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Posts tagged "Chapter 13"

Bankruptcy potential solution if a co-signed loan goes unpaid

Louisiana parents may find it difficult to refuse a request to co-sign a loan -- particularly if it is for a child who is just starting out and trying to build a credit history. However, this merits careful consideration. Learning about the risks and gaining an understanding of the remedies, including bankruptcy protection in some circumstances, is likely prudent.

Bankruptcy may resolve overwhelming credit card debt issues

The Federal Reserve says credit card debt was second on the list of consumer debts in 2014. Financial advisors also say that a significant number of consumer bankruptcy filings involve overwhelming credit card debt nationwide, including in Louisiana. They say the reason for this is consumers forgetting to manage their credit card use. Reportedly, most users are not as careful when using their credit card as they are when spending cash. Very often, this results in the consumer becoming overwhelmed by debt.

Bankruptcy may rescue those with too much credit card debt

Many families nationwide, including in Louisiana, have high levels of credit card debt. Some land in a spiral of debt that can become overwhelming, but many consumers will avoid filing for bankruptcy at all costs. If credit card debt payments go unpaid for three months, the lenders will likely hand the debt over to a collection agency. The debt collectors may expose the consumer to all kinds of harassment.

Discharging tax debt in bankruptcy: can it be done? P.2

Previously, we began looking at the issue of discharging tax debts in bankruptcy. As we noted, it is possible to discharge tax debts, but certain requirements must be met and not all types of tax debt will qualify for discharge. We’ve already spoken briefly about the rules that apply to tax debt discharge.

What options exist to keep your vehicle or get it back?

To get around the Lafayette area, you likely depend on your vehicle to get to work and drive children to their events. If you fall behind on a car payment or two, you may start getting threatening phone calls from your lender. Are you starting to feel like there's no way to avoid the repossession?

Modification of Chapter 13 repayment plan, P.1

Previously, we looked at a recent bankruptcy case in which the court determined that a debtor’s personal injury settlement, which was obtained while his Chapter 13 repayment plan was still ongoing, was part of the bankruptcy estate and could therefore be worked into the debtor’s repayment plan. The court, in making the ruling, adopted a growing majority approach to determining whether property acquired by a Chapter 13 debtor after confirmation of a repayment plan is part of the bankruptcy estate.

Can a mortgage or loan be obtained after bankruptcy?

When Louisiana consumers face unmanageable debts, they will likely explore the options available to remedy the situation. While there are various methods to obtain debt relief, most of them are time-consuming and offer no protection against creditor harassment during that time. Personal bankruptcy is a solution that offers debt relief and freedom from creditor action. Although filing for bankruptcy will have a severe impact on the filer's credit score, so will months and months of struggling to get relief while debts get further behind.

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.


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

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