If your financial situation is quickly deteriorating because you cannot keep up with your bills or debt, then now is the time to consider filing a Chapter 13 bankruptcy. Filing for bankruptcy may not be your only option, but it can help you liquidate your debts, manage your bills, and get a fresh start with your finances. The Law Office of Robert B. Dunlap is here to help you through this challenging financial crisis. My law firm offers comprehensive legal services for all types of debt relief, including bankruptcy. If you need legal assistance with your current financial situation, then contact me today and get a free consultation from a Chapter 13 bankruptcy lawyer in Shreveport, Louisiana.
What is a Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy allows you to develop a repayment plan to pay part or all of the debt. Under Chapter 13 bankruptcy, you propose a plan to pay off the debt within three to five years, depending on your income and financial situation. Under Louisiana law, if your income is less than the state median, you pay the debt within three years. If your income is more than the state median, you pay the debt within five years.
During this time, a creditor may not pursue any collection efforts. A Chapter 13 bankruptcy can help you avoid losing a home or a car, or falling into a bad financial situation. It is designed to meet you where you are at financially so that you can pay off your debts without being hassled by your creditors.