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Learn all your options from a qualified, experienced New Orleans bankruptcy lawyer

A Legal Helpers sponsoring New Orleans bankruptcy lawyer will be glad to meet with you as a free consultation. During this meeting, your New Orleans bankruptcy lawyer will learn about your situation and then help you begin to learn about your legal options. As an experienced New Orleans bankruptcy lawyer, he has helped many clients with problems similar to yours and he understands that you need to feel comfortable with any decision you may make.

For an experienced New Orleans bankruptcy lawyer - Contact Legal Helpers.

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Your Legal Helpers sponsoring Louisiana bankruptcy lawyer takes pride in helping clients gain a fresh start in life. He realizes that most people file for bankruptcy due to unforeseen and unavoidable expenses. Many clients simply could not pay their huge pile of medical bills. Even while they try and try to pull themselves out from under an enormous amount of debt, they fall further and further behind. We feel that this should not happen! For this reason, your Louisiana bankruptcy lawyer will work to keep you informed and comfortable with every stage in the process.

Bankruptcy has its own language

Here is a brief list of terms that are used in the legal process. These will help you better understand your case.

Arrears -- The amount that is unpaid and overdue as of the date the bankruptcy case is filed. The word "arrears" is usually used when referring to back child support, back alimony owed, or the amount that is past due on mortgage payments (including interest and penalties).

Automatic Stay - A court order that stops lawsuits, foreclosure, garnishments and all collection activity against the debtor on the exact date a bankruptcy petition is filed.

Bankruptcy -- By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities.

Collateral -- The property that is subject to a lien as for payment of a debt or performance of a contract. A creditor with rights in collateral is a secured creditor and has additional protections in the Bankruptcy Code for the claim secured by collateral.

Creditor -- Any person or business that a debtor owes money to.

Delinquency -- Failure to make payments when payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more of the credit bureaus.

Equity -- A homeowner's financial interest in a property. Equity is the difference between the value of the property and the amount still owed on its mortgage and other liens.

Exempt -- Property that is exempt is removed from the estate and is not available to pay the claims of creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. The debtor gets to keep exempt property for use in making a fresh start after filing.

Proof of Claim -- Document a creditor files showing how much money is owed to them by the debtor, together with all supporting evidence of such claim. There is usually a deadline in which to file a Proof of Claim.

New Orleans bankruptcy lawyers

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