Fresh Start Law Firm
Louisiana Bankruptcy Law
Expectations
Time required for client to know if bankruptcy is a good option = 1 Hour
Minimum work time commitment for client to file and get discharge = 5 Hours
Potential debt forgiveness = All of it
Assets Fully or Partially Exempt
Under Louisiana Bankruptcy Law
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Home - Homestead Exemption - 35K of equity
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Car - Motor Vehicle Exemption - 7.5K of equity
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Insurance Proceeds - 100%
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Household Goods and Furnishings - 100%
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Clothing - 100%
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Engagement Rings - 5K per ring
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Firearms - 5K
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Household Pets - 100%
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Pension, Retirement & Life Insurance Benefits - 100%
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Tools of the Trade - 100%
Chapter 7 - Liquidation
Duration: 3-4 Months
Payment: Attorneys fees required by law upfront
Best: For clients with limited or exempt secured assets
Chapter 13 - Reorganization
Duration: Minimum 3 years - Maximum 5 years
Payment: Attorneys fees allowed to be paid over the 3-5 years
Best: For clients who want to protect their non exempt assets
Getting Tax Transcripts
In order to file for bankruptcy you must have filed or need to file the past four years of tax returns. You will need to send your two most recent tax transcripts to us, they will be attached to you bankruptcy petition.
Go to IRS.gov
Click: get tax record
Click: get transcript online
Or Click this Link:
If you don’t have an Id.me account, create one.
You will need your driver’s license and a smart phone
Login
Select a reason you need a transcript: Click “Income Verification”
Under “Return Transcript”
Click the two most recent years
Click the download button
Upload document to document portal
Or email to: fslawf@gmail.com
Social Security Card
In order to file for bankruptcy you must have a social security card. Below provides instructions on how to get a new one.
Click link to find your local social security office
Go to Local Social Security Office
Bring unexpired drivers license or passport. (Identification Documents must be original or have a signature, stamp, or raised seal from the issuing agency. We don't accept photocopies)
Fill out application for Social Security Card
After successful application ask for temporary social security card
This is a piece of paper they will give you while you wait for your card to be mailed in
Take a photo of your temporary card
Upload document to document portal
Or email to: fslawf@gmail.com
Credit Counseling and Debtor Education Courses
All individual bankrutpcy filers are required to complete pre-bankruptcy credit counseling and pre-discharge debtor education. These may not be provided at the same time. Credit counseling must take place before you file for bankruptcy; debtor education must take place after you file. Certificate of completion for both credit counseling and debtor education are required but before the filer’s debts can be discharged.
What is a 341 Meeting of Creditors?
The meeting of creditors is a hearing all debtors must attend in any bankruptcy proceeding. The meeting of creditors is held outside of the presence of the judge and, depending upon the case chapter, usually occurs between 21 and 50 days after the filing of the petition. In chapter 7, 12, and 13 cases, the trustee assigned to the case conducts the meeting. In a chapter 11 case, a representative of the United States Trustee conducts the meeting.
The meeting permits the trustee or the representative of the United States Trustee to review the debtor's petition and schedules with the debtor. The debtor is required to answer questions under penalty of perjury (swearing or affirming to tell the truth) about the debtor's conduct, property, liabilities, financial condition, and any other matter that may affect the administration of the case or the debtor's right to discharge. In addition, the trustee or United States Trustee representative will ask questions to ensure that the debtor understands the bankruptcy process.
The meeting is referred to as a meeting of creditors because creditors are notified that they may attend and ask the debtor questions pertaining to assets or any other matter pertinent to the administration of the case. It is also referred to as a 341 meeting because it is mandated by Section 341 of the Bankruptcy Code. Creditors are not required to attend these meetings, and do not waive any rights if they do not attend. The meeting usually lasts only about ten to fifteen minutes and may be continued if the trustee or United States Trustee representative is not satisfied with the information presented.
If the debtor fails to appear and provide the information requested, the trustee or United States Trustee representative may request that the case be dismissed, or may seek other relief against the debtor for failure to cooperate. If the case involves spouses filing jointly, both spouses must appear at the meeting of creditors.
What is a discharge in bankruptcy?
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts.
Although a debtor is not personally liable for discharged debts, a valid lien (i.e., a charge upon specific property to secure payment of a debt) that has not been avoided (i.e., made unenforceable) in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien to recover the property secured by the lien.
