Monday - Thurs8AM - 5PM
Fri8AM-1PM
Offices4608 Rye St Metairie, LA 70006
PRACTICE AREASBankruptcy Attorney – Slidell & Metairie
Financial difficulties can become overwhelming when debts continue to grow and you are unable to keep up with payments. Bankruptcy may provide individuals and businesses with a legal process for addressing overwhelming debt, protecting certain assets, and obtaining a fresh financial start. Because bankruptcy can have significant legal and financial consequences, understanding your available options is important. At Frank D’Amico, Jr., we help individuals and businesses facing financial hardship understand the bankruptcy process, evaluate their options, and determine an appropriate course of action based on their circumstances.
Common Bankruptcy Issues
- Chapter 7 Bankruptcy– A bankruptcy option that may allow eligible individuals or businesses to discharge certain qualifying debts.
- Chapter 13 Bankruptcy– A repayment process that may allow eligible individuals with regular income to reorganize certain debts and repay them over time.
- Business Bankruptcy– Helping business owners evaluate options for addressing business debts and financial obligations.
- Debt Discharge– Determining which debts may qualify for discharge under applicable bankruptcy laws.
- Automatic Stay– Understanding the legal protection that may temporarily stop certain collection activities, lawsuits, garnishments, and creditor actions after a bankruptcy case is filed.
- Foreclosure Protection– Exploring bankruptcy options that may provide protection against foreclosure in appropriate circumstances.
- Wage Garnishment– Addressing situations where creditors are withholding money from wages to collect outstanding debts.
- Creditor Harassment– Helping individuals understand their rights when creditors engage in prohibited or improper collection practices.
- Asset Protection– Reviewing available exemptions and determining how certain property may be treated during bankruptcy.
- Debt Reorganization– Developing a plan for addressing debts and financial obligations while working toward greater financial stability.
Frequently Asked Questions
What is bankruptcy?
Bankruptcy is a federal legal process that can provide individuals and businesses with options for addressing certain debts when they are unable to meet their financial obligations. Depending on the type of bankruptcy, it may involve liquidation, repayment, or reorganization.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 generally involves the liquidation of certain non-exempt assets, if any, in exchange for the potential discharge of qualifying debts. Chapter 13 generally allows eligible individuals with regular income to establish a repayment plan. The appropriate option depends on your financial circumstances and applicable law.
Will bankruptcy eliminate all of my debts?
Not necessarily. Certain debts may not be dischargeable in bankruptcy, including some taxes, certain student loans, child support and alimony obligations, and certain debts arising from fraud or other conduct. An attorney can review your debts and explain how they may be treated.
Will I lose my home if I file for bankruptcy?
Not necessarily. Bankruptcy law provides certain exemptions that may protect some property, but the rules vary depending on the type of bankruptcy and applicable law. Your equity, mortgage, exemptions, and financial circumstances can all be important factors.
Can bankruptcy stop foreclosure?
Filing for bankruptcy generally triggers an automatic stay that may temporarily stop certain collection actions, including foreclosure proceedings. However, the protection is subject to exceptions and does not necessarily eliminate the underlying mortgage debt or permanently prevent foreclosure.
Can bankruptcy stop wage garnishment?
The automatic stay may stop or temporarily suspend certain wage garnishments after a bankruptcy case is filed. There are exceptions, and the treatment of a garnishment can depend on the type of debt involved.
Will creditors stop contacting me after I file bankruptcy?
The automatic stay generally prohibits many creditors from continuing collection activities after a bankruptcy case is filed. However, certain exceptions apply, and creditors may still be able to take specific actions permitted under bankruptcy law.
How will bankruptcy affect my credit?
A bankruptcy filing can have a significant effect on your credit history and may remain on your credit report for a period of years. However, the impact can vary depending on your circumstances, and it may be possible to rebuild your credit over time.
Can I file for bankruptcy if I own a business?
Business owners may have several options depending on the type of business, the amount and nature of the debt, personal guarantees, and other circumstances. An attorney can evaluate whether bankruptcy or another approach may be appropriate.
Do I need an attorney for bankruptcy?
Bankruptcy involves detailed legal requirements, financial disclosures, exemptions, deadlines, and court procedures. Frank D’Amico, Jr. can review your financial situation, explain the bankruptcy options that may be available to you, and help guide you through the process while protecting your legal interests.