Filing your Chapter 7 bankruptcy in Louisville should be quick and inexpensive. You can have slightly more than the exemptions and still file.  A Chapter 7 Bankruptcy is best for persons that have less than 25,000 per person in equity in their home and average or below-average income and a majority of unsecured debts.

Chapter 7 Bankruptcy in Louisville

Chapter 7 Bankruptcy in Louisville

The process is over in just about four months.  It is not like Chapter 13.  There are no payments to the court. You don’t have to turn in an annual budget, file a yearly budget, or lose your tax refund or ask permission later to sell or buy property. But there are other reasons to choose chapter 7:

  • Over 99% of Debtors keep everything they want to keep.  You are allowed to keep a substantial amount of property in Chapter 7.   People turn over property to the Trustee to get a Chapter 7 discharge less than 1% of the time. When that happens, it is usually a conscious decision to give up a car to get rid of a million dollars of debt. Nice trade. We plan exemptions, so you keep property unless you don’t want it.
  • Chapter 7 Bankruptcy is cheaper than a Chapter 13.
  • Chapter 7 Bankruptcy is faster than Chapter 13. The collection calls stop immediately many of our clients have to pick up the phone to see if it is still working

Qualifying for Chapter 7 Bankruptcy

Over 97% of Debtors qualify for Chapter 7.  But some law offices don’t look for the deductions from income to allow their clients to qualify.  We look for the deductions so that higher-income applicants can file a Chapter 7. If you don’t look for these deductions, you may be forced to file a Chapter 13. Since the attorney makes triple the attorney fee in Chapter 13, some attorneys don’t find those deductions. We do.

Chapter 7 Bankruptcy is simple. 

The attorney simply needs:

  1. some standard documents.
  2. You must take a counseling class before filing and a debtor education class after filing.
  3. You have to fill out an intake.
  4. A hearing is held about 4-6 weeks after you file and lasts less than 5 minutes typically.

Why shouldn’t I file a Chapter 13

Chapter 13 has special situations when it must used.

  1. You are too rich for your size of family with so much money left over, it would be wrong for you to file as a Chapter 7.
  2. You are allowed only 1 Chapter 7 discharge every eight years.
  3. If you have a cosigner you must protect. Only a Chapter 13, which pays 100% of that cosigned debt, will protect them.
  4. Only Chapter 13 has special tools for paying and managing secured and priority debts. These are mostly Taxes, foreclosures, student loan debts.
  5. Only a Chapter 13 can strip a second mortgage, which has no equity.
  6. We have had impoverished persons who could not afford Chapter 7, file Chapter 13. They have a 36 month Chapter 13 with a 75-100 dollars per month payment.  This still gets them the discharge.

If you don’t have these situations, you probably shouldn’t be in Chapter 13.

Get Debt-Free Now!

Chapter 7 Bankruptcy is a simple way to eliminate unsecured debt.

Chapter 7 Bankruptcy is a simple, straightforward way to eliminate most debts, especially unsecured debt. This means credit card debt, bank loans, medical bills, pay-day loans, and old utility bills. It is designed to give consumers a fresh start and quickly stops creditor garnishments, lawsuits, and harassment.

There are some long-term debts like mortgages and student loans, which are not manageable in chapter 7. Debts like taxes and mortgages can often be modified or paid back over time and in part. In those cases, you may need to file chapter 13.

Not all attorneys are created equal — some work to become outstanding in a specific area such as working with foreclosures and student loans. Look at the reviews. Find someone who knows what he is doing when you come to him with your foreclosure, student loan, or tax debt.

Call 502-625-0903 for Free consultation

You do have to work with your attorney to get all the benefits

Every case is different, and this isn’t like ordering a pizza. If a pizza isn’t right, you can blame Papa Johns. You didn’t bake it. But in bankruptcy, you have to work together with the attorney to get the bankruptcy done. It is horrible when the attorney doesn’t know the recipe for the pizza or how to bake it. And some attorneys don’t. In bankruptcy, the client has to work with the attorney to make sure the mortgage gets modified, stripped, or back out of default.

We educate our clients with resources on our website. I personally draft petitions with clients to ensure the petition is prepared correctly. I never hand you over to a paralegal. After a Chapter 7 petition is filed pretty much the client just has to take the second class and show up in court. Sometimes a redemption to purchase the auto is done, a loan is reaffirmed, or the client asks us to remove a judicial lien.

The Chapter 7 process on your own is overwhelming and complicated.

You need quality advice.  The information is overwhelming. It can be hard to make the proper decision. It can be impossible to find your way without qualified help. But do not hesitate to give us a call. We are always available to discuss your case and the different options you have.

But one thing is sure – time is of the essence! If a foreclosure has been filed against you, the bank has hired an attorney at 250 to 350 per hour.  He is being paid to take your home as quickly as he can.  His wages come out of your equity in your home. If the credit card company is suing, you should not wait until after they have garnished 25% of your wages and attached your home. Maybe we can get garnished wages or bank accounts funds back. If you wait too long you can’t. The sooner you file a Chapter 7 or 13, the faster this stops. The sooner see us about filing, the more options you have. Call now.

Follow Us