Legal Question in Bankruptcy in Louisiana

Need advice please

Would like some advise-right at this moment we are begining to feel the crunch. After 20 years in the military things are catching up. At this point we have had no problem paying the bills. But it looks as though we see no light. My husband get a retirement and works another job. His retirement check takes care of the house and car payment. Its the credit card bill that we have gotten over our head in. When you add that in with our monthly expenses it is really tuff. The only reason we have cc is because when he was in the military at time it was the only way we could live. We pay and pay and get no where. First we want our house and we are not behind, we want the car and we are not behind. We are not behind on a thing. Can we still file one of the chapters and is so which one? Can we keep our car and house? What time frame are we looking at if we can? Something is got to give we are getting nowhere.

Thanks


Asked on 12/09/02, 9:19 pm

2 Answers from Attorneys
Steve LeBlanc Steve LeBlanc, Ltd., (APLC)

Re: Need advice please

Assuming you have no equity in your home or car, you can file a Chapter7 bankruptcy and reaffirm your home and car debts. This will allow you to keep those assets, but you will have to pay for them.

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Answered on 12/10/02, 8:12 am
Andrew Nichols Law Office of Andrew B. Nichols

Re: Need advice please

Short answer -- File for a complete discharge under Chapter 7.

Your debt does not appear to be very high but all things are relative. It sounds like you should file because you really need stress relief. PLEASE READ MY FIRM"S PHILOSOPHY. Everyone is entiled to a fresh start. The key to your case is what your monthly income is and how much available income you have after you pay your essential bills (excluding payments to credit cards). I doubt you have very much leftover at the end of each month therefore I estimate you should file for complete relief under Chapter 7. Please read my previous answers to the question of whether or not you "qualify" to file. I believe that most people should attempt to file under Chapter 7 unless there is a good strategic reason for filing under Chapter 13. In most cases you will be able to keep your house and your cars. Please feel free to contact me personally to discuss your particular situation in more detail. ph. 800) 303-0720

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Answered on 12/10/02, 5:20 pm


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