Our New Orleans bankruptcy attorneys may be able to help you protect your home and family
The sponsoring New Orleans bankruptcy attorneys of Total Bankruptcy want consumers to understand that filing a Chapter 7 or Chapter 13 case isn't a bad or irresponsible thing to do. Protection against enormous debts that you will never be able to pay off is the legal right of every American. Our New Orleans bankruptcy attorneys have based their professional practice on the concept that the Bankruptcy Code is a set of federal laws which entitle citizens with severe financial problems to gain relief from their debts and build a better life.
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Our New Orleans bankruptcy attorneys also offer free no-obligation meetings with individuals to answer their specific questions and explain the difference between a Chapter 7 or Chapter 13 case. In a Chapter 7 case, some of your assets beyond the allowable exemptions may be liquidated to pay some of your debt. Your dischargeable debts, however, should be forgiven. Our Louisiana bankruptcy attorneys may also be able to explain to you that most of your assets are usually exempt so they cannot be liquidated.
Your lawyers may be able to use Louisiana exemption laws to protect as much of your property as possible. This may include:
Homestead: Up to $25,000 in value is exempt.
Wages: 75 percent of disposable earnings are exempt.
Automobiles: Up to $7,500 for one motor vehicle.
Other Property: 100 percent of the value of tools, instruments, and books used in a trade or business; 100 percent of the value clothing, furniture, appliances, and related household items; and $5,000 in the value of wedding and engagement rings.
Stop feeling overwhelmed and start taking a good look at your situation.
To determine your best approach, you really do need to get a good handle on what is really happening. Once you understand where you're at, you may more readily present a clear picture to your legal counsel. When given the right information, an experienced lawyer should help separate panic from reality and even advise that you might not be in as bad shape as you think.
Here are some initial questions to ask yourself:
Have you had, or are your creditors threatening, a foreclosure on your home, a repossession of your car or other legal action to take your property?
Have you experienced a dramatic drop in income that you don't anticipate replacing anytime soon?
Are you frequently late paying bills?
Are you unable to make even the minimum payments on your credit cards?
Are you paying more money than you make on just your monthly living expenses?
Have you bounced more than one check in the last two months?
If you answered yes to some or a number of these questions, filing may be right for you. To help you get stated, you may initiate a free case evaluation or call us at 1 (877) 349-1309.
Click Here For a Free Bankruptcy Evaluation
The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.