Chapter 13 in Louisiana - Reorganization
Baton Rouge Bankruptcy Law Attorneys
Chapter 13 bankruptcy allows an individual to consolidate his or her debt while paying off some past-due and current debts. A payment plan is proposed which repays the debt over a three to five year period. A Chapter 13 case allows an individual to keep valuable property which could otherwise be foreclosed upon or repossessed, if monthly payments are made according to the payment plan accepted in the bankruptcy proceeding. The amount of the monthly payment and the length of the repayment plan are based upon the following factors:
- Monthly income of the person
- Monthly expenses of the person
- Amount and nature of the debt
The most common uses of Chapter 13 involve:
- Repayment of mortgage arrears (back amounts owed) home
- Restructuring of auto loans to save a vehicle
Secured debts are paid 100% on the dollar, while unsecured debts may be paid less than 100% on the dollar. A person receives a discharge under Chapter 13 at the completion of the payment plan.
For a Free Consultation, please call today at 225.346.1600 to speak with a Baton Rouge bankruptcy law attorney or click here to contact by email.
The Baton Rouge accident attorneys at Herpin & deGeneres, LLC handle auto accident cases, slip and fall cases, and bankruptcy filings in Baton Rouge, Denham Springs, Gonzales, and throughout Louisiana. Call (225) 346-1600 or click here for a free consultation with an experienced Baton Rouge auto accident attorney.
The above is not legal advice. That can only come from a qualified attorney who is familiar with all the facts and circumstances of a particular, specific case and the relevant law. See Terms of Use.
