Louisiana Bankruptcy Legal Questions

Here is some general information regarding inheritances and bankruptcy. It should not be considered legal advice concerning your particular fact situation. When someone files a Chapter 7 bankruptcy, a trustee is appointed to liquidate all of their nonexempt property and pay their creditors who have filed proofs of claim. When a person files a Chapter 13 bankruptcy, they get to keep their nonexempt property as long as they pay their creditors what is called the "liquidation value" of the property and pay all of their disposable income to a bankruptcy trustee for 3 to 5 years. Unimproved land is generally nonexempt from seizure and sale under Louisiana law (and therefore IS reachable by the bankruptcy trustee) unless the land is part of a person's homestead. Furthermore, if someone files bankruptcy today and they inherit property within 180 days of filing, the trustee may be able to administer and sell that property. There may be a workaround, if the person's parents have not yet passed away, but it would likely involve their parents making a will or creating a trust. Your situation is too involved to give you a quick answer on an Internet website. You should immediately consult with a Louisiana attorney for specific advice concerning your individual situation..... Read More

Your personal loans secured by collateral can be included in your bankruptcy case. If you file for Chapter 7 relief, you will have the options of reaffirming the debt (continue to pay as if no bankrutpcy was filed) or redeeming the collateral (make a single lump sum payment for the current fair market value of the collateral).  Redemption is really the way for you to go. Use E-Bay valuations for the personal property you put up as collateral and you should be able to buy it back pretty cheaply. ... Read More

This seems to be a question for your Chapter 13 attorney.  Your question does not say whether the vehicle is titled in your name or not.  If the vehicle is not an asset in your bankruptcy case and you are just making payments, then your monthly budget will have to be adjusted if the car payment goes away.  If your name is on the title and the vehicle is an asset in your bankruptcy case, you will need to file paperwork in your bankrutcy case showing the removal of the vehicle as an asset and the change in the monthly budget.... Read More

You have a lot of rights. However, I can not answer your questions based on the limited information here. You would be wise to pay an experienced BK lawyer for one hour of their time so you can properly plan on how to proceed. This will save you lots of grief, and countless sleepless nights. Do not be "Penny wise and pound foolish." Good luck!... Read More

If they cannot prove they had your signature on a contract, then it is three years from the date of last payment made or charge incurred. If they have you signature on a document that can be construed as a contract for services, it is a ten year prescriptive period. Prescription is the amount of time they have to sue on a claim, and can be extended or "tolled" under certain situations.... Read More

They are not required to take the vehicle back. Rather, you should sell it and apply the money to the balance owed if you do not want it. In Louisiana, a sale occurs upon agreement of the price and the thing. The vehicle is yours, and you owe them a debt for whatever you borrowed. As you are under garnishment, they likely have judgment adding attorney fees, court costs, judicial interest and a sheriff's commission. By not addressing this sooner, you end up owing up much more than you borrowed.... Read More

Filing for chapter 13 bankruptcy does not limit you from buying a car. Your credit will be affected in this may affect your ability to acquire credit to purchase a car, but you are not barred from using credit after you file for bankruptcy. Depending on your particular situation and what proactive steps you take to repair your credit after you receive your bankruptcy discharge, will determine when you can obtain credit again. But filing chapter 7 or chapter 13 bankruptcy does not forbid you from obtaining credit. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://www.fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob, #student, #loans, #education, #IRS, #taxes... Read More

First of all, the person who won a lawsuit against you is called your creditor, the person who owes the debt is called the debtor. To answer your question yes you can discharge a debt due to a creditor or that was the result of a lawsuit and judgment against you in a chapter 7 bankruptcy. There are some restrictions against this, especially against lawsuits where what you did was malicious and intentional, sometimes those cannot be discharged.  I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob, #student, #loans, #education, #IRS, #taxes... Read More

