Monroe, Louisiana, Credit Counseling and Debtor Education

Federal law governs the rules regarding bankruptcy and these rules are detailed and must be followed closely for a person to have their application accepted. A bankruptcy lawyer can guide a person through the process and give them the legal help they need to reset their financial situation again.

The first thing a person will have to do to even be considered for the application is to receive proper credit counseling from an approved agency. This agency must be authorized by the United States Trustee and a person should get their credit counseling done within 6 months before they file for bankruptcy. Aside from credit counseling, individuals will also have to take a debtor education course before they can receive their bankruptcy discharge. The purpose of this is to show that a person understands how to manage their money and they have explored every other option before turning to bankruptcy.

Filing for bankruptcy also has its own repercussions and an attorney can educate a person on whether this is the right financial decision for them or if there is another option available, the credit counseling and debtor education they receive will also make these options clear to them.

Means tests in Monroe, Louisiana

When an individual files for bankruptcy in Louisiana, they have to compare their income to the median of the area, and if the income is less than the median, they will be allowed to file a Chapter 7. If they opt for Chapter 13, they can use a 3-year repayment plan. If the income is above the median, a person may still be allowed to file a Chapter 7 based on the details of their case.

Filing for bankruptcy can get overly complicated, and it is always wiser for a person to do so with the help of an attorney by their side. Once a person has their application accepted, they have to follow through with the agreement they made and that is why they should think everything through very carefully before they actually make the decision. Filing for bankruptcy is a viable option for any individual who is highly financially strained, and who needs help paying off and managing the debts they collected. For many people, the debt relief offered through bankruptcy is a chance for them to restart their life and make the correct financial decisions this second time around.

Everyone deserves a second chance and anyone who is considering bankruptcy should reach out to a bankruptcy lawyer at the Law Office of Campell, House, and Company today to get proper assistance with filing a legitimate bankruptcy file.

Reach them at:

1815 Roselawn Ave

Monroe, LA 71201