Baton Rouge Office225-769-1414
New Orleans/Metairie Office504-831-1222

December 2018 Archives

The details surrounding a Chapter 13 case

Louisiana residents who are facing serious debt problems can consider filing for Chapter 7 or Chapter 13 bankruptcy. Those who file for Chapter 13 protection will repay creditors for up to five years. In exchange, they reserve the right to maintain property such as a home. The amount of the payments made to creditors will be determined by how much disposable income a filer has.

Louisiana credit card debt burden among the highest

It would take longer for the average Louisiana household to pay off credit card debt than for almost any other state in the country. According to data published by, the average household credit card debt in Louisiana is $8,110, and it would take the average household 17 months to pay it off. Nationwide, people are struggling with debts of all kinds; where a person lives makes a difference when it comes to credit card burden.

Some for-profit school victims' loans to be cancelled

Some students in Louisiana and across the country will find relief from their student loan debt after the federal Department of Education announced that it is cancelling $150 million in student loans. Secretary of Education Betsy DeVos opposed the 2016 regulations that sought to cancel the loans, which were taken out by students who attended schools that had made false promises to students or later closed. In many cases, these loans were taken out to attend for-profit institutions. Despite DeVos' opposition, a federal judge previously ruled that attempts to block the regulations were illegal.

Debt increases but it may not be a bad thing

Louisiana residents have contributed to the nearly $4 trillion in debt that Americans owe collectively. About $1 trillion of that debt is attributed to credit cards with another $2.93 trillion from other debts such as auto and student loans. Mortgage balances are not considered to be part of the $3.93 trillion figure. According to LendingTree, credit card balances are expected to increase by 5 percent through the end of 2018, which could bring that number right to the $4 trillion mark.

Time restrictions on multiple bankruptcy filings

Filing for bankruptcy is often thought of as a one-time thing, and most filers believe they'll never have to file again after their first bankruptcy is finalized. For some people in Louisiana, though, more than one filing might be necessary during the course of their lives. Technically, there is no restriction on the number of times an individual can file for bankruptcy protection, but there are restrictions placed on when subsequent bankruptcies can be filed. The applicable time period varies based on the types of bankruptcy involved.