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Experienced Chapter 7 Bankruptcy Attorneys

How It Works

A Chapter 7 bankruptcy has the power to discharge many kinds of debt. When a debt is discharged, it means the debtor is no longer responsible for the debt. This bars creditors from taking collection actions against the debtor. After a debt is discharged, you are not legally required to pay it back. Creditors can face penalties for coming after a debt after a Chapter 7 has been filed.

List all your debts and gather all necessary documents to prepare for your first meeting with an E. Orum Young bankruptcy attorney. Your attorney interview will determine the best course of action to resolve your debt.

Our attorneys will sign and file your bankruptcy documents with care. For the past 35 years, clients have chosen E. Orum Young to represent them in bankruptcy matters more than any other law firm in Northeast Louisiana! We will see to it that your debt is resolved.

It may take up to 4 months to finalize your bankruptcy. Once the date and time of your bankruptcy is set, collectors can no longer make attempts to collect on your discharged debts. Our attorneys will sue any creditor that calls about your debt after we have resolved your bankruptcy.

Need Help?

Not sure if Chapter 7 bankruptcy is right for you? Speak with an attorney today.

Chapter 13

A Chapter 13 repayment plan is often preferred to filing for Chapter 7 bankruptcy. Could it be right for you?

How It Works

A Chapter 7 bankruptcy has the power to discharge many kinds of debt. When a debt is discharged, it means the debtor is no longer responsible for the debt. This bars creditors from taking collection actions against the debtor. After a debt is discharged, you are not legally required to pay it back. Creditors can face penalties for coming after a debt after a Chapter 7 has been filed.

List all your debts and gather all necessary documents to prepare for your first meeting with an E. Orum Young bankruptcy attorney. Your attorney interview will determine the best course of action to resolve your debt.

Our attorneys will sign and file your bankruptcy documents with care. For the past 20 years, clients have chosen E. Orum Young to represent them in bankruptcy matters more than any other law firm in Northeast Louisiana! We will see to it that your debt is resolved.

It may take up to 4 months to finalize your bankruptcy. Once the date and time of your bankruptcy is set, collectors can no longer make attempts to collect on your discharged debts. Our attorneys will sue any creditor that calls about your debt after we have resolved your bankruptcy.

Need Help?

Not sure if Chapter 7 bankruptcy is right for you? Speak with an attorney today.

Chapter 13

A Chapter 13 repayment plan is often preferred to filing for Chapter 7 bankruptcy. Could it be right for you?

Why File a Chapter 7 Bankruptcy?

For many families in Northeast Louisiana, debt becomes overwhelming, and they need a fresh start to get their finances under control. Chapter 7  is one of the more common methods of consumer bankruptcy that offers federal protection to resolve major debt. You must take a means test that examines your assets, expenses, and income to determine your eligibility. It is also important that you have not already completed a Chapter 7 case during the last eight years or a Chapter 13 filing in the past six years.

How Does Chapter 7 Work?

Chapter 7 bankruptcy is a consumer liquidation bankruptcy. It involves the selling of non-exempt assets by a trustee in order to collect payment to distribute across all your creditors, who pay the trustee a commission for overseeing the distribution. Debts that can be discharged include credit card debt, medical bills, personal loans, business debts, civil court judgments, utility bills, and more. Debts that cannot be discharged through a Chapter 7 bankruptcy in Louisiana include alimony, child support, fraudulent debts, student loans, and some taxes. A Chapter 7 bankruptcy will seize your tax break to pay off debt. Still, it is possible to keep some types of secured debts like your vehicle or home. To do this, you will have to sign a "Reaffirmation Agreement." 

Most who file for bankruptcy seek to file a Chapter 7, yet many are not eligible and must file for a Chapter 13 instead. Some who may be eligible may find that this is not the right bankruptcy for them after all factors are considered. Speak with our bankruptcy lawyers to determine which bankruptcy procedure is right for you and your family.

What Assets are Exempt from Seizure?

When determining which of your assets are protected from creditors in a Chapter 7 bankruptcy, the state of Louisiana has a bankruptcy exemption chart to reference. This chart shows the exemption limits for equity in property which is the difference between the debt on an asset and its value. Below are some key points to keep in mind when deciding what is or is not protected.

  • Property secured by loans that are current in payments and has equity covered by exemptions can be kept if you agree to keep it current.
  • Assets secured by loans that are current in payments but has equity not covered by exemptions can potentially be liquidated by the trusted.
  • Married couples are allowed to file together and claim full sets of exemptions.
  • If you have non-exempt property you want to keep, usually the trustee must be paid the value of that property.
  • There are some federal exemptions you may use along with the Louisiana exemptions.

How to File a Chapter 7 Bankruptcy in Louisiana

There are several steps involved when filing for a Chapter 7 bankruptcy in Louisiana. The first step before ever filing is to undergo credit counseling as required by the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA also requires you to take a means test where the courts will see if your median income exceeds Louisiana median income guideline. If you exceed it, you cannot file for Chapter 7 bankruptcy. Once this step is complete, you should consult with an attorney to determine what assets you own are exempt from seizure according to Louisiana’s exemption guideline and then file your paperwork.

Hire a Knowledgeable Louisiana Bankruptcy Attorney

The E. Orum Young Law Office has over 35 years of bankruptcy case experience in Northeast Louisiana. Our team of bankruptcy attorneys assists our clients every step of the way to create the best path for a favorable outcome. We are long-standing members of the National Association of Consumer Bankruptcy Attorneys and have over 20,000 bankruptcy cases filed in Northeast Louisiana. This means our firm has extensive experience in bankruptcy law to get you on the road to financial freedom.

Speak with one of our attorneys today and get a free case review. Call (318) 450-3192 and find out the facts about a Chapter 7 bankruptcy and how it may be the right debt relief option for you.

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