We are a debt relief agency. We help people file for relief under the bankruptcy
Serving: Monroe, West Monroe, Bastrop, Lake Providence, Columbia, Mer Rouge, Ruston,
Grambling, Winnsboro, Winnfield, Tallulah
LOW COST CHAPTER 7
FILING CHAPTER 7 BANKRUPTCY
ONLY $260 PLUS COSTS
IN CHAPTER 7 BANKRUPTCY, THE BANKRUPTCY TRUSTEE CANCELS MANY (OR ALL) OF YOUR DEBTS.
AT THE SAME TIME IT MIGHT ALSO SELL (LIQUIDATE) SOME OF YOUR PROPERTY TO PAY YOUR
CREDITORS. CHAPTER 7 BANKRUPTCY, ALSO CALLED "STRAIGHT" OR "LIQUIDATION" BANKRUPTCY,
IS SO NAMED BECAUSE THE LAW IS CONTAINED IN CHAPTER 7 OF THE FEDERAL BANKRUPTCY CODE.
IF YOU THINK A CHAPTER 7 BANKRUPTCY MAY BE RIGHT FOR YOU, CONTACT THE LAW FIRM OF
E. ORUM YOUNG IN MONROE LA TODAY.
TO FILE FOR CHAPTER 7 BANKRUPTCY, YOU WILL NEED TO LIST THE FOLLOWING TO MR. YOUNG:
YOUR CURRENT INCOME AND MONTHLY LIVING EXPENSES
PROPERTY YOU CLAIM THE LAW ALLOWS YOU TO KEEP THROUGH THE CHAPTER 7 BANKRUPTCY PROCESS
(CALLED "EXEMPT PROPERTY"), YOU MAY GET TO KEEP SOME EQUITY IN YOUR HOME, CLOTHING,
HOUSEHOLD FURNISHINGS, SOCIAL SECURITY PAYMENTS YOU HAVEN'T SPENT, AND OTHER NECESSITIES
SUCH AS A CAR AND THE TOOLS OF YOUR TRADE.
PROPERTY YOU OWNED AND MONEY YOU SPENT DURING THE PREVIOUS TWO YEARS, AND
PROPERTY YOU SOLD OR GAVE AWAY DURING THE PREVIOUS TWO YEARS.
MONROE LOUISIANA • CHAPTER 7 BANKRUPTCY
Also called a liquidation, or straight bankruptcy, Chapter 7 is the most common form
of bankruptcy in the United States, accounting for as much as 65 percent of all bankruptcy
filings. One reason it is so popular is the speed that it proceeds. Ordinarily, most
debts are discharged within months of a bankruptcy attorney filing a Chapter 7 petition.
When you file for Chapter 7 bankruptcy in Monroe, the court appoints a trustee to
collect your non-exempt property, sell those assets, then use the proceeds to repay
your creditors. Unlike other forms of bankruptcies, the debtor need not make any
payment to the trustee. All necessary funds are derived form the sale of assets.
While it would seem that a Chapter 7 bankruptcy means the debtor loses all of their
assets, this need not be the case. There are several types of properties that you
may legally declare exempt from a Chapter 7 bankruptcy. Also, in a Chapter 7 bankruptcy,
the debtor may sign a reaffirmation agreement, meaning that a debtor can continue
to pay off a car loan or home mortgage after the bankruptcy filing is complete. This
allows the debtor to retain all or some of their property. It is important you discuss
these issues with bankruptcy attorney E. Orum Young before filing.
Under the terms of a Chapter 7 bankruptcy, the debtor is discharged from all dischargeable
debts once the filing is complete.