We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Filing Chapter 13 Bankruptcy in Baton Rouge, Louisiana
The team of bankruptcy attorneys at Greg Gouner Law Firm have worked with hundreds of Louisiana families and individuals through our 50 years of combined experience in handling Chapter 13 bankruptcy cases. We have helped clear millions of dollars of debt with repayment plans that worked best for each individual and their current financial state.
What is Chapter 13 Bankruptcy?
Chapter 13 is a repayment plan which allows a debtor to pay back some or all of their current outstanding debt in installments over a span of three to five years. Creditors are not allowed to charge high interest while you are in the repayment period. The repayment plans are designed on a case-to-case basis, meaning that one person’s experience and repayment plan could be different from another’s experience.
How much of your debt you must repay or how long your repayment plan will last is calculated from various factors such as household size, disposable income, priority debts, and so on. All in all, you are paying what you can afford to in order to decrease or eliminate your current outstanding debts rather than what your creditors are demanding you pay while also increasing your interest.
Catch Up on Your Payments
Creditors will often threaten to seize property when people are behind on their home or car payments. As soon as you file Chapter 13, all foreclosure, repossession, garnishment, and even lawsuit efforts from the creditors are stopped. This gives people more time to catch their breath and repay their mortgage and car loans in smaller payments.
Your property is protected from any threat of foreclosure or repossession as long as you are following the repayment plan that was approved by the bankruptcy court. In the event that there is a change in your financial situation to where you can no longer afford your current repayment plan, it is important that you speak to your bankruptcy attorney right away to modify your current repayment plan without any penalties.
In addition to having more time to catch up on your home and car loans without the threat of foreclosure or repossession looming, you are able to catch up on unsecured debts such as:
Do You Qualify to File Chapter 13?
Families or individuals who do not qualify for Chapter 7 bankruptcy generally qualify to file Chapter 13. This is often the case if a person either has a large amount of debt that cannot be settled through Chapter 7 or the household’s income is more than Louisiana’s median income. No matter the case, being threatened with home foreclosure or struggling to pay secured debts is not a battle that is best fought alone. We work with you to find the best debt relief plan to get you caught up on your overdue payments and help you stop the foreclosure on your home.
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If you or your family are struggling to pay your bills and are worried you might lose your home, call 225-293-6200 today to see if filing Chapter 13 bankruptcy is the best option for your financial situation.