Louisville Kentucky Bankruptcy Chapter 7 13

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In order to file a bankruptcy, bankruptcy attorneys must have an accurate budget.  Listed Below are the normal expenses and categories that the Bankruptcy Court normally uses to see if you qualify for a Chapter 13 or a Chapter 7 bankruptcy .  After 10-2005 these amounts will change and your actual Mortgage and car payment will be used regardless of the amount for means testing and Schedule I expenses. 

If your monthly expenses equal or exceed your income with nothing left to pay into a Chapter 13 you qualify for filing a Chapter 7 bankruptcy.    In the Western District Bankruptcy Court of Kentucky Chapter 13 bankruptcy filings can now repay as little as 10% of your debt.  Use this link to download a budget for your bankruptcy filing. This is the link to the new bankruptcy laws allowed expenses.

Prior to 2003 you were required to repay 70%.  Over 90% of all Chapter 13 filings used to fail under that load.   After debtors were forced to pay into Chapter 13 bankruptcy filing for years they then often had to file Chapter 7 plans anyway after they had spent years in bankruptcy court.  Attorneys and Trustees may attempt to force Debtors into Chapter 13 filings because they earn higher fees from Chapter 13 bankruptcy filings.  However, now Chapter 13's are more affordable and they cost less than debt counseling.

To file a Chapter 13 you must have the income to pay the Chapter 13 plan.  If you have no assets to give to the court and all of your property is exempt, filing a Chapter 7 may be better than filing a Chapter 13.  In a Chapter 7 you normally repay nothing and you probably have nothing to lose.  Indiana and other jurisdictions allow as low as 10% or less to be paid back to Creditors in a Chapter 13 filings.  For your Benefit we have made this table and an Excel Spreadsheet that you may download. Listing your Expenses on this form should save you time and money in deciding if a Chapter 7 filing is right for you.  Our customers may also want to just email their bankruptcy information from this site so that their appointments take less time.   To save time and money get a copy of our bankruptcy manual You may want to visit our Bankruptcy FAQ section but it has a 30 second download on 56k 

The Bankruptcy Manual fully discusses how to qualify for a Chapter 7 or 13.  Download your free copy.

Kentucky Bankruptcy  Kentucky Chapter 7 13  

Indiana Bankruptcy Chapter 7 13  Bankruptcy Louisville Chapter 7 13

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