Life's curveballs can sideline you from meeting your financial needs. When going through financial hardship, declaring bankruptcy may be a feasible option to remedy your situation. In Louisiana, you can file for Chapter 7 bankruptcy. While many people fear that bankruptcy carries a negative connotation, it can actually be just the tool needed to offer a fresh start. A one-on-one consultation with an experienced bankruptcy attorney can put you on the path towards financial freedom.
If you are going through a difficult financial situation and considering filing for bankruptcy, you don't have to go through it alone. Contact the Law Office of Robert B. Dunlap, to discuss your situation and receive knowledgeable guidance. I’m proud to serve clients throughout Shreveport, Minden, Bossier City, Mansfield, and Webster Parish, Louisiana, as well as Marshall, Texas.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as "liquidation” bankruptcy, helps individuals and businesses eliminate most of their general unsecured debts. When filing Chapter 7 bankruptcy, the trustee (an independent contractor appointed by the settlor or court to oversee your bankruptcy case) will collect and sell all your nonexempt assets. The proceeds from the sale will be used to pay off some or all your creditors.
Nonexempt assets are those items or belongings that can be sold by the court. These include family heirlooms, stocks, bonds, second homes, second cars, vacation homes, cash, bank accounts, and other investments. However, you will be allowed to keep exempt items such as your house, primary vehicle, furniture pieces, household appliances, clothing, and other similar possessions.