Bankruptcy is a way for people saddled with overwhelming debts to get a second chance. 

In more than 35 years combined experience handling bankruptcies we have helped hundreds of
families and individuals discharge millions of dollars of debt.

WHAT IS BANKRUPTCY?

Bankruptcy is a legal proceeding available to a person to help cope with a financial crisis.  The main purpose of bankruptcy is to provide a fresh financial start and give you a new lease on life.

By law, your creditors are not allowed to contact you.  Garnishments are ordered stopped as of the date of the case filing.  Secured creditors such as banks cannot foreclose on your house or car without the approval of the bankruptcy Court.

Most people who file bankruptcy get credit within a short time of the discharge.  Although no one ever wants to have to file for bankruptcy, those who do are in good company.  Famous people who have filed for bankruptcy include Mark Twain, Milton Hershey, and more than one president.

KINDS:

The two most used types of bankruptcy are Chapter 7 and 13.

People who file Chapter 7 cases get a true “fresh start.”  Most debts are wiped from your record.  You can generally keep your cars and home if you  continue to make your payments and may sign a new agreement with the creditors on this property.  Credit cards and signature loans are usually wiped out completely.   

Chapter 13 allows you to repay and restructure debts.  This type of bankruptcy is used most often when someone is behind on house or car payments and is attempting to stop foreclosure.  It allows for the changing of payment schedules so that secured property can be saved.

YOUR CREDIT AFTER BANKRUPTCY: 

Often your credit will actually be better after bankruptcy. A Chapter 7 case can only be filed once every eight years so once your case is over new creditors are protected.  Lately, people are finding that they are able to get new credit soon after their discharge – and often from the same creditors they worked with before filing.

In nearly 15 years of doing bankruptcies, no client has reported having a harder time obtaining credit after their case.  One way to think of it is this: by the time most folks file for bankruptcy protection their credit is “ruined” anyway.

95% of People Qualify for Bankruptcy.

Whether you qualify for bankruptcy is not usually the right issue. The real question is, “Do you even need to file?”  There are few individuals that don't qualify for some type of bankruptcy filing. This is not always what everyone needs in order to handle a debt situation.

Changes passed in 2005 were meant to make it more difficult to file for bankruptcy.  We have seen that about 95% of individuals who would have qualified to file a Chapter 7 still are able to file.  Those that do not qualify for Chapter 7 are able to file a Chapter 13.  The question of which bankruptcy chapter is right for you depends entirely factors specific to your case and can only be answered after a full, free and confidential consultation with an experienced Louisiana bankruptcy attorney.

What Happens When I File?

What will happen when you file for bankruptcy? What can you expect? What comes next may play an important role in helping you make the right decisions for your unique financial situation.

After you file your bankruptcy petition, an automatic stay will be issued by the Bankruptcy Court. This prevents any type of further collection activity and harrasment by creditors or debt collectors, including lawsuits.  Garnishments, foreclosures, lawsuits, and repos stop.  This is the first step in experiencing relief from overwhelming debt.

Bankruptcy Myths Exposed

Filing for bankrupty is not the end.  Your credit rating usually IMPROVES after a bankruptcy.  You will not likely lose your home or vehicle.  Usually, your employer, family, and friends will not know about your decision to file.  Click on the link below to review the most common myths about bankruptcy and the real truth. 

Bankruptcy Myths Exposed