Facing financial struggles is an issue that no Louisiana resident wants to deal with. Unfortunately, numerous people do end up in difficult positions regarding their financial affairs, even if they generate a steady income. For consumers who do have a regular income but are still facing overwhelming debt, Chapter 13 bankruptcy may be a worthwhile option to consider.
Any bankruptcy process can be challenging to complete. With Chapter 13, qualifying individuals will work to repay their debts over a three to five year period, according to a court-approved plan. The exact length will depend on the amount of income a person generates. The person will need to go through credit counseling before filing for Chapter 13 and then file a petition for bankruptcy with the court.
It is also necessary to provide certain information in addition to the petition. The filed will need to list assets and debts, current income and a statement of financial affairs. There are also fees that must be handled as part of the case, which include a filing fee and administrative fee. These steps represent just the first few involved with starting this complex but often beneficial process.
Though bankruptcy is not for everyone, it can help a great deal for those who qualify. Louisiana residents who are contemplating their options for handling serious financial issues may want to look into Chapter 13 bankruptcy. To gain a better understanding of the first steps and what comes after filing a petition with the court, it is wise to gain the guidance of experienced attorneys.