Sep 28, 2021 · A bankruptcy attorney can help you determine which type of bankruptcy you should file and help you navigate the process. With more than 35 years of experience in Louisiana, the attorneys at E. Orum Young have helped thousands of businesses and business owners understand the options related to their financial burdens.
Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. (see Louisiana Court Directory) Filing bankruptcy immediately stops all of your creditors from seeking to ...
Similar to Chapter 13 bankruptcy, the courts may accept payments for 120 days, or a maximum of 180 days. Applicants may qualify for Chapter 7 bankruptcy by taking a means test. The test determines eligibility by assessing each applicant’s income and comparing it with Louisiana’s median income.
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Jenny graduated from the Loyola University College of Law , and earned her undergraduate degree from Our Lady of Holy Cross College. Jenny began her bankruptcy practice in 2011 as the Law Office of Jenny Abshier. Jenny's office took great pride in providing options to reduce the upfront costs required for filing bankruptcy, as well as providing access to pro bono services when available. As Jenny's reputation grew, so did her practice. Jenny has partnered with two similar minded attorneys to form the Big Easy Law Group in order to further spread her beliefs in compassion and accessibility...
Alan Berteau is a partner in the Baton Rouge office of Kean Miller. He joined the firm in 1995 and practices in the legacy and commercial litigation defense groups. He represents clients in complex and class action... Read More »
John Frazier is a shareholder in Wiener, Weiss & Madison, APC. He joined the firm in 2005. John has more than 35 years of experience in commercial litigation, mineral law and commercial transactions. John is an... Read More »
Eric Lockridge enjoys helping clients solve problems that arise in their businesses. His practice includes business litigation, bankruptcy and business reorganization, commercial collections, and assisting clients with business transactions. He has tried commercial and tort cases to verdict in Louisiana and Texas, and has successfully defended judgments on appeal. Eric currently focuses on lender work-out agreements, bankruptcy-related litigation, negotiation and dispute resolution, and complex commercial cases for Kean Miller’s construction, energy, and financial sector clients. Eric also works with Kean Miller’s intellectual property team to litigate patent, trademark, and copyright claims.
Patrick L. McCune practices between the Baton Rouge and Shreveport offices of Wiener, Weiss & Madison. He engages in a broad legal practice, including a variety of commercial litigation matters in both state and federal courts, with a particular emphasis on creditor’s rights and litigation in bankruptcy court.
Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. (see Louisiana Court Directory) Filing bankruptcy immediately stops all of your creditors from seeking ...
Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it is usually not possible to: 1 Eliminate certain rights of “secured” creditors. A “secured” creditor has taken a mortgage or other lien on property as collateral for the loan. Common examples are car loans and home mortgages. You can force secured creditors to take payments over time in the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if your property is taken. Nevertheless, you generally cannot keep the collateral unless you continue to pay the debt 2 Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, some student loans, court restitution orders, criminal fines, and some taxes. (see Louisiana Non-Dischargeable Debts) 3 Protect cosigners on your debts. When a relative or friend has co-signed a loan, and the consumer discharges the loan in bankruptcy, the cosigner may still have to repay all or part of the loan.- Discharge debts that arise after bankruptcy has been filed.
Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, some student loans, court restitution orders, criminal fines, and some taxes. (see Louisiana Non-Dischargeable Debts) Protect cosigners on your debts.
In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors. Louisiana exemptions provides list of the exemptions available for Louisiana. In determining whether property is exempt, you must keep a few things in mind.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. (see Louisiana bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
Yes, but your spouse will still be liable for any joint debts. If you file together you will be able to double your exemptions. (see Louisiana bankruptcy exemptions) In some cases where only one spouse has debts, or one spouse has debts that are not dischargeable then it might be advisable to have only one spouse file.
Chapter 7 is known as “straight” bank ruptcy or “liquidation.”. It requires a debtor to give up property which exceeds certain limits called “exemptions”, so the property can be sold to pay creditors. Chapter 11, known as “reorganization”, is used by businesses and a few individual debtors whose debts are very large.
If you can't afford a Chapter 7 bankruptcy lawyer, consider whether one of the following might work for you: stop making payments on debts that will get wiped out in bankruptcy and pay your attorney instead. borrow the fees from a friend, family member, or even your employer. retain a bankruptcy lawyer who will handle creditor calls ...
You aren't required to have an attorney when filing for bankruptcy relief. Whether you should, however, will depend on how complicated your case is and how comfortable you are researching the law and filing on your own. In general, people who have a simple case will be better able to complete a Chapter 7 bankruptcy.
All Chapter 7 cases require you to fill out extensive bankruptcy forms, research exemption laws (to protect property) and follow all local court rules and procedures. If you aren't comfortable doing the work—and assuming the risk—consult with a bankruptcy lawyer.
The automatic stay order that stops creditors from collecting doesn't go into effect until you file the bankruptcy case. However, once you hire an attorney, you can cut down on annoying calls by instructing creditors to call your lawyer instead of you.
When you file for Chapter 7 bankruptcy, almost all property you own becomes part of the bankruptcy estate. Unless you can entirely protect an asset using a bankruptcy exemption, the bankruptcy trustee appointed to oversee your case can sell it to pay your creditors.
In addition to the above, property of the estate in Chapter 13 bankruptcy also includes any settlements or property you acquire during your case (which typically lasts three to five years). If you receive a nonexempt settlement during Chapter 13 bankruptcy, you'll likely have to pay more towards your unsecured debts in your repayment plan.
Legal claims, including personal injury and breach of contract claims , are included in the assets you must list on your bankruptcy schedules when you file for bankruptcy. Whether a settlement is the property of the bankruptcy estate will depend on the date of injury.