Bankruptcy Filing in Louisiana

A lot of people are struggling with debt and financial problems due to the current situation. Similarly, more are becoming interested in the advantages of filing bankruptcy. In general, a bankruptcy filing helps debtors repay their debts to creditors. It can open doors to a fresh start in life and opportunities to rebuild your financial future. Before filing for bankruptcy, it is important to seek legal help from a trusted Monroe bankruptcy attorney. Bankruptcy attorneys will assist you on how to file and help you have a successful bankruptcy case.

Liquidation and Reorganization Bankruptcy Cases

Bankruptcy LawyerThere are different types of bankruptcy that you may choose from, depending on your eligibility. Under each are different bankruptcy rules and requirements that you must be aware of before you can declare bankruptcy.

If you require debt relief and intend to file bankruptcy Chapter 7, a trustee will liquidate your non-exempt assets to pay off priority lenders. However, you must first pass the bankruptcy means test to be qualified to file bankruptcy under this chapter. Under relevant bankruptcy laws, your monthly income and living expenses will determine your eligibility as a filer.

Meanwhile, in a Chapter 13 bankruptcy, you will have the chance to restructure your overwhelming debts and bring current payments for secured debts (those with collateral). You can essentially avoid foreclosure and repossession by proposing a payment plan to the bankruptcy court. Here, the debt repayment plan will run for three or five years. Well-trained Monroe bankruptcy lawyers can further explain these things to you.

Seeking Legal Advice from Someone Experienced with Bankruptcies

If you are considering bankruptcy, it is best to seek legal help from a bankruptcy law office. Bankruptcy attorneys will help document your eligibility to a bankruptcy trustee, who will then administer proceedings brought to court. Discuss your finances and debt reorganization plans, if any. This Is also a good chance to clarify what can be done to have certain types of debt forgiven, be allowed to repay secured and unsecured debts while retaining your assets, or both.

Aside from helping you fill out bankruptcy forms and prepare the necessary paperwork and supporting documents, a good local attorney will be with you throughout the entire bankruptcy process. Formally submitting your bankruptcy petition is key if you wish to benefit from the automatic stay (and prevent lenders and debt collectors from contacting or harassing you). Additionally, your lawyer can help you go through the scheduled Meeting of Creditors and subsequent confirmation hearing. All these can be overwhelming, which is why getting reliable legal help is necessary.

Information that You Should Provide to Your Bankruptcy Lawyer

Before bankruptcy proceedings are finalized, it is best to have thorough discussions with your lawyer. Explain to him or her all aspects of your finances, such as your regular income, total unsecured debt, total secured debt, and details on your tax filings. Be sure to mention if a petition in bankruptcy had been filed in recent years, or if a bankruptcy petition was dismissed because of failure to appear or comply with a court order. There are certain cases where declaring bankruptcy is not the best choice and other debt-relief options must be considered, so make sure to be very transparent when it comes to these things.

It is also vital to tell your lawyer if you wish to keep specific assets or are behind your mortgage payments. List down your debts, especially if they include child support, alimony, student loans, fines, or recent taxes that most likely cannot be discharged or forgiven. Specify if you have a co-signer on any account in arrears and if you want your co-signer protected while you pay off what you owe. The different types of bankruptcy are suited for different circumstances. If your bankruptcy attorney in Monroe is aware of the amount and types of debt that you are dealing with, he or she can help you decide on how to proceed accordingly.

Getting the Legal Services Professionals

Having to pay back credit card bills, medical bills, and personal loans can be difficult given current circumstances. Trying to stop repossession, foreclosure, or even wage garnishment can also be quite a challenge. Although a bankruptcy petition will stay on credit reports many years from filing, credit scores will still eventually improve. It is harder to find credit while you are bankrupt, but there are various ways of getting a fresh start in life.

If you have any concerns about the above bankruptcy procedure, or if you are still unsure if it is best to file for bankruptcy, hire the best attorneys who will work closely with you. Relay your questions to a professional from an established bankruptcy law firm to avoid legal issues. Contact our Monroe bankruptcy attorneys at E. Orum Young Law for a free consultation.