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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.

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

CHAPTER 7 VS CHAPTER 13

Which is right for you?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy was designed to eliminate unsecured debt, including:

• Credit Cards

• Medical Bills

• Payday Loans

• Some personal Loans

• Utility Bills

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.

Chapter 13 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.

Liquidates Your Assets

Adjustment of debts for

An individual with regular income

Use Chapter 7 when:

You have little property except for the basic necessities like furniture and clothing.

You have little or no money left after paying basic expenses each month—or you're not even meeting basic expenses.

Use Chapter 13 when:

You have significant equity in a home or other property and you want to keep it.

You have regular income and can pay your living expenses, but you can't keep up the scheduled payments on your debts.

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Advantages of Chapter 7 Bankruptcy

• Most unsecured debts can be discharged (completely eliminated)

• The process moves quickly—you may receive your discharge in just a few months

• Creditors can't contact you while the automatic stay is in effect—or after debts are discharged.

Who is qualified to file Chapter 7?

Debtors who have qualified under the 'means test' and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection.

Advantages of Chapter 13 Bankruptcy

• You can keep most of your property while spreading out time to pay past due accounts

• You'll have 3-5 years to catch up delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.

• You'll make one monthly payment to the bankruptcy trustee for distribution—you'll have no direct contact with creditors during the protection period of 3-5 years.

• Co-signers may be protected

Who is qualified to file Chapter 13?

Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400.

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You Want To Keep Your Stuff

13 vs 7