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Bankruptcy Law Expert New Orleans Tips...

What happens When I file Bankruptcy in New Orleans? Here are the Bankruptcy Law Expert New Orleans Tips...
 
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There are more than one kind of bankruptcy. When most people think of bankruptcy, they are thinking of Chapter 7 bankruptcy. The goal of a Chapter 7 bankruptcy is a court order, called a "discharge". The discharge is a Federal court order that prevents creditors from collecting from the person that has filed bankruptcy. Some debts are non-dischargeable, meaning that you still owe them after the bankruptcy. Examples of non-dischargeable debts include many (but not all) taxes, most student loans, alimony, child support, court-ordered criminal restitution, and debts incurred through fraud. A Chapter 7 discharge also does not usually eliminate liens or security interests; meaning if you have a car loan or mortgage (and sometimes, but rarely, furniture, jewelry, or others) you have to continue to pay that loan or they can repossess the property (but not collect any money - just the property).

The trade-off for the discharge in a Chapter 7 is that a "trustee" is assigned to administer your case, and they might be entitled to take some property from you and sell it to pay to your creditors. Some of your property is safe, under laws called "exemptions," that are different depending on the state you live in. Most Chapter 7 cases, though, are "no asset" cases - meaning that there are no assets that the trustee is allowed to take.

There is also another kind of bankruptcy, called Chapter 13, that is a "reorganization" of debts that can help you repay your debts under different terms than the original contracts, while still eliminating some or all "unsecured" debts like credit cards. Chapter 13 cases can be very complicated and an attorney is pretty much required.

The mere fact that you have filed a bankruptcy can appear on your credit report for 10 years, but if you do the right things you can rebuild your score in less than 3. Right now, every month that you miss payments your credit score gets worse. Your credit score will not improve until you resume making regular, timely payments on all of your debts. However, if you file bankruptcy, then that is the last black mark against you. From there on you are in a position to rebuild. So ask yourself, in three years, will you have paid off all of your debt? If not, then bankruptcy may, in the long run, actually be better for your credit.

Nearly all consumer bankruptcy attorneys offer free consultations. Take advantage of this to meet with one and get advice based on all of the details of your particular situation. You can find a referral at NACBA.org (National Association of Consumer Bankruptcy Attorneys).
 
Source: Yahoo Answers)
 

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