Top Bankruptcy Lawyers in Lafayette, LA

In Lafayette, you file your bankruptcy case with the United States Bankruptcy Court, specifically the Western District of Louisiana. The court is located at the John M. Shaw United States Courthouse, 800 Lafayette Street, Suite 1200, Lafayette, Louisiana 70501. This is the designated court where bankruptcy filings for Lafayette and the surrounding area are processed.

Fillable PDF forms for bankruptcy can be obtained at no cost from the official website of the United States Courts. You can access these forms at https://www.uscourts.gov/forms/bankruptcy-forms.

In Chapter 7 bankruptcy, if you have a secured debt and do not take additional steps, there is a risk of losing the associated property. While the debt will be discharged, the lender can initiate foreclosure or repossession. However, there are options available to retain your secured property, such as negotiating with the lender to reaffirm the debt or paying the property's current value to the lender in Lafayette.

In Lafayette, the 2-4-6-8 rule determines how many times you can file for bankruptcy. If you previously filed for Chapter 13 bankruptcy, you must wait two years to file again, while four years is required if you want to file for Chapter 13 after Chapter 7. For Chapter 7 bankruptcy, the waiting period is six years after filing Chapter 13 and eight years after filing Chapter 7. Filing Chapter 13 immediately after Chapter 7, known as Chapter 20 bankruptcy, extends repayment time but does not discharge debts.

The median income for bankruptcy in Lafayette depends on household size and means test calculations. To qualify for Chapter 7 bankruptcy, your monthly income over the next 60 months must be below $7,475. If it exceeds $12,475, you are ineligible. If your disposable income falls between $7,475 and $12,475, additional calculations are needed. It is advisable to consult with an attorney to determine your eligibility and the best course of action in filing for bankruptcy.

In Chapter 13 cases, a down payment is required, starting at $750 and depending on the complexity of your case in Lafayette. For Chapter 7 bankruptcy, fees are paid upfront and vary depending on the type of case. A typical non-business Chapter 7 case costs around $1,685, while fees for business Chapter 7 cases are determined by the complexity of the case. You may discuss the specific costs with your attorney.

In Chapter 7 bankruptcy, you usually surrender your tax refund for just one year in Lafayette. However, in Chapter 13 bankruptcy, your tax refund is required to be turned over to the trustee throughout your case, which can last three to five years. The trustee will distribute the funds to your creditors. It is important to comply with this requirement and hand over your tax refund to the trustee when you receive it.