200 Washington Street
Monroe, LA 71201
318.322.6232
318.235.3325
Free Initial Consultations
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.
We are a debt relief agency. We help people file for relief under the bankruptcy
code.
Serving: Monroe, West Monroe, Bastrop, Lake Providence, Columbia, Mer Rouge, Ruston,
Grambling, Winnsboro, Winnfield, Tallulah
MONROE LOUISIANA • CHAPTER 13 BANKRUPTCY
A debtor who files for a Chapter 13 bankruptcy generally has a ceiling of five years
within which he or she must repay creditors. The process is carried out under the
auspices of the court.
Under the terms of a Chapter 13 bankruptcy, you can keep all of your property while
the court approves a new, interest-free plan under through which you can repay your
debts. A written plan is created, providing the details of all transactions that
will occur through your repayment plan and the number of years that repayment plan
will take. Repayment must begin within 30 to 45 days of the bankruptcy initiation.
Your attorney prepares your repayment plan to best suit your situation.
The law states that creditors must adhere to the repayment plan as strictly as the
debtor, meaning they are prohibited from collecting any claims from the debtor that
are not included in the repayment plan.
Chapter 13 bankruptcies generally do not involve trustees. The debtor repays the
creditors directly. Another advantage of Chapter 13 bankruptcy over Chapter 7 bankruptcy
is the availability of the full discharge option. For example, if the debtor successfully
makes all of the payments outlined by the plan, he or she receives a full plan discharge.
Another advantage of Chapter 13 is that bankruptcy can be filed for, and a repayment
plan created, even if the creditors disagree with it, so long as it is approved by
the court.
NO MONEY DOWN CHAPTER 13
BANKRUPTCY
CHAPTER 13 BANKRUPTCY WAS DESIGNED TO STOP TO FORECLOSURE, REPOSSESSION, WAGE GARNISHMENTS,
LAWSUITS AND CREDITOR HARASSMENT.
CHAPTER 13 BANKRUPTCY WORKS WITH THE COURTS TO CONSOLIDATE, PRIORITIZE, REPAY, AND,
IN SOME CASES, REDUCE OR ELIMINATE OLD DEBTS.
THIS TYPE OF BANKRUPTCY ALLOWS YOU TO MAKE ONE LOWER, INTEREST-FREE MONTHLY PAYMENT
TO A TRUSTEE. THAT TRUSTEE THEN PRIORITIZES YOUR DEBTS AND DEALS DIRECTLY WITH YOUR
CREDITORS.
Are they are coming
to take your stuff?
WHEN YOU FILE FOR BANKRUPTCY UNDER CHAPTER 13 OF THE U.S. BANKRUPTCY CODE, YOUR GOAL
IS TO REPAY SOME OR ALL OF YOUR DEBTS, UNDER BETTER TERMS. UNLIKE A CHAPTER 7 BANKRUPTCY,
WHICH INVOLVES THE LIQUIDATION OF YOUR ASSETS TO REPAY YOUR CREDITORS, A CHAPTER
13 BANKRUPTCY INVOLVES RESTRUCTURING DEBTS AND USING YOUR EXISTING INCOME TO PAY
OFF YOUR CREDITORS. CHAPTER 13 BANKRUPTCIES ARE IDEAL FOR DEBTORS WITH REGULAR INCOMES.
TO MAKE IT EVEN EASIER ON YOU, ATTORNEY E. ORUM YOUNG WILL NOT REQUIRE ANY UP-FRONT
FEES. ALL COURT COSTS, FILING FEES AND ATTORNEY’S FEES ARE PAID THROUGH A CONFIRMED
CHAPTER 13 BANKRUPTCY PLAN. IF YOU THINK A CHAPTER 13 BANKRUPTCY IN MONROE, LOUISIANA,
WOULD MAKE SENSE FOR YOU, CONTACT E. ORUM YOUNG LAW OFFICES TODAY.
No law firm in Northeast Louisiana has filed more Chapter 13 bankruptcies than E.
Orum Young.