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Expectations​

 

Time required for client to know if bankruptcy is a good option = 2 Hours

Minimum work time commitment for client to file and get discharge = 6 Hours

Potential debt forgiveness = All of it

Assets Fully or Partially Exempt

 

Under Louisiana Bankruptcy Law​ 

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  1. Home - Homestead Exemption - 35K of equity

  2. Car - Motor Vehicle Exemption - 7.5K of equity

  3. Insurance Proceeds - 100%

  4. Household Goods and Furnishings - 100%

  5. Clothing - 100%

  6. Engagement Rings - 5K per ring

  7. Firearms - 5K

  8. Household Pets - 100%

  9. Pension, Retirement & Life Insurance Benefits - 100%

  10. Tools of the Trade - 100%

Chapter 7 - Liquidation​ 

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Duration: 3 Months​

Payment: Attorneys fees required by law upfront

Best: For clients with limited or exempt secured assets

Chapter 13 - Reorganization​ 

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Duration: Minimum 3 years - Maximum 5 years

Payment: Attorneys fees allowed to be paid over the 3-5 years

Best: For clients who want to protect their non exempt secured assets

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