Automatic stays in personal bankruptcy cases
Simon Fitzgerald Blog
by jerricraventextbroker
1w ago
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 credito ..read more
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Getting ready for your Chapter 7 bankruptcy
Simon Fitzgerald Blog
by jerricraventextbroker
1w ago
If you are struggling to stay current on credit card, auto loan or other debts, 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 so ..read more
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Should you file for Chapter 7 or 13 bankruptcy?
Simon Fitzgerald Blog
by jerricraventextbroker
3w ago
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
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8 things to know about bankruptcy
Simon Fitzgerald Blog
by jerricraventextbroker
1M ago
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
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How Chapter 13 works
Simon Fitzgerald Blog
by jerricraventextbroker
2M ago
Persons struggling with financial situations may discover they cannot pay their creditors. Rather than continue with their current insurmountable debt situation, Louisiana debtors might file for bankruptcy in federal court. For many, Chapter 13 is the appropriate bankruptcy category for them. Chapter 13 bankruptcy Another name for Chapter 13 bankruptcy is wage earner bankruptcy. The category receives this description because it involves the debtor making payments to creditors as part of a payment plan. The debtor likely has sufficient income to make agreed-upon payments. Another category of pe ..read more
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Debts and Chapter 7 discharges
Simon Fitzgerald Blog
by jerricraventextbroker
2M ago
Chapter 7 bankruptcy might be the preferable option for those who pass the requisite means test. Under Chapter 7 rules, particularly unsecured debts may face discharge, indicating the debtor no longer must pay the debts. However, not all debts face dismissal, and some obligations remain. Understanding Chapter 7 Numerous debtors find Chapter 7 provides an acceptable agreement. Certain assets may be liquidated to pay creditors, and unsecured debt, such as credit card balances, could be discharged entirely, freeing the debtor from any obligations. The court will look to make sure that the account ..read more
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Can student loans be discharged by bankruptcy?
Simon Fitzgerald Blog
by jerricraventextbroker
2M ago
Filing for bankruptcy in Louisiana is a big step. Although you must meet certain legal guidelines to qualify for total or partial debt forgiveness, time is of the essence if you want to stave off more costly, long-term legal issues like foreclosure, wage garnishment, or repossession. One thing that has been exempt from bankruptcy protection for some time is student loan debt. How does the federal student loan forgiveness program affect that exemption? Previous guidelines regarding student debt forgiveness Prior to 2022, students could only discharge federal student loans under very specific ..read more
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Chapter 13 bankruptcy for those who qualify
Simon Fitzgerald Blog
by jerricraventextbroker
3M ago
Chapter 13 bankruptcy is one of the two main types of bankruptcy generally open to Louisiana consumers, the other being Chapter 7. Chapter 13 is also sometimes referred to as a wage earner’s bankruptcy because it is available to people who have a steady source of income but cannot keep up with their bills. Typically in Chapter 13 bankruptcy, the person’s debts are reorganized so that they can be paid down over a period of between three and five years. Benefits of Chapter 13 bankruptcy One of the primary parts of a Chapter 13 bankruptcy is the repayment plan, whereby the bankruptcy court determ ..read more
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Is there a way to keep credit cards when declaring bankruptcy?
Simon Fitzgerald Blog
by jerricraventextbroker
3M ago
With so many struggling to make ends meet, it’s no wonder that bankruptcies are on the rise. But what happens to your credit cards when you declare bankruptcy in Shreveport, Louisiana? Can you keep any of your credit cards? When you file for bankruptcy, you must report all your credit cards. Reporting includes cards that have a zero balance. So, the short answer is no. Eventually, credit cards will start to become available again. At first, offers of secured credit cards will start showing up in the mail and possibly emails. Those are the cards secured by your money. Not having credit cards ca ..read more
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Can you afford bankruptcy in Louisiana?
Simon Fitzgerald Blog
by jerricraventextbroker
3M ago
One of the main reasons why people avoid filing for bankruptcy is they worry about how much it will cost. It might not cost as much as you fear, and there are some options for gathering the money to file or waiving the fees. Bankruptcy filing fee Filing for a Chapter 13 bankruptcy in Louisiana is $313, and filing for a Chapter 7 is $338. It could be possible for you to waive the fee or pay it in installments. Those who live under 150% of the poverty line in Louisiana may waive the fee. For a one-person household, this level was $13,590 in 2022. The poverty line changes often, so you should che ..read more
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