In order to file a Chapter 7 or Chapter 13 bankruptcy, attorneys must have an accurate budget.  If you have above normal expenses you will have to document those expenses for your Chapter 7 or Chapter 13 Bankruptcy.  The actual amount of Necessary (medicals etc) and Secured expenses are used for means testing and Schedule I expenses in the petition otherwise IRS average expenses are used in the budget. 

If your monthly expenses equal or exceed 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 unsecured debt. 

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.  For your benefit we have made a table. Listing your Budget Income and Expenses on this form should save you time and money in deciding if a Chapter 7 filing is right for you.  Our customers may file their information online so that their appointments take less time.

Use this link to download a budget for your Chapter 7 or Chapter 13.  Amounts are suggested and from 2005.   Be prepared to document expenses that are significantly above average and see our Chapter 7 and Chapter 13 Powerpoints.   This is the link to the average IRS expense amounts for  Chapter 7 13.  Please see our power points on Chapter 7, Chapter 13 and other materials to help you plan. 

The Kentucky Bankruptcy Manual discusses filing bankruptcy in Louisville KY.   Download your free copy.