Bankruptcy Quick, and Simple in 3 easy Steps!
Gather your Documents
The green link below will send you a list of documents you are required to give to the Court and explains what Trustees look for. We scan them into pdf format or you may upload them in your intake. Gathering documents takes about 2 hours.
Fill Out Your Intake
The below green link allows you to easily and accurately complete an intake from home. It emails you a link to your own personal intake questionnaire. If you have complete documents you may be able to file in one trip!
Email me the Link
Take Your Counseling
You cannot file a bankruptcy without first attending and getting a "credit counseling" certificate. To finish a bankruptcy you need the “debtor education” certificate. The below green link goes to a page describing the 2 best places to get your counseling!
I personally prepare your bankruptcy. It takes 2 hours. Appointments are at 9am, 11, 1pm, 3 and 5. Schedule with Sarah today at 625-0903. After discharge, our services help repair your credit and keep you on a budget.
Download your free copy of the How to File Bankruptcy Manual!
Plus Financial Peace University Bankruptcy Edition is free for our clients!
If you are looking for an experienced, effective bankruptcy attorney Nick is the attorney clients and attorneys recommend on Avvo, Google, Threebestrated and Linkedin.
I have known and known of attorney Nick Thompson for at least 15 years. In that time I have seen him and his practice of law evolve into that of the most knowledgeable and caring bankruptcy attorney I know. If you have a bankruptcy law question, or are faced with a foreclosure crisis of your own, Nick is your answer. Period. There just isn’t anyone better in the state, in my opinion.
Nick Thompson is one of those rare individuals that will go out of his way to make sure you are getting the very best service and support when you’re using his Firm. I’ve know him for several years now and am also a client. He did a great job for me and solved some big problems. I am very grateful for all his help. I would recommend him, without question, to any of my closest friends and relatives.
Former Tax Assistant Attorney General & Assistant County Attorney
Rated A Top Louisville Bankruptcy Attorney By People Just Like You!
Get additional Benefits and make it simple!
Don't just file the petition and hope it turns out ok. By taking additional time to learn about bankruptcy and using a qualified attorney you can have a budget which includes retirement, a great credit score and a nice mortgage. If you understand the process, you can get extra benefits from the extra tools we offer. You don’t want to miss discharging all the debt, having a good credit score after filing, putting your family into a healthy budget so you never return to being overextended in debt.
Credit Repair and a Free Financial Peace University
Two of the important tools we offer to start your life over with after bankruptcy is budget planning and a credit repair service. Budgeting and finance is not taught in the schools. But we have teamed up to make certain you are given tools to learn how to budget. We offer our clients a free Dave Ramsey course Financial Peace University Online Bankruptcy Edition. Directions to that course are on our blog at this link. We also offer your choice of two credit repair services you will find under the Bankruptcy tab to help improve your FICO score. At a 625 score a person can buy a home 2 years after discharge or 3 years after a foreclosure sale but many people can get to a 625 or better within a year after discharge from bankruptcy.
Filing Bankruptcy Made simple.
To file and complete a Chapter 7 or Chapter 13 Bankruptcy you only have to complete 4 simple and easy steps:
- Gather the documents you must supply to the court. We scan documents in and file them
- A Credit Counseling course must be completed here are the two best courses.
- We require you to complete a simple online intake listing your debts, assets and budget so we can prepare your bankruptcy from the intake.
- After you file you must attend the 341 hearing and complete a second "Debtor Education Course" to get the permanent court order called a “discharge”. The stay order only temporarily stops creditors and you don’t get it the temporary stay if your lawyer improperly files.
It's helpful but you are not required to read our manual. You only have one chance at filing your case right. Getting the full benefits means you have to make intelligent decisions along the bankruptcy process. Our job is to prepare a perfect petition and to defend you in court. But you have to make informed choices along the way. You may not stop a foreclosure or eliminate a second mortgage if you file a Chapter 7 when it should have been a 13 of file the Chapter 13 plan improperly. These choices cannot be undone from quick emotional decisions you may make under stress.
Our manual helps you plan how to eliminate income taxes, manage foreclosures and student loan debt. Sometimes a debtor can strip judicial liens or a second mortgage. Sometimes a debtor can even discharge a student loan debt because not all student loans are protected from discharge. The educated client who works with a qualified attorney can plan a strategy to discharge or manage much more debt than a person that is unprepared.
Large firms that file massive amounts of cases often use a secretary or paralegal to prepare cases. Qualified attorneys can't spend 4 hours or more preparing your case and file more than 20 cases a month. The result of such firms is you don't get this level of service and planning from a bankruptcy mill that prepares 1000 cases a year.
The common questions you will be asked in court are under the bankruptcy tab with a page that lists many of the specific topics like how to manage income taxes, student loans etc. You can also research information on our website using the upper right hand corner magnifying glass tool.
