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Find A Fresh Start Through Bankruptcy

When you are overwhelmed by debt and facing financial uncertainty, bankruptcy gives you the opportunity to wipe the slate clean and find financial freedom once again. At The Law Office of Marvin Knorr & Associates, we help clients evaluate their bankruptcy options and find debt relief.

While bankruptcy often has a negative connotation, it is designed to help us overcome some of life’s most unavoidable and costly events – from unexpected medical bills to job loss, divorce and more. Rising costs have also put a strain on many in Kentucky and Ohio, causing debts to snowball over recent years.

No matter your best intentions, you may find yourself in insurmountable debt due to circumstances out of your control. Our bankruptcy attorneys are here to help you overcome your financial challenges and find your fresh start.

Chapter 7 Vs. Chapter 13 Bankruptcy

There are two popular options available to individuals filing for bankruptcy: Chapter 7 and Chapter 13. Each comes with its own set of benefits, rules and restrictions.

  • Chapter 7 bankruptcy discharges many of your debts entirely, although to file you must fall below certain income thresholds. You may also lose some of your assets in order to pay back a portion of your debt. This form of bankruptcy allows you to get back on your feet more quickly by eliminating high monthly payments, and with proper guidance many are still able to keep their home, vehicle and other important assets.
  • Chapter 13 bankruptcy organizes your debt into a 3-5 year payment plan. For those who wish to keep all of their assets, or those who do not qualify for Chapter 7 bankruptcy, this option allows you to cut down on monthly payments and rebuild your credit more efficiently after your bankruptcy. Your monthly payments are determined by factors such as your income, assets and amount of debt. After your payment period has run out, remaining unsecured debts may be discharged.

No matter which path you pursue, filing for bankruptcy will put an end to any creditors and debt collectors that are contacting you – often giving immediate relief for those plagued by endless calls.

Get The Help You Need With Your Debts Today

Bankruptcy is a big decision to make for anyone in debt. You do not have to go through this journey alone. Our bankruptcy lawyers are available 24/7 to help you find the best path forward for you and your finances.

Learn if bankruptcy is right for you during an initial consultation with one of our attorneys. Call 859-495-1857 to schedule an appointment at our Covington office or contact us online to get started.