Attorney Robin De Leo is the only consumer Certified Bankruptcy Specialist in North Shore, Louisiana.
Most Americans can easily slip into a situation in which they owe more money than they have the ability to repay. Unemployment, high medical expenses, credit card debt, mortgage default and other financial crises can happen to anyone.
When financial problems become overwhelming, individuals and businesses may file for bankruptcy. There are different types of bankruptcy named for their respective chapters in the United States Bankruptcy Code.
Chapter 7 of the United States Bankruptcy Code is the most commonly used form of bankruptcy. Individual debtors must qualify for Chapter 7 based on household income or business loss. Liquidation of assets is also available under Chapter 7 to commercial debtors ready to shut down business operations. Chapter 7 bankruptcy proceedings take about 90 days to complete.
Chapter 11 of the United States Bankruptcy Code permits reorganization of debt payments. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or otherwise, and to individuals whose debt exceeds the Chapter 13 debt limitations. Chapter 11 is a lengthier bankruptcy proceeding. It can take 18 to 32 months to complete. Chapter 11 is ideal for businesses that need an opportunity to restructure or reorganize the repayment of its loan obligations.
Lastly, Chapter 13 of the United States Bankruptcy Code allows individuals to undergo a financial reorganization supervised by the bankruptcy court and a trustee. Chapter 13 is available for individuals only who have secured and unsecured debts under amounts allowed by law. The goal of Chapter 13 is to rehabilitate an income-earning debtor through the creation of a repayment plan that enables people to continue to meet living expenses while paying some portion of their outstanding debts. Chapter 13 is ordinarily used as the best means to stop foreclosure or repossession. The time frame for the process is 3-5 years.
One of the biggest dangers when the financial squeeze begins is for people to wait too long to take action to protect themselves. Without bankruptcy protection, creditors can obtain a court order to seize all the money from your bank accounts, place liens on your property, place your home in foreclosure and seize many of your possessions, including your motor vehicle.
Many are reluctant to file for bankruptcy out of feelings of shame. The Bankruptcy Code is written, however, not to shame individuals but instead, to give individuals opportunities that otherwise would not exist outside of the Bankruptcy Code.
The Bankruptcy Code is complex. To best protect your interests, it is essential that you contact an attorney that has demonstrated their legal expertise in this process by concentrating solely on bankruptcy law over a period of several years. Your creditors will have legal expertise on their side, and you deserve to have the same.
The De Leo Law Firm, LLC has practiced exclusively in the field of bankruptcy since 1998, representing debtors, creditors and trustees. We serve clients in Mandeville, Covington, Slidell, Hammond and surrounding areas in St. Tammany Parish and the South Shore.
We realize you have obligations on your time, so we have flexible appointment hours to help meet your needs. Our initial consultation is free. Give us a call at (985) 727-1664 to set up an appointment so that we can help you decide if filing for bankruptcy is right for you. If it is, we will offer you the results of our more than 20 years of experience in helping people like you, who have found themselves in a financial crisis and, both need and deserve a way out.