Foreclosures are on the rise. Due to today's tough economic climate, many families are struggling to keep up. Due to layoffs, cutbacks or catastrophic medical expenses, you may be wondering how you will possibly make all your monthly payments and save your home. The protections and reorganization of Chapter 13 Bankruptcy may be right for you.
To find out more about bankruptcy, we recommend you consult an experienced bankruptcy attorney. At Bacchus Law Group, LLC we counsel clients that bankruptcy is not a sign of shame or failure. Chapter 13 Bankruptcy lets you reorganize your debts in payments over three to five years. Note that it is a common misunderstanding that filing a Chapter 13 plan of reorganization necessarily means that you have to pay back all of your unsecured creditors. Depending on your past and present income as well as your projected living expenses, it may be that you receive a full discharge of liability on your unsecured debts just as if you filed a Chapter 7 bankruptcy. A through consultation and evaluation of income and expenses will help your attorney determine to what extent you must pay back certain creditors. Call for your free Chapter 13 plan analysis today!
Contact the firm to discuss your case. Serving Covington, La; Mandeville, La; LaPlace and the River Parishes as well as the Greater New Orleans area.
Chapter 13 Bankruptcy is also called a wage earner or debt repayment plan. It is essential that you meet with an experienced bankruptcy lawyer so that you can properly understand all the inner workings and benefits of a Chapter 13 Reorganization. Chapter 13 is not so much about qualifying as it about proving feasibility. You must be able to show the Court that you have enough disposable income after reasonable and necessary living expenses to support a repayment plan.
If your income is lower than the median, you may propose a three year repayment plan. If your income is higher than the median, you may propose a five year repayment plan. If you lose your job halfway through the payment plan, you may request a modification.
You will not qualify for Chapter 13 Bankruptcy if secured debt such as a mortgage exceeds $1,010,650, or unsecured debt such as money owed on credit cards, exceeds $336,900.
If you decide to move forward with Chapter 13 Bankruptcy, you must complete required credit counseling education to meet bankruptcy requirements. Enter attorney code RL4789 to have a certificate of completion sent to our office prior to filing.
When you file for Chapter 13 Bankruptcy, the court will order an automatic stay. That means that your creditors may not contact you at work or at home to collect unpaid debts. If your home is in foreclosure, it may not be sold, and creditors may not garnish your wages. The stay remains in force throughout the three to five years of the payment plan.
The Bacchus Law Group, LLC prides itself on client communication. Our attorneys keep clients informed of every step of step of the process involved in resolving their concern. Phone calls are important and are returned within the same day. Contact the firm to schedule a free telephone consultation about your Chapter 13 or Chapter 7 Bankruptcy concerns with a qualified lawyer.
Bacchus Law Group, LLC
NORTHSHORE OFFICE
The Arbor Walk Professional Centre
389Highway 21 Ste 402B
Madisonville, LA 70447
Map and Directions
Phone 985-206-9111
Fax 985-206-9112
LaPlace Office:
518 Belle Terre Blvd
Laplace, LA 70068
Telephone: 985-651-5421 | Fax: 985-651-5491
Map and Directions
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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