Consumer Bankruptcy Lawyers in Baton Rouge, Louisiana

Find the right Consumer Bankruptcy attorney in Baton Rouge, LA

Bankruptcy is a legal procedure allowing a person or business to have their debts absolved, in part or in whole. It is normally treated as a last resort, because, while it can prevent financial catastrophe, it has some huge long-term consequences. This warrants careful consideration of the costs and benefits. Bankruptcy is a formation of federal law, and goes through federal courts. Therefore, the process governing bankruptcy in Louisiana will be roughly the same as it is everywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Baton Rouge, Louisiana before you file.

Chapter 7 Bankruptcy in Baton Rouge, Louisiana

There are 2 main forms of bankruptcy in Baton Rouge, Louisiana. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Baton Rouge, Louisiana is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Baton Rouge, Louisiana

Chapter 13 bankruptcy in Baton Rouge, Louisiana is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Baton Rouge, Louisiana

Which Bankruptcy type to file under depends strongly on the facts of each particular case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local Baton Rouge, Louisiana bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Baton Rouge

Baton Rouge is a great place to have some fun! For some fun in the sun, families can go to Blue Bayou Water Park. The park includes crazy waterslides and tubes, and cafes with great food. Right across the street is Dixie Landin Theme Park with great roller coasters and rides for all ages.

For a more relaxing outing, try a boat ride on Casino Riverboats. These riverboats feature live music, buffets, and gaming tables! Casino Riverboat rides are a great way to eat, drink, enjoy the water, and have some fun gambling.

Baton Rouge is also an area rich in history. There are many historical sites to visit, including the Enchanted Mansion Doll Museum, the Magnolia Mound Plantation, Mount Hope Plantation, and San Francisco Plantation.

However, fun is not the only thing Baton Rouge is about. Baton Rouge is filled with many great law firms that have a large clientele, are experienced in all practice areas, and have skilled lawyers working for them. Therefore, have no fear because any legal need can be met in Baton Rouge!

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