Bankruptcy Law Firm Lafayette
Filing for bankruptcy can be a stressful and challenging process. The majority of individuals who file for bankruptcy have never done so before and are uncertain of what to anticipate, what to do, and what will occur. This makes filing for bankruptcy all the more confusing and intimidating. However, although consumer bankruptcy can have a scary and negative reputation, it may be the right decision for you and your family. Filing for bankruptcy can often be the responsible step towards reclaiming your financial freedom.
Bankruptcy law is complex and multifaceted, combining federal issues with Louisiana state rules and regulations. However, at Murray & Murray, LLC Lafayette, you can rest assured that your case is in good hands. Each attorney at our Lafayette law firm is an expert in the legal industry with years of experience inside and outside of court. No matter how hopeless or overwhelmed you may feel about your financial situation, our Lafayette LA bankruptcy attorneys are here to help you reclaim your financial future.
The bankruptcy lawyers at Murray & Murray, LLC, located in Lafayette, are committed to guiding every client through each step of the bankruptcy process. Together with an attorney, we will assess your current financial situation and goals. From there, we will provide our client with legal advice, informing them of their available options. Located in Lafayette, contact the attorneys at Murray & Murray, LLC to request your free consultation today!
Why File for Bankruptcy in Louisiana?
Bankruptcy is oftentimes shrouded in negative myths, making it all the more intimidating. These misconceptions can deter people from filing, when, in reality, filing for bankruptcy might be the solution to their financial woes. Contrary to popular belief, bankruptcy can be a powerful tool that provides countless benefits, protections, and much-needed debt relief. In many scenarios, bankruptcy can be a strategic and cost-effective means of debt consolidation or settlement. Filing for bankruptcy in Lafayette, Louisiana can provide many benefits for our clients.
Our Bankruptcy Lawyers in Lafayette Can Help You Eliminate Your Debt
The most commonly filed forms of bankruptcy in the United States are Chapter 7 and Chapter 13. Chapter 7 bankruptcy liquidates a petitioner’s assets, while Chapter 13 bankruptcy reorganizes a petitioner’s assets. Both forms of bankruptcy allow individuals to discharge or eliminate portions of their debt, granting petitioners debt relief. In some cases, a petitioner may be able to completely eliminate their debt, such as their utility bills, medical bills, credit card debt, or loans.
In Lafayette, LA, Forgiven Debt Is NOT Taxed
Generally, canceled or forgiven debt would contribute to your gross income; meaning, you will be taxed more. However, when you file for your bankruptcy, your discharged debt does not contribute towards your annual income, so it does not increase the amount of taxes you pay.
Repair Your Credit
One of the biggest misconceptions is that filing for bankruptcy permanently destroys a petitioner’s credit. As our attorneys in Lafayette will point out, although a bankruptcy will indeed remain visible on a petitioner’s financial record for a set period of time before it disappears, eliminating one’s bills and debts allows petitioners to start afresh on a level playing field. Moreover, once a bankruptcy has been discharged, a petitioner can now begin making timely bill and credit card payments, working towards restoring their credit.
Reclaim Your Financial Future, Today: Contact Us for Your Free and Confidential Consultation
The sooner you reach out to us, the sooner we are able to help you and your family regain your financial future. Each attorney is dedicated to serving our clients and providing legal advice. Contact Murray & Murray, LLC at Lafayette to request your judgment-free and confidential consultation today!