Nick Thompson has been dedicated to filing bankruptcy , foreclosure defense cases and teaching attorneys how to do it for over 25 years. But don’t take our word for it. Avvo (ranks us 10 out of 10) and we have been their highest rated Louisville Bankruptcy attorney for 4 straight years 2012-2015. Google (ranks us 5 out of 5). Threebestrated.com ranks us as one of the top three bankruptcy law offices in Kentucky. On Linkedin over 1000 attorneys and clients recommend us, connect with us and follow our posts. We limit ourselves to no more than 200-250 cases per year (18-20 per month) to insure the quality of our work. Come in for a free initial consultation to get started. We make sure filing bankruptcy at our office is not only effective but simple.
When I analyze a foreclosure I analyze the mortgage just like a bank. The decision to keep a home is just a financial decision. Never allow emotions to influence whether you keep to surrender the home. Either the home is a good deal or it isn’t. You normally want to save the home if it:
- meets the family needs,
- is at a reasonable interest rate and
- is worth more than the mortgage
A lender will often process a foreclosure while they talk about mortgage modification or a workout agreement to cure the arrearage. This is called dual tracking where the servicer processes the foreclosure while offering you an alternative. The servicer collects benefits from the government or from mortgage insurance for offering these benefits while they foreclose.
If you are served with a foreclosure you should either file an answer and defend the foreclosure or file a Chapter 13 bankruptcy immediately to save the home. You only have 20 days to file the answer and you can lose the lawsuit by failing to defend it. It is possible to sell a home and have a homeowner evicted in Kentucky in just 90 days. I have also seen it take over 14 years when a homeowner effectively defended the foreclosure.
About 95% of the people that apply for a modification never get it. The servicer is just a debt collector who works for the lender. The servicer is paid for every letter, phone call and late fee collected. The lender rarely collects a mortgage. If you find it hard to work with the servicer remember he makes a profit from servicing overdue accounts.
Surrendering your home
If the home isn’t a good deal then the home probably must eventually go back. By using a qualified attorney and filing a proper answer and discovery the home may not go back in foreclosure for years. The homeowner normally stays in the home rent free. At the end of the process and just before the sale, the homeowner will almost always file a Chapter 7 bankruptcy to insure there is no deficiency balance to pay back or tax debt from a 1099-c. Filing the Chapter 7 bankruptcy just before the sale will often give the homeowner an additional 6 months. It is even possible to file one case in the husbands name and immediately after that six months file a second case which will delay the sale another 6 months. Filing a bankruptcy or a foreclosure defense does not or should not affect processing a mortgage modification or workout.
Saving your home
If you want to save a home then you normally want to file a Chapter 13 to catch the payments up. The sooner you file the Chapter 13 the more affordable the payments will be. Every day the case is litigated more attorney fees stack up. The sooner a Chapter 13 is filed the sooner these fees and charges are stopped.
It is possible to work with the bank to modify a mortgage or do a workout agreement while you are in a Chapter 13. However there is no guarantee that a homeowner will get a mortgage modification just by applying for it. Over 95% of the mortgage modifications applications fail to be approved. Even if your mortgage modification is approved the new loan may have worse terms. If you are facing a home foreclosure come in for a free consultation and assessment.
Why you may want to file a Chapter 13
- A Chapter 13 is the tool to cure a foreclosure. A Chapter 13 has the additional tools that can stop or manage income taxes, secured debts, foreclosures, repossessions, student loans and priority debts much better than a Chapter 7. Stripping a second mortgage or cramming down a car loan is possible in a Chapter 13. These tools are available in a Chapter 13 they are not available in a Chapter 7. Look at the section on Chapter 13 to see all the tools it has.
- The drawbacks to a Chapter 13 are the cost over time, the time it takes to complete 3-5 years, and the lower success rate for people that file a Chapter 13 (about 70% of the cases fail due to debtors who quit paying).
- Although some people call a Chapter 7 a complete bankruptcy the discharge is broader and more complete in a Chapter 13. Your property is safe in a Chapter 13 from a Trustee taking it. You can voluntarily quit (dismiss) a Chapter 13.
- Attorney fees are the same in a Chapter 13 whether you use the best attorney in town or the worst since fees in a Chapter 13 are paid and limited by the court to standard fees for the work done. Use the best attorney in town and forget shopping around if you are filing a Chapter 13.
Why should I file a Chapter 7
- A Chapter 7 is normally the best tool if you have minor assets and a majority of unsecured debt. If you have filed a Chapter 7 bankruptcy within the prior 8 years or if you have a very large income it may not be available for you. Over 90% of the people in America qualify for a Chapter 7.
- Some attorneys may advise you that you don’t qualify for a Chapter 7 because a Chapter 13 generates over twice the attorney fee that a Chapter 7 does. If your income is above average you may have to search for expenses in your budget to justify filing as a Chapter 7 but well over 90% qualify.
- Chapter 7 cases have over a 99% success rate at our office.
- A Chapter 7 is quick, simple, and cheap if you primarily have unsecured debt problems.
- There is some shopping around that can be done to get a cheaper rate legal fee. But you get what you pay for. Filing a Chapter 7 is just like using a tax expert. A mistake in the accuracy or how you plan a petition or tax return often costs thousands. After you make a serious mistake in bankruptcy you normally can’t fix it.
