A Chapter 13 Bankruptcy last a minimum of 36 months, and more frequently lasts for 60 months. During that 36 to 60 month time frame, the Debtor will be making monthly payments, known as Plan payments to the Trustee. So it should not come as a surprise that things can happen that can have an [...]
New Orleans Bankruptcy Attorney
One of the hardest issues for a bankruptcy attorney to deal with is the issue of the Reaffirmation Agreement. When a person files a Chapter 7 bankruptcy he is given a rare opportunity: To start over fresh without his debts! This means that a debtor has the right to get rid of both his debts to unsecured creditors and secured [...]
A Chapter 13 bankruptcy will normally take a minimum of 3 years and may have to continue for 5 years depending upon the income of the debtor. Because of the length of time involved in a Chapter 13, there is always the very real possibility that the debtor may have unanticipated major expenses during the [...]
What is cross collateralization and how can it affect your Bankruptcy? When a loan is cross-collateralized it means that you have made an unsecured creditor into a secured creditor. How does this happen? When you purchase a car, it is common for the documents you sign to give the lender a security interest in the [...]
Every person who files a bankruptcy is required to attend a Meeting of Creditors. The meeting, also called a Section 341(a) meeting, is held by a Trustee. The Trustee is an individual, usually an attorney or a certfied public account, who is responsible for reviewing the debtor’s bankruptcy to see if there are any assets [...]
What happens to a co-debtor when a debtor files for bankruptcy depends upon the type of case that is filed. Many clients come to my office relieved to find out that a bankruptcy stays proceedings against them, but they worry about whether there is a stay of proceedings for the co-debtor. The client is justified in worrying about the [...]
