Bankruptcy Services in Monroe
Filing bankruptcy in Monroe
A bankruptcy remains on your credit record for up to ten years, so you should be absolutely sure that bankruptcy is your last and best option. If you are certain filing for bankruptcy is the right move, you should follow these steps:
Contact a bankruptcy lawyer in Monroe:
- A bankruptcy lawyer will provide guidance and advice throughout the bankruptcy process. The first thing they can do is help you decide whether Chapter 7 or Chapter 13 bankruptcy is the best option for your situation. In order to file for Chapter 7 in Monroe, you are required to take a means test. If your current monthly income is below the median income for your family size in Louisiana, you are eligible to file for Chapter 7 bankruptcy.
Attend consumer credit counseling:
- U.S. bankruptcy laws changed significantly in 2005, requiring an individual to attend consumer credit counseling by a U.S. Trustee-approved entity within 180 days prior to filing for bankruptcy.
Prepare documents and file:
- Once you decide which type of bankruptcy to file, your lawyer helps you prepare the necessary documents and, if filing for Chapter 7, determine what property of yours is eligible for exemption in Monroe. Once your documents are filed with the bankruptcy court, an automatic stay takes effect, protecting you from actions by creditors such as litigation and wage garnishment.
Attend a meeting with creditors and a trustee:
- This meeting usually takes place within a month or so after the date you submit your petition to the court. You will meet with creditors (if they choose to attend) and a trustee appointed to your case. While under oath, you answer the trustee’s questions, which are designed to confirm the accuracy of the information you provided and determine if anything is missing from your paperwork.
Liquidate assets or enter a repayment plan:
- If you filed for Chapter 7, your non-exempt property is sold, the proceeds of which can be used to pay creditors. If you filed for Chapter 13 in Monroe, you are required to enter a payment plan, typically of three to five years, to satisfy the demands of creditors.
Bankruptcy help and advice in Monroe
If debt has gotten the better of you, the husband and wife attorneys at Harrod & Harrod want to help. We provide a range of bankruptcy services, including advice on what type of bankruptcy to pursue, help filing documents, and bankruptcy litigation. Even if you just want to talk about the state of your finances, we are here for you. Contact us for a free consultation.
