Filing Bankruptcy New Orleans

Looking for info about filing bankruptcy? New Orleans Bankruptcy Experts can help you understand the costs and the types of bankruptcy options you may have.

Filing Bankruptcy New Orleans (Expert Guide)

What are the types of Bankruptcy Filing Options in New Orleans?

Here's What the Best Bankruptcy Law Experts New Orleans Has to offer Say...

Bankruptcy law expert

Question:

What are the common types of bankruptcy? What do they mean? Can I file Bankruptcy in New Orleans?

Answer:

Ch 7 is the liquidation bankruptcy, It's relatively simple and cheap to file, All debt discharged under that chapter are wiped out, and the debtor is no longer liable for it, Usually this chapter is filed and discharged in 6-months, It the chapter that allows you start fresh with no debt bankruptcy,

Ch 13 forces the filer to pay some of their debt back according to the schedule set by the bankruptcy court, An individual can remain in a ch 13 for up to 60-months with the bankruptcy trustee paying your creditors, at the end of the time, the remaining debt is discharged and the debtor is no longer liable for it,

Ch 13 costs more to file and administer,

Reasons someone would file a 13 vs a 7 is to protect assets, Say they have large unsecured debt and they have a large amount of nonexempt property, under Ch 7 the trustee can seize those assets, sell them and use that money to pay the creditors, Also if someone is behind on their mortgage and facing foreclosure, filing a 13 will stop the process allowing the individual to possibly catch up the mortgage,

It is also possible to discharge taxes, student loans under a ch 13 filing .

Under ch 13, the trustee doesn't seize property, he sets up a repayment schedule and he pays those creditors from the money you pay him, The bankruptcy trustee gets a percentage of the amount paid back under the plan so it's reasonable to assume you could get a very aggressive trustee ..


You can only file a ch 7 once every 8 years so it's a chapter you don't want to use unless you need to,

Ch 11 is a chapter filed by business, allows for reorganization similar to the 13, Individuals can file a 13 but the cost to file and administer it are more than a 13,

Ch 12 is used by farmers...
Chapter 13 is like Chapter 11, but for families and individuals only. It has streamlined, simplified procedures so that attorneys fees don't get as high as they do in Chapter 11 or 12 cases.
(Source: Yahoo Answers)
 
 
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