Bankruptcy Attorney Baton Rouge
In 2016, Louisiana had the third-highest bankruptcy rate in the United States. Many residents in Baton Rouge are constantly battling debt and considering bankruptcy as a solution to their financial problems.
Although bankruptcy could resolve your problems, it’s not an issue to be taken lightly. You should speak with a bankruptcy attorney in Baton Rouge to learn whether or not bankruptcy is right for you. Murray & Murray will advise you on your options and handle the bankruptcy process.
Bankruptcy Laws in Baton Rouge
Although bankruptcy is a federal issue, there are some state laws that will apply to your case. Before learning about those laws, you should understand the two most common types of bankruptcy.
First, there’s the Chapter 7 bankruptcy. This type of bankruptcy tends to be more popular among Louisiana residents. With a Chapter 7, you can eliminate most kinds of debt without having to pay it back.
Secondly, there’s a Chapter 13 bankruptcy. If you are late on your mortgage or business payments and want to keep your property in your hands, you should consider a Chapter 13. It’s also a common option for those who make too much money or have non-dischargeable debt. In some cases, it can prevent foreclosures in Baton Rouge. With Chapter 13, you can be put on a payment plan, and as long as you adhere to that schedule, you can later emerge from bankruptcy relatively unscathed.
Every state has unique laws regarding bankruptcy exemptions. Experienced bankruptcy lawyers in Louisiana will be able to tell you more about the following exemptions:
This is for up to $35,000 on a property as large as five acres in city limits. If the property is outside of city limits, the maximum acreage is 200.
There is a personal property exemption on certain goods, furniture, and pets. Additionally, there is an exemption of $5,000 on wedding and engagement rings and $2,500 on firearms. Your car has an exemption of $7,500.
3.Pension and Retirement
All of your pension and retirement funds are completely exempt.
As far as your wages go, you get an exemption of either 75% of your earnings or 30 times the minimum wage. You receive whichever value is greater.
Baton Rouge Bankruptcy FAQ
Check out this bankruptcy FAQ to answer all of your questions about the process.
How Long Does Bankruptcy in Baton Rouge Take?
Typically, the bankruptcy process takes about three or four months. However, certain issues may extend that timeline. If you work with aggressive bankruptcy attorneys in Baton Rouge, they’ll work hard to rapidly resolve your case.
Do You Need an Attorney to File?
While the law does not require you to work with an attorney when filing for bankruptcy, you could benefit from having one. The process is complex and could significantly impact your future.
Does Filing for Bankruptcy Vary by State?
It’s worth mentioning that bankruptcy is a federal process and relies on federal laws. However, your state laws matter. The exemptions in Louisiana may greatly affect the outcome of your bankruptcy.
Before you decide to follow through with bankruptcy, you should speak with one of the more experienced bankruptcy lawyers in Baton Rouge. They can explain more about how state laws will impact you. Call the Baton Rouge law firm of Murray & Murray.