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...
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...
What assets are exempt in a Chapter 7 bankruptcy filing?
Filing for bankruptcy is often viewed as a scary and negative situation There’s a common misconception that you’ll lose all your Louisiana property if you file. However, certain assets are exempt in a Chapter 7 bankruptcy filing. Your home States sometimes have...
Are you eligible for the new Chapter 7 trustee payment?
An extra $60 will now be processed by bankruptcy courts for every case payment for some Chapter 7 trustees in Louisiana from the fiscal year 2021. Not all chapter 7 bankruptcy trustees are eligible though. Does this apply to me? The cases that this change applies to...
Which debts can and can’t you discharge?
Whether a debt is "dischargeable" depends on the chapter the bankruptcy is under in Louisiana. A person may discharge credit card debt almost immediately with a Chapter 7 bankruptcy. Chapter 13 bankruptcy will reorganize all debts, including credit card debt, but...
Meeting the requirement for Chapter 7
When obligations to creditors become so massive that making minimum payments proves impossible, a debtor living in Louisiana could consider filing bankruptcy. A potential bankruptcy filer may prefer Chapter 7 liquidation bankruptcy to a Chapter 13 payment plan....
How Chapter 7 and Chapter 13 bankruptcy differ
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...
