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Bankruptcy Process

Understanding the Bankruptcy Process

The bankruptcy process is very detailed and includes many specific requirements. At the Louisville, Kentucky, Law Office of Robert J. Morrison, I provide personalized service to every client. As your attorney, I will be there with you throughout the bankruptcy process and work to ensure that everything goes smoothly.

The following steps occur in all bankruptcy filings:

  • The debtor completes credit counseling from an approved agency.
  • A petition for bankruptcy is prepared by the client and their attorney. The petition contains a complete listing of all your assets and debts, a full accounting of income and expenses, and a great variety of other information about you.
  • A creditors meeting is held where you are put under oath and answer questions from the trustee and your creditors about your financial affairs.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also referred to as a "liquidation" bankruptcy because it may involve the sale of nonexempt property in order to repay creditors. However, most individual filers never have to sell any property at all because of the legal exemptions protecting all or most of their property from the claims of their unsecured creditors.

Prior to filing the petition with the court, a person filing for Chapter 7 bankruptcy must take a means test to determine whether there will be a legal presumption that a Chapter 7 filing would be abusive. A means test indicates how a person's income compares to other wage earners in his or her state and how much disposable income the person has.

A debtor will often want to reaffirm (resign) on a debt in order to keep the property that is security for that debt (such as a house or a car).

After the trustee has likely decided that there is no property of the debtor to sell, the case will proceed to the issuance of a discharge of the debtor's debts which will eliminate permanently all dischargeable debts. The main debts which will not be discharged (eliminated by the bankruptcy) are taxes, domestic obligations (alimony and child support) and student loans. The entire process will take approximately ninety days from the filing of the petition.

Chapter 13 Bankruptcy

Also called a "federal debt consolidation," Chapter 13 bankruptcy allows you to repay all or part of your debt over a three to five year period according to a payment plan. You have to have regular income, even if it is not from a job (for example disability or pension payments).

In addition to the petition and other documentation, you will need to prepare with your attorney a formal repayment plan.

Automatic Stay

In all cases, you receive an automatic stay which means that, from the date the petition is filed, your creditors must stop any collection activity against you.

Call for a Free Initial Consultation

Contact me to discuss your questions. You will speak with a lawyer, not a paralegal. I am available during regular business hours and by appointment at other times. You can reach me by phone at 502-587-0304 or via e-mail.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Law Office of Robert J. Morrison