Chapter 7 Bankruptcy

    Q: What is a Chapter 7 Bankruptcy?  Do I qualify to file for protection under Chapter
    7?
    A: A Chapter 7 Bankruptcy is often referred to as a liquidation or straight bankruptcy.  
    It is a proceeding under the United States Bankruptcy Code (11 U.S.C. §§ 101 – 1532)
    whereby the debtor relinquishes his or her non-exempt assets to the bankruptcy
    trustee.  The trustee then converts these assets to cash and distributes it to the
    creditors.  In most districts you must undergo a credit counseling course and obtain a
    certificate before you are eligible to file.  Also, under the “new law” you must qualify to
    be a debtor under Chapter 7.  This qualification is income based and is largely
    determined by whether you fall below the state’s median income level.  The median
    income levels for Louisiana households are as follows (# indicates the number of
    individuals in your household:

    #        Yearly                Monthly            #        Yearly                Monthly
    1        $33,391.00        $2,783.00        5        $67,061.00        $5,588.00
    2        $41,500.00        $3,458.00        6        $73,961.00        $6,163.00
    3        $50,785.00        $4,232.00        7        $80,861.00        $6,738.00
    4        $60,161.00        $5,013.00        8        $87,761.00        $7,313.00


    Please visit our main website at www.grandlawfirm.com and our online bankruptcy blog
    at http://bankruptcyclinic.blogspot.com for more information or call (225) 769-1414 to
    set up your free initial consultation.
BANKRUPTCY CLINIC
Louisiana Bankruptcy & Consumer Protection Lawyers
A Division of the GRAND LAW FIRM
Baton Rouge, Louisiana

GRAND LAW FIRM

Louisiana Bankruptcy Attorneys
Louisiana Consumer Protection Attorneys
Louisiana Personal Injury Attorneys

10537 Kentshire Court, Suite A
(off Bluebonnet Boulevard between
Highland Road and Perkins Road)
Baton Rouge, Louisiana 70810

Telephone: (225) 769-1414
Facsimile: (225) 769-2300
Email: info@grandlawfirm.com
Main website: www.grandlawfirm.com
Blog: http://bankruptcyclinic.blogspot.com


If you are being harassed by debt
collectors or if you are experiencing
financial hardship, please call our office
today at (225) 769-1414 to set up your
free initial consultation.

The Bankruptcy Clinic is a division of
the Grand Law Firm that focuses on
representing consumer debtors in
chapter 7, chapter 13, and chapter 11
bankruptcy cases, and on representing
consumers that have been harassed by
debt collectors and collection attorneys.  
The attorneys of the Bankruptcy Clinic
are members of the National Association
of Consumer Bankruptcy Attorneys,
the American Bankruptcy Institute,
and the National Association of
Consumer Advocates.  
The attorneys of the Bankruptcy Clinic are federally designated debt relief agencies.  
We help people file for bankruptcy protection under the provisions of the United States Bankruptcy Code.