Best Bankruptcy Lawyers in Shreveport

About Bankruptcy Law in Shreveport, United States

Bankruptcy law allows individuals or businesses in financial distress to obtain relief from their debts. In Shreveport, United States, bankruptcy cases are handled in the federal court system. Filing for bankruptcy can provide a fresh start and a chance to rebuild your financial life.

Why You May Need a Lawyer

While technically you can file for bankruptcy without legal representation, it is highly recommended to seek the guidance of a qualified bankruptcy lawyer. They can help you navigate the complex legal process, ensure your rights are protected, and increase your chances of achieving a favorable outcome. Common situations where legal help may be necessary include:

• If your bankruptcy case involves significant assets or complex financial arrangements.
• If you are facing a foreclosure or repossession and want to explore bankruptcy as an option to prevent it.
• If you are overwhelmed with debt and need help determining the most suitable bankruptcy chapter to file under.
• If you are unsure of how to properly fill out the required bankruptcy forms and provide the necessary documentation.
• If your creditors are challenging your bankruptcy filing or the dischargeability of certain debts.

Local Laws Overview

Bankruptcy law is primarily governed by federal law in the United States, but there are some aspects of local laws in Shreveport that are particularly relevant:

• Exemptions: Shreveport residents must adhere to the Louisiana bankruptcy exemptions when seeking debt relief. These exemptions determine which assets you are allowed to keep during bankruptcy.
• Means Test: When filing for Chapter 7 bankruptcy, individuals need to pass a means test. This test compares your income to the median income in Shreveport and determines your eligibility for Chapter 7 bankruptcy.

Frequently Asked Questions

1. Can filing for bankruptcy stop creditor harassment?

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

2. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the selling of non-exempt assets to pay off creditors. Chapter 13 bankruptcy, on the other hand, allows individuals to create a repayment plan to pay off their debts over a period of three to five years.

3. Will bankruptcy ruin my credit forever?

While bankruptcy does negatively impact your credit, it is not permanent. It stays on your credit report for seven to ten years, but with responsible financial management, you can begin rebuilding your credit almost immediately after bankruptcy.

4. Can I keep my home and car if I file for bankruptcy?

It depends on the type of bankruptcy you file and the equity you have in your assets. Chapter 7 exemptions and Chapter 13 repayment plans allow individuals to retain their home and car in many cases. Consulting with a bankruptcy lawyer can help you understand how your specific situation may be affected.

5. Will all my debts be discharged in bankruptcy?

While some debts can be discharged in bankruptcy, certain types of debts, such as child support, alimony, most taxes, and student loans, are generally non-dischargeable. Consulting with a lawyer will help determine which debts can be discharged in your specific bankruptcy case.

Additional Resources

If you need further assistance or information about bankruptcy in Shreveport, consider exploring these additional resources:

• United States Bankruptcy Court, Western District of Louisiana - The official website of the bankruptcy court where you can find forms, local rules, and other helpful resources: https://www.lawb.uscourts.gov/
• Shreveport Bar Association - A local organization of attorneys in Shreveport that can provide referrals to bankruptcy lawyers: https://www.shreveportbar.com/

Next Steps

If you find yourself in need of legal assistance for bankruptcy in Shreveport, consider taking the following steps:

1. Evaluate your financial situation and consider whether bankruptcy is the right option for you.
2. Research and gather information about local bankruptcy attorneys in Shreveport.
3. Consult with multiple attorneys to find someone experienced in bankruptcy law and with whom you feel comfortable.
4. Prepare any necessary documents and financial information to share with your chosen attorney.
5. Follow your attorney's guidance and instructions throughout the bankruptcy process.