Chapter 13, you make payments to the trustee during the term of the plan, which can vary from three to five years. The plan encompasses the necessary expenses of the debtor, their secured debt payments and, if there is any disposable income remaining, it is allocated to the unsecured debts.

Contact the Firm

Get Sound Advice In A Free Consultation

For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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Phone: 502-785-1005
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