Attorney At Law

200 Washington Street

Monroe, LA 71201

318.322.6232

318.235.3325


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Monroe LA Bankruptcy Attorney E. Orum Young Monroe-West Monroe LA Bankruptcy Attorney E. Orum Young

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.

Bankruptcy Attorney E. Orum Young

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

LOW COST CHAPTER 7

BANKRUPTCY

FILING CHAPTER 7 BANKRUPTCY

ONLY $260 PLUS COSTS

IN CHAPTER 7 BANKRUPTCY, THE BANKRUPTCY TRUSTEE CANCELS MANY (OR ALL) OF YOUR DEBTS. AT THE SAME TIME IT MIGHT ALSO SELL (LIQUIDATE) SOME OF YOUR PROPERTY TO PAY YOUR CREDITORS. CHAPTER 7 BANKRUPTCY, ALSO CALLED "STRAIGHT" OR "LIQUIDATION" BANKRUPTCY, IS SO NAMED BECAUSE THE LAW IS CONTAINED IN CHAPTER 7 OF THE FEDERAL BANKRUPTCY CODE.


IF YOU THINK A CHAPTER 7 BANKRUPTCY MAY BE RIGHT FOR YOU, CONTACT THE LAW FIRM OF E. ORUM YOUNG IN MONROE LA TODAY.

TO FILE FOR CHAPTER 7 BANKRUPTCY, YOU WILL NEED TO LIST THE FOLLOWING TO MR. YOUNG:

MONROE LOUISIANA • CHAPTER 7 BANKRUPTCY

Also called a liquidation, or straight bankruptcy, Chapter 7 is the most common form of bankruptcy in the United States, accounting for as much as 65 percent of all bankruptcy filings. One reason it is so popular is the speed that it proceeds. Ordinarily, most debts are discharged within months of a bankruptcy attorney filing a Chapter 7 petition.

When you file for Chapter 7 bankruptcy in Monroe, the court appoints a trustee to collect your non-exempt property, sell those assets, then use the proceeds to repay your creditors. Unlike other forms of bankruptcies, the debtor need not make any payment to the trustee. All necessary funds are derived form the sale of assets.

While it would seem that a Chapter 7 bankruptcy means the debtor loses all of their assets, this need not be the case. There are several types of properties that you may legally declare exempt from a Chapter 7 bankruptcy. Also, in a Chapter 7 bankruptcy, the debtor may sign a reaffirmation agreement, meaning that a debtor can continue to pay off a car loan or home mortgage after the bankruptcy filing is complete. This allows the debtor to retain all or some of their property. It is important you discuss these issues with bankruptcy attorney E. Orum Young before filing.

Under the terms of a Chapter 7 bankruptcy, the debtor is discharged from all dischargeable debts once the filing is complete.