Frequently Asked Questions about Bankruptcy
The attorneys of Grand Law Firm in New Orleans and Baton Rouge, Louisiana, have more than 25 years of combined legal experience helping people get debt relief through bankruptcy. We pride ourselves on protecting our clients' interests throughout the process, whether you are trying to keep your home out of foreclosure or just want to start fresh.
Contact us for a free initial consultation in our Baton Rouge or New Orleans, Louisiana, law offices. An experienced bankruptcy lawyer at Grand Law Firm will meet with you one on one to discuss your concerns and recommend the next step that will work best for you.
What Is Chapter 13 Bankruptcy?
In a Chapter 13 "wage earner" bankruptcy, the court approves a repayment plan based on your ability to pay. The plan lasts three to five years. Once you have made all of the payments, any remaining debt that was included in the plan is discharged.
What Is Chapter 7 Bankruptcy?
In Chapter 7 or "liquidation bankruptcy," some of your assets may be sold and all of your qualifying debt is "discharged" or forgiven. Some debt, such as taxes, child support and student loans typically does not qualify for discharge under bankruptcy.
What Is Chapter 11 Bankruptcy?
Both small businesses and large companies file for Chapter 11 protection in order to reorganize debts and pay them off under court supervision. It is not uncommon for companies to emerge even stronger from Chapter 11 bankruptcy.
If I Declare Bankruptcy, Will I Ever Qualify for a Credit Card Again?
Yes. If you file for Chapter 7 bankruptcy, your credit score will improve over time. With Chapter 13, credit repair begins almost immediately, as long as you continue to make regular payments on the court-approved plan.
Can I File for Bankruptcy and Still Keep My Home and Car?
Yes. Filing for bankruptcy virtually never results in your losing your car. Under a Chapter 13 debt reorganization, you can elect to include any past-due mortgage debt in your court-approved repayment plan so you can keep your home.
If I Get Back Into Debt, Can I File for Bankruptcy Again?
You cannot file again for 8 years.
Is Debt Consolidation a Good Option?
We do not recommend contacting any for-profit debt management company that promises it can reduce your debt through debt consolidation. Some of these companies are just scam artists. Others work hand-in-hand with creditors, and do not have your best interests in mind. We have had many clients come to us after paying large sums of money to these firms and getting no results whatsoever.
A qualified bankruptcy lawyer can provide true debt counseling and advise you on the best way to repay or discharge your debt.
Contact Grand Law Firm for a free initial bankruptcy consultation at our law offices in New Orleans or Baton Rouge, Louisiana. We can help you make a fresh start.
Before your initial consultation, we recommend printing out our bankruptcy worksheets package and filling out what you can.