If you are currently drowning in debt ― with bill collectors calling you day and night ― you need to pursue every legal option at your disposal, including bankruptcy.
At the law firm of Evans & Franklin in Bossier City, we are dedicated to helping people throughout the greater Shreveport area get out from under debt. No matter your circumstances, we will take the time to sit down with you and carefully explain the benefits and protections offered by bankruptcy. For instance, did you know that when you file bankruptcy, all attempts to collect on a debt are automatically stayed? This means that you can stop foreclosure actions and collection lawsuits in their tracks, not to mention ending debt collector harassment immediately.
Let the attorneys at Evans & Franklin help you get the fresh financial start you so desperately need.
Typically, consumers struggling with debt will choose to file either Chapter 7 or Chapter 13 bankruptcy. Understanding the differences between the two is crucial in order to figure out which one will serve your needs better.
Essentially, during Chapter 7, a bankruptcy trustee will sell ― or liquidate ― your assets and divide the proceeds between your creditors. Importantly, some of your assets can be protected from this process, including a predetermined amount of equity in your home and some personal belongings. Following a Chapter 7 bankruptcy, the majority of your debts will be discharged, meaning you no longer are responsible for paying them.
Alternatively, a Chapter 13 bankruptcy involves the reorganization of your debt and a repayment plan that generally lasts three to five years. In many cases, you will even be able to discharge a certain percentage of unsecured debt such as credit card debt. Also, unlike Chapter 7, you do not have to surrender your assets to pay creditors, which means you will likely be able to keep your property so long as you stick to the payment plan.
When it comes to bankruptcy in Louisiana, every person’s situation is different, which is why it is always best to seek legal counsel. Contact the experienced and knowledgeable lawyers at Evans & Franklin today to discover what bankruptcy alternatives are best suited to meet your financial needs and give you a new start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.