Filing a simple Chapter 7 or 13 bankruptcy requires only 4 steps. According to ABI your chances of completing a Chapter 13 by yourself without the aid of an attorney are less than 3%. The Judges and Trustees trust but verify your information. If it isn’t accurate and complete, it is dismissed.
Your petition has to be supported by documentation. A credit counseling requirement must be met before the case is filed. The petition will take an attorney or paralegal 2-3 hours to prepare, even if you complete the online intake completely and accurately.
If you are filing for bankruptcy, then you are in the right place. Nick has been doing bankruptcy and foreclosure cases since 1988. Using that experience, he offers a simple system and a 4-step process (see our home page) to get your bankruptcy filed quickly. Most cases are resolved by correctly choosing whether you need a Chapter 7 or Chapter 13 bankruptcy, and each Chapter is a specific tool for a specific type of problem. Choose the wrong Chapter, and you suffer by not achieving your goals or paying too much for what you need.
Getting Started with Your Bankruptcy in Louisville, Kentucky
Bankruptcy can help you design a long-term budget. It is a budget that allows you to eliminate unnecessary debt. It also allows you to live on the money left over for retirement and other long-term expenses, such as college. We are happy to meet with you in a free initial consultation and planning session to determine the best Chapter and strategy for your individual needs.
When you retain our law firm, the collection calls stop immediately. That’s because it is illegal for collectors to continue to call you after you hire an attorney to represent you. The FDCPA only covers 3rd-party collectors, but the collectors stop calling you and start calling us. We expect you to complete your bankruptcy filing within 15-30 days, which will give you time to gather documents and enough money to pay the attorney’s fees.
If it is an emergency, you can file in one day if you are prepared and we have an available appointment. It normally takes about 2-3 hours for you to gather the documents, 2 hours to take the class, another 2 hours to complete the intake, and about 2-3 hours to prepare the petition. Attorneys do not like to do sloppy work unless they are desperate for business. Not allowing them time to do the job properly almost guarantees that at least some people will lose property or fail to achieve their goals. For that reason, people who file a skeleton petition to stop a foreclosure sale the next day rarely save their home.
⎆ The steps to get started.
All you need to do is:
- Gather the required documents,
- Enter your information into our intake.
- Complete your credit counseling class.
- and schedule an appointment to return to our office to file.
When you file, you will have a simple, short 5-minute hearing within 4-6 weeks after you file. After you file, there is also a requirement for you to take debtor education to get the discharge order that permanently protects you. While the case is ongoing, there is only a temporary order, called a stay, that prevents collection.
If you file Chapter 13, the hearing is also within 4-6 weeks, but the case requires payments over 3-5 years to catch up on secured and priority debt. Unsecured debt in a Chapter 13 is often only paid a small percentage. Chapter 13 is often used for debts that can’t be caught up within 3-4 months.
Planning and Completing a Chapter 13
>There is a requirement in both a Chapter 7 and a Chapter 13 for you to complete a debtor education course to obtain the permanent court order to protect you. Fail to take this course or file the request for a discharge in a Chapter 13, and the case closes without a discharge.
Over 3-5 years, you must make the Chapter 13 payments to catch up on a mortgage or manage income taxes that are less than 3 years old. Three things will control your Chapter 13 payment;
- Excess disposable income that allows you to afford a higher Chapter 13 plan payment.
- Excess equity in property, for instance, if the exemption you are allowed in a home is only 31,000 and you have 61,000 in equity, your plan will have to repay 30,000
- Secured and Priority debt that must be paid off or brought up to date. If you have a 10,000 mortgage default, your plan has to repay this over a 3-5 year period.
Resources for Bankruptcy
Louisville, Kentucky Bankruptcy Forms
Getting Your Fresh Start Through Bankruptcy
Nick Thompson • Kentucky Foreclosure & Bankruptcy
Your Fresh Start on a New Budget with Bankruptcy
Bankruptcy in Louisville, Kentucky
File Bankruptcy Online in Louisville, Kentucky
If you are thinking about filing for bankruptcy, don’t delay because timing is crucial. I am here to help you. So, contact my office right away to get the conversation started. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905.