When people in Louisiana and around the country file personal bankruptcies, the judge handling the case issues what is known as an automatic stay. This is a court order that prohibits creditors from attempting to collect debts from individuals who have filed for...
Shreveport Bankruptcy Law Blog
Getting ready for your Chapter 7 bankruptcy
If you are struggling to stay current on credit card, auto loan or other debts, you may want to consider filing for Chapter 7 bankruptcy. To qualify, you will likely need to pass a means test verifying that you have little or no disposable income. There may also be...
Should you file for Chapter 7 or 13 bankruptcy?
Many Louisiana residents have problems with debt, and many cannot foreseeably pay it off. After exhausting other options, bankruptcy might be the way to go. Comparing Chapter 7 and Chapter 13 bankruptcy can help determine which is best for you. Understanding Chapter 7...
8 things to know about bankruptcy
If you are trying to cope with overwhelming debt in Louisiana, you might consider bankruptcy. While bankruptcy is often an effective form of debt relief, there are a lot of misunderstandings about how it works. What you should know about bankruptcy Bankruptcy is a...
How Chapter 13 works
Persons struggling with financial situations may discover they cannot pay their creditors. Rather than continue with their current insurmountable debt situation, Louisiana debtors might file for bankruptcy in federal court. For many, Chapter 13 is the appropriate...
Debts and Chapter 7 discharges
Chapter 7 bankruptcy might be the preferable option for those who pass the requisite means test. Under Chapter 7 rules, particularly unsecured debts may face discharge, indicating the debtor no longer must pay the debts. However, not all debts face dismissal, and some...
Can student loans be discharged by bankruptcy?
Filing for bankruptcy in Louisiana is a big step. Although you must meet certain legal guidelines to qualify for total or partial debt forgiveness, time is of the essence if you want to stave off more costly, long-term legal issues like foreclosure, wage garnishment,...
Chapter 13 bankruptcy for those who qualify
Chapter 13 bankruptcy is one of the two main types of bankruptcy generally open to Louisiana consumers, the other being Chapter 7. Chapter 13 is also sometimes referred to as a wage earner's bankruptcy because it is available to people who have a steady source of...
Is there a way to keep credit cards when declaring bankruptcy?
With so many struggling to make ends meet, it's no wonder that bankruptcies are on the rise. But what happens to your credit cards when you declare bankruptcy in Shreveport, Louisiana? Can you keep any of your credit cards? When you file for bankruptcy, you must...
Should you rely on debt settlement or debt consolidation?
Residents of Louisiana who are heavily in debt might want to consider their options for dealing with that debt. Although bankruptcy is often the ultimate solution, other avenues should be explored first. Two of them include debt settlement and debt consolidation....