Skilled Newport Bankruptcy Attorneys Help Clients Obtain Debt Relief

Experienced bankruptcy counsel for individuals and businesses in Northern Kentucky

If you’re struggling with unmanageable debt, bankruptcy can be a useful tool to help you get a fresh financial start. The Newport bankruptcy firm of Bonenfant & Mayhew, PLLC, a skilled father-daughter legal team, helps Northern Kentuckians realize a brighter financial future by filing for relief under Chapters 7, 11 and 13 of the United States Bankruptcy Code. With more than 18 years of combined experience, we conduct a thorough debt analysis to help people decide whether bankruptcy offers them the clearest path to financial freedom. We also assist clients in preparing and filing the necessary paperwork to obtain bankruptcy relief, make sure they meet all requirements and deadlines, and represent them at the meeting of creditors (also called the 341 meeting) and any court hearings. While bankruptcy is not the right answer for everyone, it may be the best course of action for you.

Comprehensive debt analysis by a knowledgeable Newport bankruptcy attorney

As negotiators of debt relief options, we will carefully analyze and evaluate your financial situation to determine the best means for resolving your debt problems, which may or may not be bankruptcy. We examine what you own, what you owe, how much you earn from work or other sources, and what bills you pay each month. We also discuss your financial goals, such as getting out from under credit card or medical debt, saving your home from foreclosure, or keeping your business afloat. In some situations, filing bankruptcy may be the best option to get a clean financial slate. Other times, we may be able to work directly with creditors to find out-of-court solutions, such as debt settlement, debt consolidation or debt forgiveness.

Trusted legal support for Northern Kentucky bankruptcy proceedings

If you decide to file bankruptcy, we will be there every step of the way — from preparing the voluntary petition to making sure the discharge is granted. We represent clients in three types of bankruptcy cases, each having different requirements and purposes:

• Chapter 7 bankruptcy — With Chapter 7, you can get rid of most types of debt, including credit cards, medical bills and other unsecured balances. The entire process usually takes about four to six months. Chapter 7 is also known as liquidation bankruptcy because some assets may need to be sold to repay your creditors. However, Kentucky law allows you to use state or federal exemptions to protect certain items, so depending on what you own, you may be able to keep most or all of your property. To qualify for Chapter 7, you must pass a means test, which looks at your income during the previous six months.
• Chapter 13 bankruptcy — Chapter 13 allows individuals to enter into a court-approved repayment plan to reorganize their debts, including past due mortgage payments. This option may be best if you have steady income and are trying to avoid home foreclosure. The repayment plan usually lasts three to five years, and at the end, you may be eligible to eliminate any remaining balances on certain types of debt. Even if your mortgage lender has already started the foreclosure process, you might be able to save your home through Chapter 13 bankruptcy.
• Chapter 11 bankruptcy — Chapter 11 allows struggling businesses to restructure their debts through a court-approved reorganization plan. In most cases, you’re able to continue operating your business during Chapter 11, although the plan may involve downsizing operations, or a complete shutdown and selling off of assets. Creditors who are “impaired” (meaning they will get less than they’re owed) are able to vote on the proposed plan. But ultimately, the bankruptcy court decides whether or not to confirm it. Corporations, partnerships and LLCs all can file under Chapter 11, and so can individuals who make or owe too much to qualify for Chapter 7 or 13. While there is no set time frame for Chapter 11 cases, they usually last around six months to two years.

We can determine your eligibility to file under each chapter and guide you through the entire bankruptcy process. In Chapter 7 cases, we know how to protect your assets to the fullest extent allowed. For Chapter 13 filers, we will help you prepare an affordable repayment plan and get it confirmed by the court. And in Chapter 11 proceedings, we have a strong track record of negotiating with creditors to develop successful restructuring plans that keep businesses operational.

Contact a trustworthy Newport bankruptcy lawyer for a free consultation

Take the first step toward obtaining a fresh financial start and discuss your debt relief options with Bonenfant & Mayhew, PLLC during a free initial consultation. To schedule a meeting at our Newport law office, please call 859-999-0436 or contact us online.