711 West Pinhook Rd. Lafayette, LA
(337) 233-5195

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy – Lafayette Louisiana

Chapter 7 bankruptcy is a sought-after option for individuals looking for debt relief because it allows them to completely wipe out all of their dischargeable debt and make a fresh start. Chapter 7 is often viewed as the quickest, easiest and most affordable solution. However, not everyone will qualify for Chapter 7, as one of the requirements is based on income. To find out if you qualify, contact a knowledgeable Lafayette Chapter 7 bankruptcy attorney at Vidrine & Vidrine at 337-233-5195. The firm offers free initial consultations with a dedicated lawyer who has more than 20 years of experience helping people just like you.

Credit Card Debt Relief: Attorney Serving Abbeville And Throughout Southwest Louisiana

Dischargeable debt includes credit card debt, medical bills, payday loans, personal lines of credit and other unsecured debt. In a Chapter 7, a trustee will be appointed to your case and will attempt to sell off any assets that are not exempt, in order to pay off some of your debt. Federal and Louisiana bankruptcy laws provide exemptions (up to specific amounts) for the following:

•Homestead
•Household goods and furnishings
•Clothing
•Life insurance proceedings
•Vehicle
•Two firearms
•Burial plots
•Qualified retirement accounts

If your personal property is valued above the exemption limit, you may have options that will allow you to keep it. After the trustee has liquidated all possible assets, all of your remaining dischargeable debt will be erased. It is important to note that certain debts are non-dischargeable, including child support, spousal support, student loans and some taxes.Businesses can also file Chapter 7 if eligible, but Chapter 11 bankruptcy is more common. Typically, when a business files for Chapter 7, it can no longer continue to operate.

Bankruptcy And The Automatic Stay

Upon filing for Chapter 7 bankruptcy, and all other chapters under the Bankruptcy Code, an automatic stay will go into effect, which will immediately make it illegal for creditors to pursue collection of the debt you owe. This means that foreclosure proceedings, wage garnishments and threats of repossession will immediately stop.

Please download our PDF with the information you will need to file for Bankruptcy.  CLICK HERE.

To learn about your options for filing bankruptcy, contact Vidrine & Vidrine online or call 337-233-5195 to arrange a free consultation today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Fees
Chapter 7
Attorney fees and court costs: $1,500 (paid prior to filing the case)Chapter 13
Attorney fees: $3,000 ($600 up front; remaining fees are paid in the Chapter 13 plan)
Court costs: $310
Credit report: $60
Required amount to file: $500.00