Bankruptcy Law

Attorney Wade Kelly has practiced bankruptcy law in Lake Charles and SWLA for more than 30 years. Our team will lead you with that same expertise and guidance throughout a tough time for anyone.

• A Chapter 13 bankruptcy filing is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years
• Chapter 7 liquidation bankruptcy is a common form of bankruptcy. Chapter 7 provides relief to debtors regardless of the amount of debts owed or whether a debtor is solvent or insolvent. A Chapter 7 Trustee is appointed to convert the debtor’s assets into cash for distribution among creditors.
• Small-business bankruptcy: Small business owners have the option of filing Chapter 11 on behalf of their business to restructure their debt so that they can remain in open with this less debt to repay.

Before you decide to file for bankruptcy, you’ll need to make a thorough review of your financial situation. Start by examining all your assets and your liabilities. Even though the decision to file for bankruptcy can be an emotional one, you’ll need to make a conscious effort to remain completely objective through each step of the process.

Begin by answering the following questions as objectively and honestly as possible:

• Am I behind on my car payments?
• Am I behind on my mortgage payments and if so, by how much?
• Are my creditors calling me or my family members?
• Am I borrowing from one credit card to payoff another?
• Am I only making minimal payments on my credit card(s)?
• Am I being sued for failing to pay a debt?
• Are my wages being garnished?
• Is my bank account being seized?
• Do I have any judgment liens on my real state?

If you’ve answered “yes” to any of these questions, you’re probably a candidate for Chapter 7 bankruptcy.