Louisiana chapter 13 bankruptcy laws

A chapter 13 bankruptcy is known as a "staff" plan dictates plan monthly payments (usually 36) a trustee appointed to the Court which distributes the funds to your requirements. You pay a percentage of debt again as a petition for Chapter 7 be completely dismissed. CounselingIn 2005, Court Federal mandate consulting for all applicants before filing a chapter 13 bankruptcy credit bankruptcy credit. If the orientation is not made, your bankruptcy petition will be denied.Mortgage ArrearageEven if your home is a debt guarantee, if you are not currently on your mortgage (s), you can heal the arrears (bring the current mortgage) by including the amount you behind in your plan.Secured chapter 13 DebtIf you want to keep a car or a boat which is always ensured by a privilege, you can include the property in your plan and pay the current holder of the right of retention as opposed to the balance of loan to buy it.Homestead ExemptionAccording value Louisiana statutes (federal bankruptcy exemptions are not applicable in Louisiana), you are allowed an exemption of $25,000 for your private residence (equity) of .Personal PropertyYou can keep furniture and household items, more than insurance continues, jewelry up to $5,000 and PMV up to $7,500. You can maintain cows also if so inclined.