If your question is, who can declare Chapter 7 bankruptcy, then you are reading the right article. Chapter 7 bankruptcy is one of the most effective solutions to your financial difficulties that offers debt relief. However, nobody can deny that the process of every bankruptcy case is inherently complex and confusing if you deal with it alone. To have an effective guide throughout your journey, consulting with an experienced bankruptcy attorney is a must.
- Orum Young Law, Bankruptcy Specialist, will do its utmost to understand your unique situation. We acknowledge that your finances and financial future are in an extremely crucial situation. Our knowledgeable bankruptcy lawyers will work wisely to win your case before the bankruptcy court. With over 35 years of assisting thousands of individuals, you can surely rely on us. If you are planning to file a bankruptcy petition, schedule a free case review now.
Why do I need a Bankruptcy Attorney in Louisiana?
Filing for Chapter 7 bankruptcy is not as easy as you might think. It is imperative that you understand bankruptcy law. Since this is not an easy thing to do, hiring a good lawyer is necessary to ensure that you won’t overlook the important points. Before selecting, consider the following good qualities:
- Experienced – Always seek out a bankruptcy lawyer with a track record of success. Choose someone with at least 20 years of experience. This enables them to acquire the necessary knowledge and competence about the complicated nature of bankruptcy.
- Provides Utmost Care – It is normal to get frustrated when dealing with financial hardships. Thus, you deserve to have a bankruptcy lawyer who provides the utmost care. Not just by answering your questions about the bankruptcy code but also by providing complete guidance and practicing empathy, respect, and confidentiality to bring peace to your mind.
- Reputable – Your bankruptcy attorney must have proven their competence not just in your local bankruptcy court but in the Louisiana Supreme Court. As the decisions become part of the law of the land, it is clear that your bankruptcy attorney’s dedication to bringing about substantial change is genuine.
For over 35 years, E. Orum Young Law, Bankruptcy Specialist, has been helping thousands of debtors in managing their debts through bankruptcy filing. Our bankruptcy law firm has gained a solid reputation in Louisiana by winning notable cases in the Louisiana Supreme Court. With the utmost care, respect, and confidentiality, you may rely on our legal team to guide you throughout the entire duration of your bankruptcy case. Schedule a free case review today to get started.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation or liquidation bankruptcy. It enables a debtor to get rid of unsecured debt, such as medical bills, money judgments, or credit card debt. While it is true that Chapter 7 bankruptcy cannot eliminate all of your debts, it can eliminate thousands, or even tens of thousands, to help you get back on your feet. In Chapter 7, your personal liabilities for secured debt may be included in the bankruptcy discharge.
Filing for Chapter 7 bankruptcy compels every creditor that you have to stop collection activities and phone harassment. In almost all cases, you will be required to settle the secured creditors to save the collateral. Even if bankruptcy falls under the jurisdiction of federal law, your state will decide the amount and type of property to that you may be exempt. In other words, Louisiana bankruptcy exemptions are different from state to state.
Who Can Declare Chapter 7 Bankruptcy in Monroe, LA?
Any person or business in the United States can declare Chapter 7 bankruptcy. However, it is worth noting that there are certain criteria that you must meet to be eligible for Chapter 7 bankruptcy in Louisiana. There is what we call the “means test” to determine this. The means test will basically compare your family’s median income with the Louisiana family income guideline. If your income exceeds the guideline’s median income, you will be ineligible for Chapter 7 bankruptcy.
What Bankruptcy Costs
Chapter 7 bankruptcy can normally take about 3-6 months to be completed. Typically, it requires a short meeting with the bankruptcy trustee, duly appointed by the bankruptcy court, to process and supervise your bankruptcy petition. You will pay $448 as a filing fee unless you obtain a fee waiver. If you employ a bankruptcy attorney, you may expect to pay additional fees for legal representation. You may save the additional fees by representing yourself, but there is no assurance that you will get what you deserve after filing.
Mandatory Credit Counseling
Prior to your Chapter 7 filing, you must consult a nonprofit credit counseling agency. This is to determine whether or not there is a feasible method to handle your debt load without resorting to bankruptcy. This mandatory credit counseling course may be completed online or over the phone.
To be eligible for bankruptcy relief, you must prove that you obtained a credit counseling completion certificate from an agency approved by the United States Trustee within 180 days prior to filing.
However, even if this credit counseling course is mandatory, there are still exemptions to it. If, for example, you are incapacitated, on active military duty, or have any other type of disability that will prevent you from attending, you can be exempted from this requirement.
Another situation is when you fail to get credit counseling with a duly approved agency at least seven days prior to filing for bankruptcy. In situations like this, you may ask the bankruptcy court for an extension of 30 days to complete the course. You have to explain why you were unable to fulfill the requirement substantially. The United States district court will approve your request if you can prove that your honest effort to finish the credit counseling course was prevented due to unforeseen circumstances.
Filing Your Papers
Before filing your Chapter 7 case, you must complete a set of bankruptcy forms and file them with the United States bankruptcy court in your state. Many debtors are often shocked to see the voluminous documents required in a Chapter 7 bankruptcy petition. The forms may take time to complete, but with the assistance of your bankruptcy attorney, you will not get lost.
After you file your paperwork, the bankruptcy court will send you a notice through the mail, as well as one to your creditors. The notice will set the date for the meeting of creditors, otherwise known as the 341 hearing. The notice also states the bankruptcy trustee’s name, telephone number, and property address.
Call our Bankruptcy Attorney in Louisiana Now!
All the things discussed in this article are just an overview of what you have to deal with when filing for Chapter 7 bankruptcy. This may sound terrifying, but you should not be afraid or lose hope. Chapter 7 bankruptcy is proven to be one of the most effective ways to settle your insurmountable debts. As mentioned, you will be working with your bankruptcy attorney for at least six months. Hence, choosing the best bankruptcy attorney is important.
With 35 years of experience practicing bankruptcy law, E. Orum Young Law, Bankruptcy Specialist, made a name in Louisiana not only by providing excellent bankruptcy services but also by making a significant change in the justice system.
We provide care, respect, and confidentiality when dealing with your financial matters. Your case will be in good hands when you choose us. One thing is for sure: our experienced lawyers will work for hand in hand to give you the legal representation that you deserve. Other than Chapter 7, we can also help you with Chapter 13. If you need to have bankruptcy protection today, schedule a free case review now!