Over the last few years, some consumers in Louisiana have found themselves in a money crunch as prices have continued to rise, but wages have not kept pace. This money crunch has led to a significant rise in credit card debt as some households need to stretch their dollars. Others have started spending substantial amounts on vacations as they can travel again. Both situations have led to balances that they may be unable to pay. Credit card debt can mount slowly Frequently, consumers don’t realize that putting multiple purchases on their credit cards can lead them to bankruptcy. Making a small ..read more

If you are getting behind on your bills in Louisiana, you may consider filing for bankruptcy. Before you make this move, be aware that some debt is not dischargeable in bankruptcy. Student loan debt Americans owe more than $1.76 trillion in student loan debt, which is generally not dismissed by bankruptcy. For bankruptcy to get rid of this debt, you must prove that you cannot pay it now and that your situation is unlikely to change. Alimony and child support If the judge ordered you to pay alimony or child support while you were getting divorced, you would still need to make those payments. Fu ..read more

Pre-bankruptcy credit counseling is mandatory before filing for bankruptcy in Louisiana or anywhere in the United States. You must complete the counseling before declaring bankruptcy. Failure to do so will likely result in the denial of your bankruptcy case. There is a fee for pre-bankruptcy credit counseling. However, you might get free counseling if you apply for a fee waiver. What is a bankruptcy credit counseling fee waiver? Credit counseling providers charge anywhere from $10 to $50 for pre-bankruptcy credit counseling. Considering your financial situation, you may not have the funds to p ..read more

Many Louisiana residents have problems with debt, and many cannot foreseeably pay it off. After exhausting other options, bankruptcy might be the way to go. Comparing Chapter 7 and Chapter 13 bankruptcy can help determine which is best for you. Understanding Chapter 7 bankruptcy Chapter 7 bankruptcy is a good option if you have limited finances and no way to pay back debt to your creditors. In order to qualify, you must pass a means test, which measures your income. If you have little to no income and little to no assets, you can file for Chapter 7 and don’t have to pay back most of your unsec ..read more

Welcome to Simon Fitzgerald LLC, the leading bankruptcy law firm in Louisiana. We understand the concerns and misconceptions surrounding bankruptcy. Here, we present real-world scenarios based on hypothetical individuals or couples facing financial challenges. These situations highlight everyday concerns when considering bankruptcy as a solution. Our initial consultation is free, allowing you to explore bankruptcy solutions without financial commitment. Situation 1: The Stigma of Bankruptcy – Meet Sarah Sarah is a hardworking single mother struggling to make ends meet. She fears the stigma of ..read more

Louisiana residents who seek debt relief by filing for bankruptcy can keep assets that they are making payments on, such as cars and homes, by using a bankruptcy exemption called keep-and-pay. These arrangements must be approved by the court, but that is rarely an issue as long as they are made in good faith, the payments are likely to be paid, and creditors do not object. When the asset involved is a vehicle that a bankruptcy filer uses to earn a living or get to and from work, court approval is extremely likely. Why creditors agree Banks do not operate in the real estate or automobile sector ..read more

Some consumers who are overwhelmed by their financial obligations turn toward Chapter 13 bankruptcy protections. A Louisiana resident could seek debt relief without being forced into lawsuits or collection actions because of insolvency. However, not every person wants to complete Chapter 13 and may consider exiting early. Such a decision could come with problems. A Chapter 13 plan Chapter 13 bankruptcy involves restructuring debts and agreeing to a 3- to 5-year payment plan. So, some debts would face discharge while others may end up negotiated to a lower amount. The remaining debt becomes par ..read more

When people in Louisiana and around the country file personal bankruptcies, the judge handling the case issues what is known as an automatic stay. This is a court order that prohibits creditors from attempting to collect debts from individuals who have filed for bankruptcy until the case is resolved, and it goes into effect as soon as the paperwork is filed. Automatic stays protect consumers from daily harassment from creditors and bill collectors, and they can also prevent foreclosures, evictions, and wage garnishments and put a halt to debt-related litigation. Protecting consumers and credit ..read more

If you are struggling to stay current on credit cards, auto loans, or other debt, you may want to consider filing for Chapter 7 bankruptcy. To qualify, you will likely need to pass a means test verifying that you have little or no disposable income. There may also be additional steps that you’ll need to take prior to filing a bankruptcy petition in Louisiana federal court. Stop amassing debt You should stop using credit cards or other lines of credit the moment that you plan on filing for bankruptcy. If you accrue additional debt just before you file, creditors may claim that you’re not doing ..read more

If you are trying to cope with overwhelming debt in Louisiana, you might consider bankruptcy. While bankruptcy is often an effective form of debt relief, there are a lot of misunderstandings about how it works. What you should know about bankruptcy Bankruptcy is a complicated issue. Here are some things that you should know about this form of debt relief. 1. Some debt is not dischargeable The types of debt not eliminated in bankruptcy include child support, judgments for injuries caused by drunk driving, some tax debt and, in most cases, student loans. 2. You have protection against collection ..read more