Bankruptcy Lawyer New Orleans
Filing for bankruptcy may feel daunting or even be a source of shame. The majority of Americans have never filed for bankruptcy before and are doing so for the first time, making the process seem all the more formidable. The bankruptcy lawyers in our law firm sympathize with our clients and understand that bankruptcy law is complex and intimidating. The attorneys at our law firm are dedicated to providing exceptional legal services, informing our clients to the best of our ability, and helping our clients obtain much-needed debt relief.
Bankruptcy law is a combination of federal statutes and Louisiana regulations. Our lawyers in New Orleans have years of experience working in Louisiana and have handled countless cases. To learn more about how our law firm can assist you or your business, contact us today for your free and confidential consultation. Together, we can help you overcome your financial difficulties.
What Are the Benefits of Filing for Bankruptcy?
Although negative misconceptions often surround bankruptcy, it is actually a strong tool that provides petitioners with many benefits and protections.
Receive Much Needed Debt Relief
The ultimate goal of bankruptcy is receiving debt relief. The most common types of bankruptcy are Chapter 7, Chapter 11, and Chapter 13. To learn more about what bankruptcy chapter best addresses your financial situation, goals, and needs, consult with an attorney from our New Orleans bankruptcy law firm.
Chapter 7 Bankruptcy
During Chapter 7 bankruptcy, a petitioner is assigned a court-appointed trustee. The trustee is responsible for collecting and selling the petitioner’s non-exempt assets; this is also referred to as liquidation. Non-exempt assets may include a second home, a second vehicle, or a family heirloom. Conversely, exempt property may consist of real estate, like a primary home, or a car. After the liquidation and bankruptcy process is completed, the petitioner’s personal debt is discharged.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is often referred to as “reorganization” bankruptcy, since it reorganizes a petitioner’s assets. Although the majority of Chapter 11 bankruptcy cases involve a larger business or corporation, Chapter 11 can also be utilized by individuals. In cases involving an individual, not a business, the petitioner’s debt is discharged once the repayment plan is completed.
Chapter 13 Bankruptcy
Along with Chapter 11, Chapter 13 is also a reorganization bankruptcy. In Chapter 13 bankruptcy cases, after an individual or business has completed their repayment plan, generally a three to five-year process, their personal debt is discharged.
Protect Yourself From Creditors
Once you consult with a lawyer in New Orleans and file for bankruptcy, the court places a stay on your present debts. A stay prohibits creditors from pursuing you, halting the collections process. The automatic stay gives bankruptcy attorneys, the court, and your creditors an opportunity to assess your financial situation.
In Louisiana, Forgiven Debt Is NOT Taxed
Typically, canceled or forgiven debt is taxed since it contributes to a business or individual’s gross income. However, if a petitioner files for bankruptcy, the discharged debt does not contribute to the petitioner’s gross income. Essentially, a lower gross income equates to lower taxes.
How Our New Orleans Bankruptcy Lawyers can Help You
With years of experience serving clients, the bankruptcy lawyers in our law firm can quickly recognize any potential mistakes and mishaps before they take place, saving our clients time and money. Furthermore, we are able to plan accordingly so that our clients receive the best potential outcome. Here are a few other ways we guide our clients throughout the entire bankruptcy process.
Our New Orleans Lawyers Provide Confidential Legal Advice
Our well-versed lawyers will first assess your current financial situation and goals. After years of experience, we recognize that, at times, there may be better alternatives to bankruptcy; each and every case is unique. If we find that bankruptcy is the best option, we will begin to assess our client’s financial situation before determining which chapter will best meet our client’s needs. Moreover, throughout the bankruptcy case, our attorneys will compile any necessary paperwork, ascertain the property value, apply any applicable Louisiana state exemptions, and negotiate with creditors. Ultimately, the attorneys at Murray & Murray, LLC are here to guide you through every step of your bankruptcy case.
Contact Us for Your Free and Confidential Consultation with a New Orleans LA Bankruptcy Attorney
Filing for bankruptcy is more often than not complex and stressful. The legal team at Murray & Murray, LLC is here to provide you with guidance and help you stay focused on reclaiming your financial future. Contact Murray & Murray, LLC to request your judgment-free and confidential consultation today!