Once a person finds themselves in a situation where they are no longer able to pay for their bills, they may be eligible to file for bankruptcy. The bankruptcy process was put in place for those who are in a very tight financial situation and who find themselves unable to keep up with the monetary situation they are in. The federal law is responsible for providing the right to file for bankruptcy and these cases will be handled by the federal court. A bankruptcy attorney can walk a person through the steps and help them make the right decisions based on how serious their case is.
The property a person is allowed to keep will differ based on the type of bankruptcy they are filing. In case of a chapter 7 bankruptcy, a person can keep all the property considered exempt by the law. Exempt property is decided based on the value and how much it is worth now. A person also needs to consider the actual equity of the property as well. This can get complicated, and an attorney can help a person understand what property is considered exempt in this case and which one they are not allowed to keep.
The good news is that in many cases, a person will not lose their home and car when they file for bankruptcy. If a person’s property is not fully exempt, a person can keep it by paying the non-exempt value to creditors in Chapter 13. However, matters can get complicated and each case is different so a person should always consult with an attorney before making any decisions so they can learn more about bankruptcy before actually making the move to file for it.
What are the benefits of filing for Bankruptcy in Monroe, Louisiana?
There are many benefits to filing for bankruptcy and they include:
- Elimination of legal obligations to pay off debts, or a discharge of debts
- Preventing the foreclosure on homes and allowing missed payments
- Preventing the repossession of a vehicle or property
- Stopping the garnishment of wages and debt collection harassment
- Preventing termination of utility services
Filing for bankruptcy can provide all these benefits as well as allowing an individual to challenge the claims of their creditors who have committed fraud or who are trying to collect more money than what a person actually owes.
It’s never easy to have to deal with serious loans, and a person does not have to figure everything out on their own. Anyone who needs financial help should not despair, they should connect with a bankruptcy attorney at the Law Office of Campbell, House, and Company as soon as possible to start filing a claim and to protect their finances as much as they can.
Reach them at:
1815 Roselawn Ave
Monroe, LA 71201
Call Today: (318) 855-0285