If a consumer feels that they can no longer manage debts, they may file bankruptcy. Bankruptcy is a legal process that can help individuals with certain debts, but there are several kinds of bankruptcy. The two main types that consumers file in Louisiana are Chapter 7...
Pros and cons of bankruptcy in Louisiana
Consumers in Shreveport, Louisiana, may be able to file for bankruptcy when they feel overwhelmed with debt. The top reasons for bankruptcy are medical debt, divorce and job loss. It's important to understand the pros and cons before filing, which will depend on the...
What should you know about bankruptcy?
If you're struggling with debt, there are many tactics to regain control of your finances. One such option may be to present a bankruptcy petition to a Louisiana judge. In most cases, you will seek protection under Chapter 7 or Chapter 13 of the bankruptcy code. Take...
What really happens when you file for bankruptcy?
The thought of filing for bankruptcy may fill you with a sense of dread. This is because you may believe that doing so could result in the loss of your Louisiana home, a car or other assets. However, the truth is that you may be able to discharge your debts without...
What to know about the bankruptcy means test
Many consumers in Shreveport, Louisiana, consider bankruptcy when they don't see a way out of debt. The most popular bankruptcy type is Chapter 7, which liquidates assets to pay certain unsecured debts. However, the filer must meet certain requirements before they can...
Final payments and Chapter 13 bankruptcy discharges
Although bankruptcy remains a structured process, many wonder how their specific proceedings will play out. Persons filing Chapter 13 bankruptcy must agree to a payment plan and meet their monthly obligations on time. After making the final payment, a Louisiana...
What can you do when a lender repossesses your vehicle?
Financial difficulties may mean dealing with collectors. When your vehicle is on the verge of repossession, you may believe you have few options. Chapter 13 bankruptcy is one way people in a financial crisis may find a way out. This particular type of personal...
What is a Chapter 13 hardship discharge?
Chapter 13 bankruptcy might not be as prevalent as a Chapter 7 bankruptcy, but the process may better serve persons suffering from crushing debt while earning a decent income. Chapter 13 bankruptcy involves establishing a payment plan to deal with certain creditors....
Is Chapter 13 worth paying off early?
Has it become nearly impossible to come out from under debt obligations? Louisiana residents who answer "yes" to that question may find themselves in federal bankruptcy court. Each person's situation is different, but some debtors could find Chapter 13 bankruptcy to...
Do not ignore foreclosure notices
Facing foreclosure may mean you need to consider alternate ways to rid yourself of debt. Simply ignoring the notices and phone calls does not make them go away. If you have a family, you may not want to leave the family home. How can you get yourself out of financial...