Why file both a Chapter 7 and a Chapter 13 (Chapter 20)
- If a person files a Chapter 7 first and then files a Chapter 13 he eliminates the unsecured debt before the Chapter 13 is filed. The result is nothing is paid back to unsecured creditors in the Chapter 13. The Chapter 13 becomes much more affordable. In effect the Chapter 13 becomes a zero percent plan with a very small payment and no discharge but it stills stops the foreclosure and save a home.
- If you need to save a home, have a lot of unsecured debt, and don’t need to strip a second mortgage then a Chapter 20 allows you to save the home with a more affordable Chapter 13 and avoid paying the unsecured creditors a penny if you qualify for the Chapter 7.
We sue the banks and the Debt collectors that violate our clients. We often advise our clients who file bankruptcy with us to download a record all calls application for their iPhone or android phone. It is difficult or impossible for a debt collector to be honest and respectful in a collection phone call. When the debt collector becomes abusive, violates the bankruptcy stay, or makes an untrue statement the debtor has a right to sue under the FDCPA or for contempt under the bankruptcy code. A Debtor should also have a sheet to record the date and times whenever someone contacts them to collect a debt after a bankruptcy case is filed.
These phone calls and the records allow an attorney to sue for damages. The minimum damages under the FDCPA are 1000 dollars. Other statutes allow up to 1500 per phone call. But without the recorded phone calls and the paper records these debt collectors will often claim they never made the call. Both the FDCPA and the contempt powers of the bankruptcy court allow you to collect attorney fees besides actual damages. Sometimes punitive damages are proper and allowed.
Usually the debtor will make more from these damages than what the bankruptcy attorney charged for the bankruptcy case. But filing a case requires that you gather the evidence. Normally if the bankruptcy was just filed yesterday the lender may not have gotten notice in the mail. But when the lender is advised you have filed the lender must stop. The lender should never make a second and third call.
After the lender has found out that you have filed bankruptcy the lender cannot request you pay the account. But the lender can accept payment from a debtor or may send a billing statement to let you know the payment history and balance. By gathering the phone calls and the letters you were sent you gather evidence to prove these are attempts to collect and not just a billing statement. We will often allow a secured creditor to call a client to find out whether a client wishes to keep a car or not. We never agree to allow an unsecured creditor to call a client.
How much can this mean for a client? In one case it meant 18 million dollars where a history of lying, disrespect and violations was the proven standard office practice in a large collection firm. In our office we don’t tolerate intentional violations. We don’t even give a first warning. We worked for the banks originally. We know they believe that if they get away with it once they will continue to do it until it is no longer profitable. They don’t care if it is illegal. The only way to stop them from committing fraud, violating the law and being disrespectful is to sue them until it hurts badly enough they never do it again.
Debt collectors are ashamed and embarrassed when caught. Often a supervisor told the employee and supervised him in lying and violating the law. Catching them in the act and proving it in court before a federal judge damages their image with that judge and they will pay to hush prosecution. Often these cases are never heard. The reason to record your calls without the bill collector’s knowledge and to keep paperwork is because without the evidence the case is impossible to prove.
Join us for our Foreclosure bootcamp training by NBI in December where Nick will lecture on workout and mortgage modifications and lender liability. Nick is often chosen by Lorman and NBI seminars to train other attorneys how to bankrupt student loans, income taxes and defend foreclosures. Over 1000 bankruptcy lawyers follow and recommended him as the bankruptcy and foreclosure defense attorney on LinkedIn. Nick has filed over 4,000 bankruptcy and foreclosure defense cases since 1988.
As one attorney on Avvo put it ” I have known and known of attorney Nick Thompson for at least 15 years. In that time I have seen him and his practice of law evolve into that of the most knowledgeable and caring bankruptcy attorney I know. If you have a bankruptcy law question, or are faced with a foreclosure crisis of your own, Nick is your answer. Period. There just isn’t anyone better in the state, in my opinion.”
Ronald Burdge Ohio Lemon Auto Attorney
If you are looking for an experienced, effective bankruptcy attorney Nick is the attorney other attorneys and clients recommended on Avvo, Google, Threebestrated and Linkedin.
A Chapter 13 bankruptcy is primarily used for foreclosures, student loan, income tax problems and to protect assets and co-makers. If you have current medical debt but you will accrue more medical debt over the next year a Chapter 13 allows you to include all of it while the Chapter 13 is open and you may be able to convert the case to a Chapter 7 later. If you have filed a Chapter 7 within the last 8 years a Chapter 13 may be your only option. A Chapter 7 is used when the debtor has primarily unsecured debt and a small to average income and assets. A Chapter 7 may have to be paid for up front but it is quicker, cheaper in the long run, more likely for you to finish and easier than a Chapter 13. Kentucky exemptions now allow you to keep four times more home equity than before the law changed. See us if you need help to stop your foreclosure or you need a Louisville Kentucky Bankruptcy or Foreclosure Attorney.