What is Bankruptcy? | Ascension Parish Lawyer
Louisiana Chapter 7 Means Test Attorney
Many people still think of bankruptcy in a negative way. However, bankruptcy is not a step backward, but a step forward and an option to help people get back to financial stability. It is important that people not be afraid to ask for help. There are ways for you to get out of debt.
At the Louisiana office of Christopher J. Bridges, Attorney at Law, we are committed to helping break the stereotypes and common misconceptions about bankruptcy that our clients may have. We take the time to get to know our clients, their questions and concerns so that we can tailor the bankruptcy representation we provide to suit their needs. Call 225-319-5541 or contact us online to schedule a free initial consultation.
What is Chapter 7 Bankruptcy and Debt Liquidation?
Chapter 7 bankruptcy is a type of bankruptcy where debt is discharged, or liquidated, and the debtor gets a fresh start. In order to qualify for Chapter 7 bankruptcy, a debtor must pass the Means Test. This formula is used to determine the debtor’s ability to repay the debts. If assets must be liquidated to pay off debt, then that can be accomplished in a Chapter 7. If the debtor does not pass the Means Test, a Chapter 13 bankruptcy may be more appropriate.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a form a bankruptcy that allows the debtor to repay their debts according to a set schedule over a three- to five-year time frame. The debts may be reduced and the payments are made affordable so that you can continue living your life while paying down your debt.
Other Debt Relief Options
Bankruptcy is not always the right option for everyone. Our attorney, Christopher Bridges, can sit down with you, review your situation, and help to determine if Chapter 7, Chapter 13 or another avenue of debt relief is right for you. If bankruptcy is not appropriate, he can make other suggestions to help you.
Contact an Ascension Parish, Louisiana, Attorney to Discuss What Bankruptcy Is
Bankruptcy is not the end of the road, but merely a way to a fresh start. Call 225-319-5541 or contact us online to schedule a free consultation with experienced Louisiana bankruptcy lawyer Christopher J. Bridges in our offices in Ascension Parish.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.