When you gave them as collateral, were there documents signed to that effect? If so, and if the documents were properly filed, you may have been unable to pass "good title" to the items. In effect, you may have sold someone else's stuff. So, the person who bought it might not actually own it. Thus, the owner of the collateral interest could choose to sue you AND the person to whom you sold it to recover the items.... Read More

As long as you don't enter into a reaffirmation agreement with the lender on the vehicle, you will have no further financial obligation to them once you receive your discharge and can turn in the vehicle without any repercussions. Be sure to discuss the timing of doing so with your attorney    ... Read More

First, I would contact the creditor and get a payoff. Ask them to show how they calculate interest, and check their balance. Second, you should contact your husband's employer for a list of payments and make sure you received credit for each and every one. If the amount owed is accurate, you can negotiate a settlement by noting they will be garnishing him for ever at this rate and a settlement would be money in hand. Depending on the policies of the creditor, you may be able to get a cents on a dollar final figure.... Read More

The bankruptcy itself, either chapter 7 bankruptcy or chapter third bankruptcy will have no effect on the equity of another home. But it will have an effect on you personally. If your ex-husband files for chapter 7 bankruptcy discharges his debt on the home he's living in, and you are on the mortgage, then you will be calm 100% liable to pay that mortgage. Simply because your husband does no longer want to pay the mortgage in files bankruptcy, the big problem is not your equity on your second home, is you becoming personally liable for the entire debt of the home your husband lives in. I suggest if you're still married in your husband is going to go through with this and it is financially possible, file for bankruptcy at the exact same time he filed bankruptcy or have the whole sold prior to foreclosure. If you do not have its sold prior to foreclosure and he files bankruptcy you will be the only one responsible for the debt and the bank will come after you for the mortgage payments. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://massachusettslawyeronline.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

On a mortgage which you have cosigned for, just as any other loan document, you are considered jointly and severally liable for that debt. This means is that if there are other cosigners and they are unable to pay the debt, or file bankruptcy, the bank can, do you for 100% of the amount of that mortgage or loan. The bank goes after all signers of the mortgage or loan for 100% of the value of the mortgage or loan. Even if there are two signers, this does not split your responsibility to pay, you are responsible to pay the entire amount of the mortgage or loan. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://massachusettslawyeronline.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

One way to have the garnishment removed from your paycheck would be to file for chapter 7 bankruptcy or a chapter 13 bankruptcy depending on your particular financial situation. Once a court has determined that you have the ability to pay a certain amount and they allow the credit card company to start garnishing your pay, the best course of action would be filing bankruptcy to remove the debt and any other outstanding credit card debt you may have. You may be able to fight this in court, but if you had the money from attorney you would also have the money to pay off the credit card, so I'm assuming that money is an issue and that being the case chapter 7 bankruptcy would most likely be the best method to help you with your particular situation. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147... Read More

It does matter how long after you receive a chapter 7 bankruptcy discharge and then sell your house if you will be able to make any money off it. At the required time period between discharge and you selling your home has not collapsed, then the proceeds from you selling your house will have to go back to your bankruptcy estate to be used to pay off any bills. If you fail to inform your bankruptcy lawyer or the bankruptcy trustee of this new money, that should be including your bankruptcy estate, you may be facing severe penalties or even jail time. Any time you come into a large sum of money right after you receive a bankruptcy discharge you must inform the bankruptcy trustee or your bankruptcy lawyer of this additional funds, as they most likely will have to be included in your bankruptcy estate even after you receive a discharge. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147... Read More

The answer depends in part on what percentage your plan is paying to unsecured creditors.  If it is 100%, then there's probably no harm in you paying extra to your secured creditors now.  But technically you're supposed to be paying all of your disposable income to the Chapter 13 Trustee, so if you have a surplus available to pay extra to your secured creditors, that is a potential issue. It also depends on how courts and trustees in your jurisdiction handle these things, so you really need to discuss this with a bankruptcy attorney in your area.... Read More