Nick C Thompson Louisville Bankruptcy & Foreclosure Defense Attorney

You should know who you are hiring for your bankruptcy. This is a short biography for Nick Thompson, Louisville Bankruptcy and Foreclosure Defense Attorney. My first job after college in 1974 was representing a lender in bankruptcy court. So, knowing how lenders operate and bankruptcy became one of my areas of expertise.

Biography for Nick Thompson Louisville Bankruptcy & Foreclosure Defense Attorney

I began my law career as a bankruptcy and tax attorney in 1988. I was assigned to the Tax Department for two years as a trial attorney and then served as an assistant county attorney. For four years, I appeared in court and tried cases every day for West Virginia and Kentucky.  Most attorneys don’t have this many days actually in trial in a lifetime.

You are buying an attorney not advertising. The following is what you must remember:

1. I have license #51 before the Tax Court in Washington DC, and I was in charge of accounting before law school for an oil company and have sat for the CPA exam.
2. I am an attorney first, however, and an accountant second.
3. We have primarily practiced bankruptcy and foreclosure cases now for over 25 years.
4. We have only one location for the state of Kentucky and take only 10-20 cases per month.  If a law firm has more than one location you probably are meeting with secretaries or paralegals to have your petition prepared.  There is also a problem if there are 1000 5-star reviews.  If he takes time with you, he can’t have 1000 cases within a year.  You didnt get an experienced attorney.
5. I sit down personally with each of my clients and prepare a tailor-fitted case to solve your problems. You are never handed off to a paralegal or junior attorney in my office.

For clients, this is like the difference between a dress at Walmart and a tailor-fitted wedding gown. The cost difference for this is about $200 – $400. It is possible to finance your attorney fees over time at about $200 a month. But you are far better off paying it up front.

⎆ How we file bankruptcy cases and why it is different.

My purpose with every client is to prepare an accurate petition, so your Chapter 7 or 13 is easy to review and obtain approval from the Trustee and Judge. The petition’s goal is to provide you with a fresh start and a budget so you can bounce back. It isn’t your job to sacrifice your financial health for bank profits. Your job is to provide for your family financially, not the bank.  The goal is always to bounce back whether your temporary problem was a job loss, disability, or divorce.

Bankruptcy allows you to restructure your debts.  But this is not like ordering a pizza. You are part of preparing and executing your bankruptcy. If you sit back and think everything will be done without any work, you are wrong.  To get a perfect case, you must work together to get the best results. Studies show that people who learn and work together with their bankruptcy attorney will make thousands more by taking about four hours to understand the process.

Studies also show if you file bankruptcy when you need to, you will have much more wealth. Three Federal reserve studies in about 2015 show people who use bankruptcy as a tool correctly had more wealth and better credit than if they didn’t file bankruptcy. These studies and others show if you do a good job, you increase your retirement and wealth. You can’t file bankruptcy and simply hope it turns out right.

People experience disasters in their lives. You can’t erase a disaster but, you can recover and learn from it. When a disaster happens to you, bankruptcy gives you a new budget and a fresh start with the knowledge you need for financial success.

⎆ How to make sure your bankruptcy is prepared properly.

If you want a successful bankruptcy, read our book, and watch the videos. Arm yourself with this knowledge and learn how bankruptcy operates to have a more successful experience. There are ways to save money when you file.  Learn and get the advantage of the bankruptcy rules so that your case goes smoothly.

Throughout the past 35+ years, the most common mistake I see people making is waiting too long to visit my office and file. When you don’t know what’s available for you, you miss deadlines, or worse, you may not benefit from filing bankruptcy at all. Bad things will happen if you miss opportunities. For instance, you might waste assets to pay debts. A common mistake is to cash in your retirement, which is exempt from collections, and pay unsecured debt. Cashing in retirements leaves you with no money for retirement. Never spend property you could have kept in bankruptcy. Many people have sold or mortgaged homes to pay off credit cards and still had to file bankruptcy.

Another missed opportunity is when you owe more than the NADA retail value of a car. A debtor can pay the lender the NADA book value of a vehicle and force the bank to release the car lien. I have had people who purchased a new auto file bankruptcy shortly after buying the car. If the value of the auto dropped from $30,000 to $15,000, they owed more than the auto was worth.  Yes, they had to pay 21% interest on the $15,000 dollar loan. But they saved $15,000 dollars by redeeming their car in bankruptcy.

The higher interest rate by financing with 722 redemption meant they paid $3,000 more in interest but $15,000 less for the auto. In most offices, you won’t be told that you have an opportunity to redeem a car. They don’t want to do the extra work or don’t know how to do it, or perhaps they feel they aren’t paid enough to offer it. If you have negative equity, we are happy to file the motion to redeem.

⎆ Why you need to properly prepare your bankruptcy.

Most Bankruptcy cases also have student loan, foreclosure, judgment lien or income tax issues. Without the proper knowledge, you might lose a home because of bad advice from friends, relatives, financial gurus, and accountants who have little, inadequate, or no training. However, if together we plan your bankruptcy correctly from the start, you should come out of bankruptcy more profitable or with more equity than before you filed.

Unfortunately, in most law offices, the attorney or the debtor fails to plan the bankruptcy and ends up repaying too much in their bankruptcy, or they lose property. By failing to understand the rules, you might end up filing twice or losing property unnecessarily.

Interestingly, one study shows the average person who carefully plans their bankruptcy will make $10,000 more from their bankruptcy than the one that doesn’t. For the people who like to prepare for success, this book is for you. We practice in Western Kentucky, Eastern Kentucky and Southern Indiana.

Resources for Bankruptcy

Louisville Kentucky Bankruptcy Forms

How Bankruptcy Affects Spouse, Job, Credit, and Cosigners • Video

Medical Debt and Bankruptcy

How to Settle Foreclosure Lawsuits with Lerner Sampson

Chapter 13 Step Plans & Chapter 20 Flexibility to Make a Plan

If you are thinking about filing bankruptcy, don’t delay because timing is crucial. I am here to help you. So, contact my office right away to start the conversation. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905.