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The Rocky Willson Law Firm provides bankruptcy legal services to residents and businesses of Rapides, Avoyelles, Catahoula, Concordia, Grant, LaSalle and Vernon parishes.

CHAPTER 7-WHAT YOU NEED TO KNOW

A trustee is appointed to take control of your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate. If you have already filed bankruptcy under Chapter 7, you may be able to convert your case to a different chapter if it benefits your situation. You can only receive a Chapter 7 discharge once every 8 years.

CHAPTER 13-WHAT YOU NEED TO KNOW

You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to pay your creditors. The court must approve your repayment plan and budget. A trustee is appointed and will collect the payments from you, pay your creditors and make sure you live up to the terms of your repayment plan.

CHAPTER 11 (BUSINESS)-WHAT YOU NEED TO KNOW

This is used mostly by businesses.  In Chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary. If a trustee is appointed, the trustee takes control of your business and property.

WHAT BANKRUPTCY CAN NOT DO

Filing bankruptcy will not eliminate your need to pay: most taxes, child support, alimony, most student loans, court fines and criminal restitution and personal injury caused by driving drunk or under the influence of drugs.

This is very basic information provided as an outline to the differences in the Bankruptcy Chapters and how they may or may not apply to your situation. Bankruptcy practice is a very complicated area of the law and an attorney unfamiliar with the system might not give you the best options available, or even create more problems.; As the only certified consumer bankruptcy attorney in Central Louisiana, Rocky Willson offers the expertise you need for the best possible financial outcome.