Chapter 7 Bankruptcy

When phone calls from angry creditors make you ignore your phone or when you are struggling to make your ends meet, it is time to take action. If you are struggling with credit card debt, past medical expenses, and other crippling expenses, Chapter 7 bankruptcy can be a way for you to get some financial relief and start fresh.

If you can no longer control your debts and liabilities, you need an experienced Chapter 7 bankruptcy attorney in Monroe, Louisiana. At The Law Firm of Eddie Clark & Associates, Attorney Eddie Clark works closely with residents of Louisiana who are facing financial issues, want to file bankruptcy, and need protection from creditors.

According to a report, over the last century, the number of bankruptcy cases in the U.S. has steadily increased. Usually, increases in bankruptcy petitions mean economic crisis; and states with less consumer-friendly laws generally have the most filings.  

Medical problems were associated with 46% of bankruptcies. Commonly recorded causes of bankruptcy include decreased income, unemployment, credit debt, illness/injury, excessive spending, and divorce preparedness.

Chapter 7 Bankruptcy is a form of bankruptcy that can clean away different unsecured debts. Under the U.S. bankruptcy code, Chapter 7 covers the asset liquidation process. A bankruptcy trustee is named to liquidate non-exempt assets to pay the creditors; the remaining debt is discharged after the proceeds are discharged. The entire process normally takes 4-6 months.

There are unique criteria you must meet to qualify for a bankruptcy filing under Chapter 7. There is a "means test" to assess this. The means test basically compares your family’s median income with the median family income guideline of Louisiana. You cannot qualify for Chapter 7 bankruptcy if your income exceeds the median income provided in the guideline.

There are also several other requirements that need to be met. If you do not qualify for Chapter 7, you have alternative options which you can avail with the help Attorney Clark.

With years of experience, Attorney Eddie Clark will evaluate your case after assessing your financial conditions and advise the best solution. If you opt for Chapter 7 bankruptcy, it will benefit you in the following ways:

• Provide reasonably swift, legally enforceable discharge of unsecured debts — like most credit card debts and medical expenses
• Ending the bullying and abuse of creditors and stopping or blocking proceedings against you to recover those debts
• Freeing income you used to manage to cover these debts so you can concentrate on keeping up with your mortgage, car loan, and other important commitments

Please note that not all of your assets are seized under this process. Louisiana has a bankruptcy exemption chart to refer to when deciding which of your assets are safe from getting seized for the creditors.

Attorney Eddie Clark and his legal team are experienced in handling bankruptcy cases in Louisiana. Our Chapter 7 &13 attorneys in Monroe, Louisiana assist clients every step of the way to create the best path for a favorable outcome and achieve financial independence.

For more information, call 318-361-9697 to schedule your FREE consultation with Attorney Eddie Clark.