Stop Civil Litigation
Debt payment delinquency can and will lead to legal issues. There is no chance that you will be arrested for missing a credit card payment. But, creditors and lenders alike have the right to sue you if you default on an account. Legal action is a possibility because when you sign an agreement for a loan or a line of credit, you also agree to repay the amount owed plus the accrued interest. If you fail to do so, the creditor or lender can file a lawsuit against you. When creditors are granted a favorable judgment, this can result in your bank account being frozen or your wages garnished.
The Louisiana bankruptcy attorneys at E. Orum Young Law are here to help free you from the grips of debt. We understand the severity of facing legal repercussions for debt issues and can take immediate action to prevent an unfavorable judicial ruling.
Louisiana Bankruptcies and Civil Litigation
Consider Filing Bankruptcy
Filing bankruptcy often only becomes a consideration after an individual realizes that there is no way to recover from their financial situation without help. For small business owners, this can be true once they notice that they are not yielding a satisfactory return on investment (ROI). Meanwhile, consumers often take action after seeing their credit score take a hit as they continue to receive an influx of debt collection calls. Finding out that a creditor or lender is suing, however, often sends many individuals into a panic, as they look to mediate the situation as soon as possible.
Hire A Bankruptcy Attorney
Obtaining a lawyer and filing bankruptcy is one of the most effective ways to put an immediate halt to civil litigation. The way this is accomplished is through an automatic stay. This court order prohibits creditors from pursuing you, stops legal action and any attempts to recover funds. The only way civil litigation may continue is if one of two things happen:
- The creditor convinces the court to lift the automatic stay.
- The creditor files and wins a lawsuit for the same issues in bankruptcy court.
Bankruptcy is Beneficial to Debtors and Creditors
The chances of a creditor pursuing the case are often low because filing for bankruptcy symbolizes a lack of funds. Therefore, the bankruptcy process can be mutually beneficial. In the event the creditor takes the case to bankruptcy court, it’s essential that you have a knowledgeable attorney on your side who can help mitigate the situation.
Stop Civil Litigation with Help from Seasoned Louisiana Bankruptcy Attorneys!
The Louisiana bankruptcy attorneys at E. Orum Young Law Offices can ensure that your bankruptcy application is filed in the appropriate court and that the necessary parties are notified. With over 20,000 cases submitted, we’ve filed the most bankruptcies in Northeast Louisiana and have a thorough understanding of the bankruptcy process. Let us go to work for you. Contact us today for a free case evaluation. Our Trial Guarantee ensures that we will take your case to trial if you are ever dissatisfied with case results.