Best Bankruptcy Lawyers in New Orleans

About Bankruptcy Law in New Orleans, United States

Bankruptcy is a legal process designed to help individuals or businesses who are unable to pay their debts. In New Orleans, United States, bankruptcy cases are handled by the United States Bankruptcy Court for the Eastern District of Louisiana. This court oversees bankruptcy proceedings for the area, including New Orleans and the surrounding parishes.

Why You May Need a Lawyer

While it is possible to navigate the bankruptcy process on your own, having a lawyer can be extremely beneficial in many situations. Here are some common scenarios where seeking legal help is recommended:

• You have a complex financial situation and need guidance on which bankruptcy option is best for you.
• You are unsure of the legal requirements and paperwork involved in filing for bankruptcy.
• You want to protect your assets and ensure you take advantage of all possible exemptions.
• You are facing a foreclosure or repossession and need help to stop or delay these processes.
• You are being harassed by creditors and need assistance in dealing with them.

Local Laws Overview

Bankruptcy laws can vary from state to state, so it is essential to understand the specific regulations that apply in New Orleans, United States. Here are some key aspects of local laws that are particularly relevant to bankruptcy:

• Exemptions: Louisiana has its own set of exemptions that determine what property you can keep when filing for bankruptcy.
• Means Test: Like in other states, you must pass the means test to determine your eligibility for Chapter 7 bankruptcy.
• Property Redemption: In Louisiana, you have the option to redeem certain types of property by paying the creditor the value of the property rather than the full debt owed.
• Homestead Exemption: This exemption allows you to protect your primary residence up to a certain value from creditors during bankruptcy proceedings.

Frequently Asked Questions

Q: What are the different types of bankruptcy available in New Orleans, United States?

A: The two primary types of bankruptcy for individuals in New Orleans, United States are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 is a liquidation bankruptcy that helps individuals eliminate most of their unsecured debts, while Chapter 13 is a reorganization bankruptcy that allows individuals to create a manageable repayment plan for their debts.

Q: Will filing for bankruptcy stop creditors from harassing me?

A: Yes, filing for bankruptcy triggers an automatic stay, which prohibits creditors from taking any collection actions against you. This includes phone calls, letters, lawsuits, and wage garnishments.

Q: How long does bankruptcy stay on my credit report?

A: The exact duration depends on the type of bankruptcy you file. Generally, Chapter 7 bankruptcy stays on your credit report for ten years, while Chapter 13 bankruptcy remains for seven years.

Q: Can I keep any of my property if I file for bankruptcy?

A: Yes, bankruptcy law provides exemptions that allow you to keep certain types of property. The specific exemptions available to you will depend on the laws of New Orleans, United States and your individual circumstances.

Q: What is the role of a bankruptcy trustee?

A: A bankruptcy trustee is appointed to oversee your case and ensure the bankruptcy process proceeds correctly. They review your paperwork, conduct meetings of creditors, and may sell non-exempt property to distribute funds to creditors.

Additional Resources

• United States Bankruptcy Court for the Eastern District of Louisiana: https://www.laeb.uscourts.gov/
• Louisiana State Bar Association: https://www.lsba.org/
• American Bankruptcy Institute: https://www.abi.org/

Next Steps

If you are considering bankruptcy and need legal assistance in New Orleans, United States, the first step is to consult with a bankruptcy lawyer. They will evaluate your situation, explain your options, and guide you through the process. It is important to act promptly to protect your rights and maximize the benefits of bankruptcy.