We Can Help Save Your Home
Bankruptcy provides immediate protection from creditors, including the financial institutions that hold the loan on your home or your vehicles. The experienced lawyers of Simon, Fitzgerald, Cooke, Reed and Welch will work to keep the roof over your head and your vehicles in the driveway.
In almost all cases, filing Chapter 13 bankruptcy halts creditor actions, and allows you to eliminate debts or spread out repayment so that you have money to keep up with your mortgage payments. You then can pay your vehicle payments directly or restructure the vehicle payments in your Chapter 13 Plan.
Bankruptcy Stops Foreclosure and Repossession
In danger of losing your house or your vehicle? We can intervene quickly, even if the lender has already started proceedings to repossess. Do not wait until it's too late. Contact us now. The Simon, Fitzgerald firm offers a FREE CONSULTATION at six office locations around Louisiana:
Shreveport • Bossier City • Monroe • Lake Charles • Baton Rouge • Lafayette
Act Now to Stop Home Foreclosure
In almost all cases, as soon as you file for bankruptcy an automatic stay is entered. Pending foreclosure and seizure actions stop, even if the a Sheriff's sale has already been set. To protect your home, you will be required to pay the monthly mortgage payments that come due after filing.
- In Chapter 13 bankruptcy, your mortgage arrears may be repaid over a period of time as long as 5 years.
- In a Chapter 7 bankruptcy, if you want to keep your home, you would have to pay any arrears prior to filing. Chapter 7 does not provide a way to pay mortgage arrears over time.
Our experienced attorneys practice only in bankruptcy law. We will crunch the numbers and sit down with you to help you decide if you can realistically afford to keep your home. (If not, we can discuss your options to surrender or sell the property.)
Prevent Vehicle Repossession
Chapter 13 bankruptcy may be the best solution for saving your car or truck. Repossession is put on hold as long as you continue paying for the vehicle or pay the vehicle in your Chapter 13 Plan.
(1) You continue making the original payments until the vehicle is paid off, with any arrears included in your Chapter 13 or you can sometimes pay only the present value of the vehicle at a reduced interest rate through your Chapter 13 Plan.
(2) The "cramdown" law applies if you have owned the vehicle for 910 days (2 1/2 years) or more. You would be required to pay only the current retail replacement value of the vehicle, instead of the full balance of the debt, quite possibly saving you thousands of dollars. Additionally, in most cases the interest rate can be lowered.
Did You Know? Louisiana severely restricts "self-help" repossession. The lender or car dealer cannot hire a "repo man" to take your car in the dead of night without first complying with Louisiana's very restrictive self help law or one of the other methods of legally taking your vehicle. There are 3 ways for your vehicle to be repossessed:
- The most common method of seizing vehicles in Louisiana is to trick you into signing a "Voluntary Repossession" form. Not all repossession companies will misrepresent the truth or use improper tactics but many will do their best to convince you that you must sign the "Voluntary Repossession" form. Such forms are voluntary and you are never required to sign. If you do not wish to give up your vehicle, refuse to sign and consult an attorney as soon as possible.
- The second most likely method of seizing a vehicle is to obtain a court order. This is the most expensive method for the creditor. A deputy Sheriff or City Marshall will arrange to have your vehicle towed after the order is entered. You will not be asked to sign any documents. This seizure is a civil matter; it is not a criminal matter.
- The third most likely method is Louisiana's highly restrictive "self help" process. Your signature is not required but the cost to the creditor is considerably more than getting your signature on a Voluntary Repossession form.
Regardless of the method, we usually can get your vehicle back to you by filing a Chapter 13. It is important you consult with us as soon as possible after the seizure.
If you are past due on your mortgage, vehicle loan or any secured loan, please call us today at 888-341-8091 to take action to protect your assets. DO NOT SIGN a voluntary surrender or any other documents relating to your vehicle until you have consulted with an attorney. We offer a FREE CONSULTATION, and NO UP FRONT ATTORNEY FEES are required in Chapter 13.
*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
