Chapter 13 Bankruptcy Lawyers in Monroe, Louisiana
The Chapter 13 bankruptcy lawyers in the state of Louisiana can assist you if you are struggling with unpaid debts. If you are facing endless calls from collection agencies, if you are being threatened with lawsuits, threatened with wage garnishment, or have questions about whether a Chapter 13 bankruptcy may be able to allow you to keep your house and car, Campbell, House, & Company may be able to help you. Chapter 13 bankruptcy may be able to put a stop to the calls, stop the garnishment, stop the lawsuits, and help you get a new start, while keeping your house and other assets.
Bankruptcy can have major consequences on your finances and future. It isn’t the right option for everyone. Before you file for bankruptcy, consider speaking to Campbell, House, & Company, Chapter 13 bankruptcy lawyers in the state of Louisiana today.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows individuals to work out a payment plan with creditors, thus allowing individuals who don’t pass the means test for Chapter 7 bankruptcy to declare bankruptcy, or permitting individuals who own a home or other property to keep these assets while still filing for bankruptcy. Chapter 13 bankruptcy can help you restructure your debts so that you can continue to afford to pay your mortgage and other important debts like child support. If you maintain the payment plan under Chapter 13 bankruptcy, your remaining debts will be discharged at the end of the plan. The payment plan typically lasts anywhere from 3 years to 5 years.
As long as your unsecured debts (like credit card debt) are less than $394,725 and your secured debts (like a mortgage) are less than $1,184,200, you are permitted to file for Chapter 13 bankruptcy. During the proceedings, you will be required to supply financial documents to the court and disclose your debts, assets, and income. At the most basic level, you must list all your creditors (all the people to whom you owe money), how and where you make your money, what you own, and provide a detailed list of your living expenses and costs.
Once you file for Chapter 13 bankruptcy, all debt collection processes must stop, and this includes lawsuits. If you were facing wage garnishment, this must also stop. These are some of the immediate benefits of filing for bankruptcy.
Not sure if Chapter 13 bankruptcy is right for you? Have questions about whether you should file for Chapter 13 bankruptcy? Campbell, House, & Company are Chapter 13 bankruptcy lawyers in the state of Louisiana who may be able to help you. We can help you understand the pros and cons of bankruptcy, review your unique situation, and assist you with the next steps.
Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy
Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in several ways. With Chapter 13 bankruptcy you can keep certain assets like your home or car, and higher earners may qualify for Chapter 13 bankruptcy, while they may not qualify for Chapter 7. If you cannot pass the means test for Chapter 7 bankruptcy, Chapter 13 may be an option. If you own a home and do not want to lose your home in bankruptcy, Chapter 13 may be your best option, though there are certain circumstances where people can keep their homes under Chapter 7 bankruptcy. Both types of bankruptcy discharge your debts, but with Chapter 13 bankruptcy you’ll first need to complete a payment plan that can last anywhere from 3 to 5 years. Both types of bankruptcy put a stop to debt collections, put a stop to most forms of wage garnishment, and both put a stop to lawsuits.
If you are trying to decide whether to apply to Chapter 13 bankruptcy or Chapter 7 bankruptcy, you don’t need to navigate the process alone. Campbell, House, & Company are Chapter 13 bankruptcy attorneys in the state of Louisiana who may be able to assist you. Reach out to our Chapter 13 bankruptcy attorneys today.
Contact a Chapter 13 Bankruptcy Lawyer
If you are facing pressure from debt collectors, being threatened about wage garnishment, are being threatened with lawsuits, or are afraid of losing your home because you have too much debt, you are not alone. In the wake of the COVID-19 pandemic, many people have lost jobs, been laid off, and are facing immense debt. If you are in this situation, you may be wondering whether Chapter 13 bankruptcy is an option for you. Campbell, House, & Company are Chapter 13 bankruptcy attorneys in the state of Louisiana who may be able to help you. We can help you decide which type of bankruptcy is right for you, what next steps you need to take, and help you understand the consequences and obligations that come along with Chapter 13 bankruptcy.