Best Restructuring & Insolvency Lawyers in New Orleans

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Stone Pigman Walther Wittmann L.L.C.
New Orleans, United States

Founded in 1940
100 people in their team
English
At Stone Pigman, we believe that outstanding lawyers deliver superior client service.  Stone Pigman attorneys are experienced, creative and focused on finding the best solutions for our clients.  Our goal is to help our clients advance their interests and grow their businesses, whether...
Bradley Murchison & Kelly Shea LLC.
New Orleans, United States

Founded in 2009
78 people in their team
English
Bradley Murchison was formed in February, 2009 by a group of lawyers who had practiced together for many years in a large, well established law firm. Nine partners from the Shreveport office and eight from the New Orleans office found common ground in our dedication to high standards of...
Liskow & Lewis
New Orleans, United States

Founded in 1935
200 people in their team
English
About LiskowOverviewHistoryDiversity, Equity & InclusionPro BonoCommunityAffiliationsLiskow & Lewis was founded in 1935 and includes nearly 140 lawyers in four offices, strategically located in New Orleans, Lafayette and Baton Rouge, Louisiana and Houston, Texas. Since its inception, the...
Adams and Reese LLP
New Orleans, United States

Founded in 1951
610 people in their team
English
Study our experience and credentials to understand why we belong on your short list. Get to know us as people, and you’ll recognize our dedication to client service. At Adams and Reese, we take things personally. Our people are connected - to each other, to our clients, our families, and our...
Gordon Rees Scully Mansukhani, LLP.
New Orleans, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...

Founded in 1891
1,287 people in their team
English
For 130 years, Baker Donelson has built a reputation for achieving results for our clients on a wide range of legal matters. While providing legal services is our focus, it is how we deliver them that sets us apart. Our goal is to provide clients with more than what they have come to expect from a...
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About Restructuring & Insolvency Law in New Orleans, United States

Restructuring and insolvency law provides mechanisms for businesses and individuals in New Orleans who are facing overwhelming financial distress. These laws are designed to help debtors reorganize or discharge their debts legally while providing protections to creditors. In New Orleans, as in the rest of the United States, the federal Bankruptcy Code is the primary framework for insolvency proceedings, but state and local rules can also impact the process. Whether you are a business owner, an individual, or a creditor, understanding the unique aspects of restructuring and insolvency law in New Orleans is vital for navigating financial recovery or enforcing your rights.

Why You May Need a Lawyer

There are many circumstances in which legal advice is crucial for restructuring and insolvency matters in New Orleans. Some of the most common situations include:

  • Personal bankruptcy due to overwhelming personal debt
  • Corporate bankruptcy for insolvent businesses
  • Debt restructuring and negotiating with creditors
  • Foreclosure defense and protecting home ownership
  • Creditor actions seeking repayment or asset seizure
  • Understanding and utilizing federal bankruptcy protections
  • Resolving disputes among creditors or between debtors and creditors
  • Complying with court protocols and procedural requirements
  • Managing business assets during insolvency or restructuring
  • Exploring alternatives to bankruptcy such as out-of-court workouts

Hiring a lawyer helps ensure your rights are protected, paperwork is accurate and timely, and you understand all available options for your financial situation.

Local Laws Overview

While bankruptcy is governed by federal law, New Orleans follows specific local rules and practices through the United States Bankruptcy Court for the Eastern District of Louisiana. Additionally, certain aspects of property rights, exemptions, and procedures are influenced by Louisiana state law, which is unique due to Louisiana's civil law heritage.

Some key aspects include:

  • Louisiana’s homestead exemption is more limited than in some other states, affecting how much home equity can be protected during bankruptcy.
  • State law impacts the treatment of community property, which may be subject to creditor claims.
  • Businesses in distress may also need to consider state-specific corporate or partnership laws during restructuring.
  • Local courts may have specialized procedures, forms, and timelines, making it important to work with professionals familiar with New Orleans’ legal landscape.

Frequently Asked Questions

What types of bankruptcy are available in New Orleans?

The most common types are Chapter 7 (liquidation), Chapter 13 (reorganization for individuals), and Chapter 11 (reorganization for businesses and some individuals). Each has its own requirements and benefits.

Will I lose my home if I file for bankruptcy in New Orleans?

Not necessarily. Louisiana’s homestead exemption allows you to protect a certain amount of equity in your primary residence, but the amount is limited. An attorney can help assess your specific situation.

How does debt restructuring differ from bankruptcy?

Debt restructuring may occur outside of court, often through negotiations with creditors to modify payment terms, reduce interest rates, or settle debts. Bankruptcy is a formal legal process involving court oversight.

Can businesses continue to operate during bankruptcy?

Under Chapter 11 bankruptcy, businesses are generally allowed to continue operating while they reorganize their finances under court supervision.

Are all debts discharged in bankruptcy?

No. Certain debts, such as most student loans, child support, and recent tax obligations, are typically not dischargeable under bankruptcy law.

What property can I keep if I declare bankruptcy?

The property you can keep depends on Louisiana’s exemption laws and the type of bankruptcy you file. Some assets may be protected, while others could be sold to pay creditors.

How long does bankruptcy remain on my credit report?

A Chapter 7 bankruptcy stays on your credit report for 10 years, while Chapter 13 lasts for 7 years from the date of filing.

How do creditors participate in a bankruptcy case?

Creditors can file claims, attend a creditors’ meeting, and sometimes object to the discharge of certain debts or the treatment of their claims.

What is the role of a bankruptcy trustee?

The trustee is a neutral party appointed to oversee aspects of your case, including reviewing your petition, liquidating assets if necessary, and distributing payments to creditors.

Can bankruptcy stop foreclosure or repossession?

Yes. Filing for bankruptcy initiates an automatic stay that temporarily halts most collection actions, including foreclosure and repossession, providing time to reorganize finances or negotiate with creditors.

Additional Resources

Several resources can offer guidance and support for those dealing with restructuring or insolvency issues in New Orleans:

  • United States Bankruptcy Court for the Eastern District of Louisiana
  • Louisiana State Bar Association - Lawyer referral services and consumer resources
  • Legal Aid organizations such as Southeast Louisiana Legal Services
  • Office of the United States Trustee (Region 5 covers Louisiana)
  • Consumer Credit Counseling Services
  • New Orleans Bar Association - Bankruptcy and Creditors’ Rights Section

These organizations can help with general information, referrals to qualified attorneys, and guidance on navigating complex legal processes.

Next Steps

If you are facing financial difficulties or seeking to restructure a business or personal finances in New Orleans, it is important to consult with a qualified attorney who understands local and federal laws. Start by gathering relevant financial documents, making a list of your debts and assets, and thinking about your financial goals. Reach out to a lawyer or a reputable legal aid organization specializing in bankruptcy and insolvency. An initial consultation can help you understand your options, potential outcomes, and the best strategy for your situation. Taking proactive steps early can protect your interests and help you move towards a more stable financial future.

Lawzana helps you find the best lawyers and law firms in New Orleans through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in New Orleans, United States - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.