Effect of Bankruptcy Reform
in Louisiana
Louisiana's median income is expected to be such that most Chapter 7 cases will continue to qualify for that level of filing. However, families with income above an arbitrary number will have to file Chapter 13.
The major impact will be that in filing your case the specific details will be subject to more stringent requirements. You will have to prove what you earn, account very precisely for income of all kinds, and be extremely careful in showing all your property.
This is expected to increase costs and fees to some extent. Exactly how much is undetermined. At a minimum you will probably have to pay for a current credit report, but that's only $40. Legal fees are still being reviewed.
If you have substantial income, its best to file before the law changes.
Car loans will have to be paid IN FULL, while under the old law we could limit payment to the VALUE of the CAR. INCOME will be calculated based on the last six months' income, and EXPENSES for purposes of calculating the Bankruptcy issues may be limited to IRS Guidelines.
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THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.