Would you like a phone call from attorney E. Orum Young?

I will return your call promptly when you leave a message on my cell phone: 318-235-3325

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Monroe Personal Bankruptcy

If your personal debt is climbing faster than you can pay it off, you may consider filing for personal bankruptcy in Monroe, Louisiana. While the act of filing for Monroe personal bankruptcy can be stressful, and will negatively impact your credit rating, the laws surrounding personal bankruptcy are designed to provide you with a fresh financial start.

Filing a personal bankruptcy petition

If an experienced Monroe bankruptcy attorney agrees personal bankruptcy is your best option, begin by filing a petition that states:

  • All of your assets
  • All of your liabilities
  • Your creditors

Your next choice is the type of personal bankruptcy to file:

  • A Chapter 7 bankruptcy liquidates your assets, minus some select exempt properties, and transfers them to the court. A court-appointed trustee uses these funds to pay your creditors.
  • A Chapter 13 bankruptcy is filed when you want to keep certain properties that would not be exempt under Chapter 7 bankruptcy. Chapter 13 creates a payment plan through which you repay your creditors over several years.

Recent changes in personal bankruptcy law make it harder to declare Chapter 7 bankruptcy and allow the court to determine the amount you must repay to your creditors based on the cost of living in your state or county.

Once the court approves a bankruptcy filing, your transactions are frozen, and creditors are ordered to cease all collection efforts. Once the debts are resolved according to the bankruptcy agreement, you receive a discharge releasing you of the applicable debts.

For bankruptcy to work, you must fully disclose your debts. Otherwise, you may be guilty of fraud.

Monroe personal bankruptcy and credit ratings

Bankruptcies appear on credit ratings for ten years. You can still apply for credit cards and other types of cash cards.

Personal bankruptcy in Monroe

Debt is a fact of life, and when it becomes unmanageable you have nothing to be ashamed of.

Attorney E. Orum Young will help you work out your debts confidentially. If you need Monroe bankruptcy advice, please contact us, the bankruptcy law firm of E. Orum Young Law Offices.