Filing Chapter 13 Bankruptcy in Louisiana
If you own a home or property you would like to keep, or you do not qualify to file Chapter 7 Bankruptcy, filing Chapter 13 Bankruptcy may be another option for your family. Chapter 13 Bankruptcy will not be an immediate discharge of your assets but will require you to pay either a portion or all of your debt by creating a three to five year repayment plan. The benefit of filing Chapter 13 Bankruptcy is your assets will not be liquidated, and you may be able to develop a more favorable payment schedule.
A Louisiana Bankruptcy Lawyer will file your all the bankruptcy documents and will work with you to complete your bankruptcy repayment plan. After the completion of the plan, which will be three to five years, your qualifying unsecured debts will be discharged.
The Federal Bankruptcy code outlines certain assets or personal property which will be exempt from the bankruptcy process. The goal of the government is to allow individuals filing bankruptcy maintain certain assets. Exemptions are determined at the federal level, but many states have also created their own list of bankruptcy exemptions. Depending on the state where you live, you may be able to choose between the state exemption list or the federal exemption list. Other states will only allow you to choose the state exemption list. In the state of Louisiana you are only allowed to use the Louisiana Bankruptcy Exemption List.
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