Louisiana Bankruptcy Lawyers

Bankruptcy is the state of being bankrupt or completely lacking value in monetary perspective. A lawyer is a professional who gives legal advice/aid at a fee and also conducts suits in court. An attorney refers to members of the legal professions who represent their clients in court when defending a particular case. An attorney is also a lawyer, but a lawyer may not necessarily be an attorney.

Louisiana Bankruptcy Lawyers

Louisiana State is located in the southern areas of the United States. One can file for bankruptcy in Louisiana if he/she qualifies. This comes handy when an individual intends to discard debts or planning to repay debts. This can be made possible when an individual liquidates his/her assets and use the cash to pay the debts. Bankruptcy laws in Louisiana also help and protect financially troubled businesses. One has to file a petition with a bankruptcy court first individually, with a spouse or by a corporation.

Chapter 7 Bankruptcy Louisiana

Chapter 7 Bankruptcy normally provides for liquidation. This refers to sale of the debtor’s property and the money shared among the creditors. Chapter 7 Bankruptcy has helped thousands of people in Louisiana overcome difficult financial circumstances brought about by bankruptcy. It is mostly suitable for people with excessive unsecured debts like credit card debts, medical bills and unsecured personal loans. Once confirmed, automatic stay is effective immediately stopping debt collectors and creditors from taking your personal belongings. It is important to note that some debtors who are in debt and in business want to hold on to their businesses to avoid liquidation. The businesses may be sole proprietorship, partnership and corporations. The debtor therefore has an option of either reducing the debt or increasing the repayment period. Chapter 7 Bankruptcy however can be dismissed by a court in an individual’s debts are primarily consumer debts rather than business debts.

Chapter 13 Bankruptcy Louisiana

Chapter 13 law is also known as a wage earner bankruptcy plan. Chapter 13 Bankruptcy mainly caters for adjustment of debts of a person with regular income. It also allows a debtor to keep his/her property and pay debts over a longer period of time, usually three to five years. The individual can therefore create a plan to repay either part of or all his/her debt. The debtor is tasked with the duty of proposing a repayment plan usually covered in installments to the creditors. The time is normally three years but the court can extend the time to five years under the circumstance that the debtor’s current income is bigger than the applicable state median. In no circumstance will the repayment period be more than five years. During this time, after five years, the law forbids a creditor from starting or continuing debt collection efforts. One significant pro for Chapter 13 Bankruptcy is that individuals can save their homes from foreclosure. It also allows debtors to rescheduled debts and extend them. This may consequently lower payments. Chapter 13 Bankruptcy has a special provisions that protects a third party and co-signers.

Filing for Bankruptcy Louisiana

The 2005 Bankruptcy law requires debtors who file for bankruptcy on October 17th 2005 to undergo counseling. The counseling will take about six months. An individual should also apply for bankruptcy. A debtor’s income and expenses are taken into account to determine if he/she qualifies to either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. The court therefore takes into account a debtors average income for the past 6 months prior to filing and compare the income to the medium income for Louisiana. If the income is below the median, an individual qualifies for Chapter 7 Bankruptcy. If it exceeds the remaining part of the means will therefore be applied to determine whether it’s Chapter 7 Bankruptcy or if the individual must file chapter 13. The process is new to many people but with information on the necessary steps to take, it becomes much simpler.

The steps for filing for Bankruptcy in Louisiana with help of a Bankruptcy Attorney are as follows:

  • The first step usually is to gather paperwork. Paperwork includes major transaction for the past two year, monthly expenses, debts and property. Important information also includes tax returns, deed to any real estate an individual owns and car titles if any.
  • Decide on your preferred Bankruptcy Lawyer in Louisiana. You can search for an Attorney online or a friend can suggest one to you.
  • After choosing one, you can both organize for a free consultation. You should jointly determine the property believed to be exempted from seizure based on Louisiana exemptions. Once you do this, you retain your legal services which means you stop paying your bills and the creditor will with immediate effect stop harassing you. It’s called Automatic stay. A trustee will be appointed by the court. He will be the bridge between the debtor and creditors.
  • The next step is paying attorney fees. The Attorney fees are paid before the case is filed. It is advisable to choose a plan with flexible payment plan.
  • A credit counseling class is important afterwards as it educates you on the basics and budgeting for the future. The final step is going to the court and receiving a discharge.

Louisiana Bankruptcy Lawyer Fees

The cost of filing a chapter seven Bankruptcy is $306. Some Louisiana Lawyers are flexible and can arrange payment in installments if an individual can’t raise the full amount at once. In case an individual is filing for chapter 13 bankruptcy, repayment plan is also required.

Louisiana Bankruptcy Lawyers

There are many Bankruptcy Attorneys in Louisiana. You have to do adequate research before you approach Bankruptcy Lawyer. Louisiana’s Bankruptcy Attorney can be located by an individual by contacting the Louisiana state bar association’s Legal Referral Service. On request, the LRS will give a Louisiana Bankruptcy Lawyer who practice in the areas of consumer bankruptcy law. Once a debtor finds a Bankruptcy Attorney he/she is comfortable with and who understand the Bankruptcy code, it is safe to give the attorney all the information he needs regarding your case.

Recomendations

Bankruptcy is the state of being bankrupt or completely lacking value in monetary perspective. A lawyer is a professional who gives legal advice/aid at a fee and also conducts suits in court. An attorney refers to members of the legal professions who represent their clients in court when defending a particular case. An attorney is also a lawyer, but a lawyer may not necessarily be an attorney. Louisiana State is located in the southern areas of the United States. One can file for bankruptcy in Louisiana if he/she qualifies. This comes handy when an individual intends to discard debts or planning to repay debts. This can be made possible when an individual liquidates his/her assets and use the cash to pay the debts. Bankruptcy laws in Louisiana also help and protect financially troubled businesses. One has to file a petition with a bankruptcy court first individually, with a spouse or by a corporation.

Free Bankruptcy Lawyers