Nick Thompson Bankruptcy & Foreclosure Attorney

<strong>How do I file for bankruptcy?</strong>

To file for bankruptcy, you must complete credit counseling from a government-approved agency. This counseling helps explore alternatives to bankruptcy. After completing the counseling, you will receive a certificate that must be filed with the court. The next step is to file a petition with the bankruptcy court, disclose all creditors and assets, and file the necessary forms, including the means test form. You will also need to pay a filing fee unless you qualify for a fee waiver. Failure to provide the required supporting documents, schedules or pay the required fees will result in your case

<strong>How can I keep my property in bankruptcy and avoid losing my home to the trustee?</strong>

To protect your property in bankruptcy, you must apply exemptions . In 2026, the federal exemption for your home increased to $31,500, up from $25,000. If you have money in the bank, it’s advisable to pay ahead on your mortgage or utilities, or purchase needed appliances and repairs to prevent having excess funds that could be taken by the Trustee . States like Indiana and Kentucky have specific exemption rules. For instance, Kentucky offers a "wild card" exemption, allowing you to use part of your real estate exemption for other assets, such as money in the bank. Consulting with a q

<strong>How do I defend a motion for relief from stay, to dismiss my bankruptcy, or multiple filings?</strong>

If you fall behind on your mortgage payments during a Chapter 13 bankruptcy, the mortgage company may file a motion for relief from stay . To address this, you can explain any temporary setbacks (such as illness) and outline a plan to catch up on payments over the next few months. However, if this happens repeatedly, the court will allow the creditor to pursue foreclosure or repossess a car. It’s important to plan carefully. Filing multiple cases will lead to the loss of your home or prevent you from filing another bankruptcy case. If you can’t afford a car or a home, ask your bankruptcy attor

<strong>How can I get a 725 credit score after filing bankruptcy?</strong>

After filing bankruptcy, a 725 credit score after bankruptcy is possible with the right strategy. Start by avoiding too many credit accounts. Each one slightly lowers your score. Ensure you have a variety of credit types, such as a credit card, a car loan, and a mortgage. Always make payments on time, and the longer you maintain these positive habits, the better your score will be. Building both the depth and breadth of your credit history is key. While you can qualify for a mortgage with a score as low as 625, aiming for a score above 700 will help you secure the best rates.

<strong>How can I lower my Chapter 13 Bankruptcy payment or get a Chapter 13 hardship discharge?</strong>

If your income decreases or expenses increase during a Chapter 13 bankruptcy, you may be able to lower your monthly payments by modifying your plan. This can be done by filing a motion to amend the Chapter 13 plan, reducing payments to an amount you can afford. Additionally, if you face severe hardships like disability, after years of repayment, you may qualify for a hardship discharge if you can prove that your plan would still pay back as much as a Chapter 7 would have. In some cases, you can convert to Chapter 7 if your income is low enough, but you must consult with an experienced attorney

<strong>How can I discharge or manage income taxes in bankruptcy?</strong>

Income taxes can be discharged in bankruptcy if they meet certain conditions. Even if it can't be discharged, it can be managed. First, the tax debt must be at least 10 years old, and you must have filed your tax returns on time with no fraud involved. If your tax return was filed late, you must wait at least two years after filing the return. Additionally, if the IRS has issued an assessment, you must wait at least 240 days after the assessment to file for bankruptcy. To determine if your taxes are dischargeable, you can request your tax transcript from the IRS or use software like Tax Determ

<strong>What are the non-dischargeable debts in bankruptcy? Can I discharge them anyway?</strong>

Some debts are non-dischargeable in bankruptcy, including alimony, child support, and trust taxes. However, you may be able to manage them in a Chapter 13 plan by prioritizing their payment. Income taxes can be discharged if they are at least three years old, filed on time, and no fraud is involved. Student loans can also be discharged in cases of undue hardship, which means the loans would prevent you from meeting basic life necessities. Additionally, some private student loans can be discharged if the statute of limitations has expired. If you are unsure, consult a bankruptcy attorney to see

<strong>What is the 341 hearing for my bankruptcy and what questions will I be asked?</strong>

The 341 hearing is where the bankruptcy Trustee reviews your petition to ensure accuracy. The Trustee will ask about your assets, income, debts, and any transfers of property within the prior two years. It’s a straightforward process, and creditors rarely attend. These are the common questions . The supporting documents must be filed with your petition to allow the Trustee the ability to do his job. If the documents are not supplied with the petition, or the petition is inaccurate, the case will be dismissed. You may not be able to refile to correct mistakes. ABI surveys show that debtors who