If you are being harassed by creditors or are worried about losing your home, your wages are being garnished, or you can’t make ends meet anymore, filing bankruptcy can be a powerful weapon in your defense.
At the law firm of Damon J. Baldone & Associates, our Houma and Terrebonne Parish bankruptcy lawyer can help you take full advantage of your debt relief options.
Chapter 7 Bankruptcy
This is the most popular type of bankruptcy because it allows you to erase all of your unsecured debts and receive an “automatic stay” against collection actions and lawsuits. Its benefits include:
- Eliminating credit card debts, medical bills, and more
- Temporarily halting home foreclosures
- Stopping creditor harassment
- Stopping wage garnishments
Chapter 13 Bankruptcy
This kind of bankruptcy allows you to create a structured, interest-free repayment plan to repay some or all of your debts over a three- to five- year period. Like Chapter 7, filing for Chapter 13 bankruptcy will put an automatic stay into effect, halting wage garnishments, credit card harassment, and collection actions in their tracks. In addition, Chapter 13 may allow you to:
- Strip off and eliminate junior mortgages such as home equity lines of credit
- Reduce car payments and avoid car repossession
- Keep nonexempt property that would be liquidated under Chapter 7
- Repay outstanding tax debts without interest
Chapter 11 Bankruptcy
This bankruptcy chapter is designed with business in mind. It contains complex provisions intended to create a reorganization plan for debts. If you are a business owner, we can advise you about the pros and cons of Chapter 11 bankruptcy and assist you as necessary.
