Bankruptcy Attorney - any suggestions

Why don't you pay her more?

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I'm a lawyer by training,

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Bankruptcy was not my forte.

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obviously, bankruptcy is not a good solution for individuals, maybe as an absolute last resort, their are other, better options

i practice bankruptcy law, but not in the Eastern District. Rachel Anderson would be my first call on the north shore. 985 377 9271.

i don't know her personally, but i see the quality of her comments on a professional discussion board we're both on.

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Que? What do you do now?

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I inherited half of an insurance claims business. I handle the day to day financial/ accounting etc. Trust me, it's 1000X better than the corporate/securities law I used to do.

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Primary home and cars aren't touchable since they have liens on them already.

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What? Homes can be foreclosed on......Cars can be repossessed. At least a Chapter 13 protects some of this like the car(s). Like I said, I don't know all of the particulars of personal bankruptcy.

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Her husband woke up one morning in late September with big time stroke.

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still would advise against bankruptcy, she can hire an attorney, a real one(jk,) that can negotiate debt payments/ forgiveness to mitigate damage, among other things, that can give them some relief, it may still have some credit repercussions and there will still be taxes to pay, but it is considered a better route than personal bankruptcy

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What? Homes can be foreclosed on......Cars can be repossessed.

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Nope, not in Louisiana. (I'm talking about protecting from other creditors not from the mortgage company or the auto loan itself). Sorry for the confusion. For example - if a credit card company sues here and gets a judgment they cant take her home or cars from her. They can file liens but they're in secondary position behind the mortgage company.

If she's not paying her mortgage or car notes, bankruptcy will only delay the inevitable.

without knowing the full facts of the case, no one can advise as to whether bankruptcy is the better choice.

If they have a lot of equity in the home and cars, bankruptcy may not help much. if they have no equity in home and cars (or are below exempt amounts) a chapter 7 will discharge most debts.

if you negotiate forgiveness of debt, you will be taxed on the amount forgiven. discharging debts in bankruptcy is not a taxable event.

having a bankruptcy on your record may be no worse than being sued by creditors.

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without knowing the full facts of the case, no one can advise as to whether bankruptcy is the better choice.

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understood, but there are very few benefits to personal bankruptcy, unlike corporate bankruptcy, which is commonly used as a business strategy, plus personal bankruptcy comes with a minimum time before you can attempt to reestablish any sort of credit rating

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if you negotiate forgiveness of debt, you will be taxed on the amount forgiven

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that's true but still a lesser impact than paying full P&I in most cases, particularly if you have reason to believe the current financial situation is a short term condition and you will be able to service the restructured debt

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having a bankruptcy on your record may be no worse than being sued by creditors.

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debatable, particularly if you are able to satisfy creditors, now if you're just going to throw in the towel and give up, bankruptcy might be the better option

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if you negotiate forgiveness of debt, you will be taxed on the amount forgiven. discharging debts in bankruptcy is not a taxable event

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Yes. like I said I'm not a bankruptcy attorney and I don't know all of the particulars.....most people don't tell you everything, and as her boss I don't want to know all of the particulars of the finances. The BK attorney will know though

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a chapter 7 will discharge most debts.

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yes, and I don't know from a legal perspective what either of the choices whether it be 7 or 13 would help her out. 7 would be the easiest because it's a discharge and see ya later. The 13 I do know will help to protect the vehicles under their name provided they are eligible for a cram down, but I don't know how a 13 would deal with a dwelling. She's been pretty bloodied by the whole event(s) There is going to be a lot of medical bills in her future especially Physical Therapy for the husband....and that can be pricey. We'll help her out here at work as much as we can...already have