Late 40s divorced male attended the consult to consider bankruptcy related options to control his overwhelming debt. His primary debt stemmed from a home foreclosure deficiency balance. Another words, when his home was foreclosed on, he owed approximately $100,000 but the property only sold for $60,000 at Sheriff sale. Accordingly, the creditor was pursuing him for the $40,000 difference plus interest and cost. As well, he has a proximally $20,000 in credit card debt and a couple thousand dollars in tax liabilities. Finally he has a car note that he is current on. We considered both chapter 13 bankruptcy and chapter 7 bankruptcy related options. In a chapter 13 we could restructure the car note through the chapter 13 bankruptcy plan payment along with the tax liability. Under that scenario he would paid the United States chapter 13 trustee a couple of hundred dollars a month for 60 months at which point he would receive a discharge and clean title to his vehicle. As well any unpaid portion of the deficiency balance and credit card liabilities would be wiped clean. We also considered chapter 7 bankruptcy resolutions. Through a chapter 7 bankruptcy to retain the vehicle, he would have to remain current with his car note and ultimately resolve his tax liabilities on his own but the seven would yield a discharge in several months that would wipe out the liabilities for the credit cards and the home loan deficiency balance. Ultimately, the plan of action that was adopted was to pursue a chapter 7 bankruptcy protection.
The attorneys and lawyers at the bankruptcy law firm of Kirkpatrick and Associates have helped good people through bad times in Southeast Louisiana since 1999. The parishes we serve are Orleans, Jefferson, Assumption, Lafourche, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, Terrebonne and Washington. So whether you live in New Orleans, Metairie, Gretna, Avondale, Chalmette, Belle Chasse, Slidell, Covington, Mandeville, LaPlace, Houma, Thibodaux, Luling, Ponchatoula, Hammond, Amite, Kentwood, Franklinton or Bogalusa, our bankruptcy lawyers and attorneys are here to help.