When individuals who reside in Louisiana are faced with many debts, and they find themselves in a financial situation that seems impossible to come out of, they have the option of filing for bankruptcy to help them out in this messy situation. Before going ahead with this decision, it works in a person’s favor to reach out to an attorney who specializes in dealing with bankruptcy cases. The reason it is better to consult a professional first is because of the possible drawbacks of filing for bankruptcy.
A person should only move forward once they have thoroughly understood what is expected from them and what is potentially at stake. All individuals who file for bankruptcy must first receive credit counseling for six months before they go forward with this form of debt relief. They further have to complete a course regarding financial management. Also, before a person can file for any form of bankruptcy, they will have their finances scrutinized. Their income will be averaged out for the last six months and then compared to the median of the state. If it falls under the median, they can file a Chapter 7 bankruptcy. If it is more, they may be eligible for a Chapter 13.
A bankruptcy lawyer can help a person gather their files and submit their paperwork, so the process is as smooth and quick as possible and there is no unnecessary struggling and misunderstanding that takes place.
What documents are required when filing for bankruptcy in Monroe, Louisiana?
There are many papers a person will have to provide for their application to be completed successfully. These include a person’s proof of income, their monthly living expenses, their debts, their proof of major financial transactions, their complete list of possessions and assets, their tax returns, and their loan documentation.
Whether a person files for a Chapter 7 or 13 depends on their own personal circumstances and what sort of debt relief they are looking for. Every individual should think very carefully before going forward with their application, so they do not have regrets build up later on. Filing for bankruptcy is a viable option for anyone who finds they are unable to manage their debts and their finances any longer. The entire process will give a person the education and counseling they need to learn how to manage their finances and also the legal relaxation they need as well so they can continue living without so much financial strain.
Get in touch with a bankruptcy attorney today at Campbell, House, and Company to get help with the legal process and to get another chance at fixing one’s financial situation.
Reach them at:
1815 Roselawn Ave
Monroe, LA 71201
Call Today: (318) 855-0285