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August 2016 Archives

Chapter 7 can get complicated

When Louisiana residents file for Chapter 7 bankruptcy, they usually do so because they have few assets and no realistic hope of being able to pay off their debts in the future. At the time of the bankruptcy, the debtor is expected to turn over all nonexempt assets to the bankruptcy trustee for liquidation, with the proceeds distributed to creditors. Only then can most of the the debtor's remaining unsecured liabilities be discharged by the court.

A guide to avoiding bankruptcy in Louisiana

While a bankruptcy can help free an individual from debt, it will leave a stain on one's credit. During the seven to 10 years the bankruptcy stays on a credit report, it may be difficult to get a loan or even rent a car. Therefore, it is important to know whether bankruptcy is the best option to overcome financial difficulties.

Fee-only chapter 13 bankruptcy plan

Elderly individuals sometimes have trouble making ends meet when living on a fixed income. Paying off living expenses and debts can be even more difficult when dealing with typical health problems that come with old age. Louisiana senior citizens and their loved ones might be interested in a recent court ruling that could have ramifications on seniors who file for bankruptcy.

What happens to the proceeds of a settlement in Chapter 13 bankruptcy?

Chapter 13 bankruptcy can be a significant source of financial relief for struggling debtors with a regular income. As we’ve previously discussed on this blog, Chapter 13 bankruptcy works by establishing a three to five year repayment plan. One of the major benefits of this form of bankruptcy over Chapter 7 bankruptcy is that no assets are sold to make the plan work.

Bankruptcy alternatives—can they really help? P.2

In our last post, we briefly described several common bankruptcy alternatives, including debt credit counseling and debt management. As we noted, credit counseling is sometimes done in connection with debt management, which can be beneficial to some debtors. It is important for debtors to realize, though, that debt management plans are not workable for every debtor’s situation, nor is debt management always the most beneficial form of debt relief for every debtor.

Bankruptcy alternatives—can they really help?

Bankruptcy is a serious step in the life of a struggling debtor. The implications of filing should not be blown out of proportion, of course, but they are significant. For this reason, it is important for debtors considering filing for bankruptcy relief to always consider the available alternatives.

Contact

Richoux Law Firm, L.L.C.
110 E. Kaliste Saloom Road
Suite 205
Lafayette, LA 70508

Toll Free: 888-327-5740
Phone: 337-205-7049
Fax: 337-456-6299
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