How to File for Bankruptcy in Louisiana
If you’re struggling with overwhelming debt and can’t find a way out, filing for bankruptcy in Louisiana might be the right solution for you. Filing for bankruptcy can provide you with a fresh financial start and help you regain control of your life. Here’s a step-by-step guide on how to file for bankruptcy in Louisiana.
Summary: To file for bankruptcy in Louisiana, you need to: determine which bankruptcy chapter to file under, complete a credit counseling course, fill out the bankruptcy forms, attend a meeting of creditors, if applicable, and complete a debtor education course.
Determine If Bankruptcy Is the Right Choice for You
Before you file for bankruptcy in Louisiana, it’s crucial to assess whether it’s the right choice for your situation. Bankruptcy is typically suitable for individuals with significant unsecured debts and little to no income. Chapter 7 bankruptcy is a popular option in Louisiana, but Chapter 13 may be more appropriate if you have a steady income.
Bankruptcy under Chapter 7 is a liquidation bankruptcy that allows you to wipe out most of your unsecured debts. Chapter 13 bankruptcy, on the other hand, is a reorganization bankruptcy that allows you to create a payment plan to repay some or all of your debts over a period of 3 to 5 years.
Complete Credit Counseling Before You File for Bankruptcy in Louisiana
You are required to complete credit counseling from an approved agency at least 180 days before filing for bankruptcy. This counseling will help you understand your financial situation and explore alternatives to bankruptcy. Once you finish the counseling, you will be given a certificate that must be submitted as part of your bankruptcy case.
Fill Out Bankruptcy Forms
To file for bankruptcy in Louisiana, you will need to complete and file several forms with the bankruptcy court. The forms you’ll need to fill out will depend on whether you file for bankruptcy in Louisiana under Chapter 7 or Chapter 13.
You can find a list of forms you’ll need to complete if you choose to file bankruptcy under chapter 7 here: How to File for Chapter 7 Bankruptcy in Louisiana.
Attend the 341 Meeting of Creditors After you File for Bankruptcy in Louisiana
After filing your bankruptcy forms, you will likely be required to attend a meeting of creditors, also known as a 341 meeting. This meeting is usually scheduled between 30 to 45 days after the date of your bankruptcy filing and serves as an opportunity for your creditors and the bankruptcy trustee to ask about your financial condition.
Read More: What is the meeting of creditors?
Complete a Debtor Education Course
Before getting a discharge you’ll need to attend a financial management course. This course is designed to provide information on budgeting, managing money, and using credit wisely.
In a chapter 7 bankruptcy case, you must file a certificate proving that you completed a financial management course within 60 days after the first meeting of creditors. In a chapter 13 case, you must file the certificate no later than the date when you make the last payment required by the payment plan or when you file a motion for a discharge.
You can find the law setting a time limit at Federal Bankruptcy Rule 1007(c).
The course can be taken online, by telephone, or in person. If you do not complete the debtor education course, then the court can close your case and not grant you a discharge.
You can find the law denying a discharge at 11 U.S.C. § 727 (a)(11).
Get Legal Assistance to File for Bankruptcy in Louisiana
Filing for bankruptcy in Louisiana can be a complicated process. If you’re unsure about how to proceed or need assistance with completing the required forms, consider getting legal assistance from a bankruptcy attorney. An attorney can help you navigate the process and ensure that your bankruptcy case is filed correctly.
Conclusion
Filing for bankruptcy in Louisiana can be a challenging process, but it can provide you with a fresh start and help you regain control of your finances. If you’re considering filing for bankruptcy, it’s crucial to understand the process and complete all requirements to ensure a successful outcome. Remember to keep all necessary documents and forms for your records, and seek legal assistance if needed. By following these steps, you can file for bankruptcy in Louisiana with confidence and move forward with a new financial beginning.
Last updated on April 26, 2023.