Louisiana foreclosure: Chapter 13 bankruptcy may save your home

One important source of foreclosure relief is the filing of a Chapter 13 bankruptcy petition in the U.S. Bankruptcy Court.

2013-02-23

February 23, 2013 (Press-News.org) Like the rest of the nation, many homeowners in Louisiana are struggling with the real possibility of home foreclosure. In addition to all of the economic challenges we face as a nation, many Louisiana homeowners still feel the financial impact of having to recover from any one of several severe hurricanes that struck the state in the last decade.

Louisiana numbers

In December 2012, the state had a "medium" foreclosure rate as compared to those of other states, according to RealtyTrac. However, with one of every 1,262 homes in foreclosure, Louisiana's rate was still higher than that of each of its bordering states.

A look at the foreclosure rate in your city can be very sobering. New Orleans cityBusiness recently reported on RealtyTrac's 2012 foreclosure data for Louisiana metropolitan areas compared with 212 cities nationwide, ranking the following Louisiana cities as follows:
- New Orleans: 100th at 6,317 filings or one of 85 homes
- Baton Rouge: 108th at 3,608 filings or one of 91 homes
- Lafayette: 153rd at 821 filings or one of 141 homes
- Shreveport: 161st at 1,133 filings or one of 153 homes
- Houma: 174th at 464 filings or one of 178 homes

Fight for your home

As soon as you start to struggle with mortgage payments and certainly if you are already facing foreclosure, speak with an experienced Louisiana bankruptcy attorney to understand your rights and options. A skilled bankruptcy lawyer can explain your options in bankruptcy. Don't wait until the mortgage arrears are too high to fix.

Chapter 13

One important source of foreclosure relief is the filing of a Chapter 13 bankruptcy petition in the U.S. Bankruptcy Court. (Chapter 13 refers to the U.S. Bankruptcy Code.) Also known as reorganization bankruptcy or a wage earner's plan, the filing triggers an automatic stay of legal proceedings against the debtor, which stops foreclosure or a forced sale of his or her home. During the pendency of the bankruptcy, the lender may not attempt collection or harass the debtor about the mortgage debt.

The repayment plan

Chapter 13 allows a qualified homeowner with a stable income source to develop a plan to repay debts, in full or sometimes in part, usually at reduced monthly payment amounts and interest rates. The plan is initially proposed by the debtor, but must be approved or "confirmed" by the federal bankruptcy court after review by the trustee and an opportunity for the creditors to object to their treatment in the plan. Disputes between the debtor, through his or her bankruptcy attorney, and the creditors are resolved by the bankruptcy judge.

A bankruptcy trustee is appointed to assist with plan administration, including receipt of the debtor's monthly payments for distribution to creditors according to the terms of the approved plan.

During the time period covered by the plan while the foreclosure is frozen, a condition of keeping his or her home is that the homeowner make the mortgage payments that continue to come due. The plan will also provide for a reasonable repayment schedule to cure the past-due mortgage payments that he or she had missed before the Chapter 13 filing.

A knowledgeable Louisiana bankruptcy lawyer can answer your questions about foreclosure and Chapter 13, and explain what legal options are available to you.

Article provided by Derren S. Johnson & Associates
Visit us at www.derrensjohnson.com

ELSE PRESS RELEASES FROM THIS DATE:

When Can the DMV Suspend or Revoke Your Driver's License in New York?

2013-02-23

Most people who lose their driver's license equate it with losing their freedom. They must ask other people for rides to work, school and even the grocery store. They feel stuck in their homes or married to bus and train schedules. Driver's license suspension and revocation can have a long-term impact on your livelihood. That is why it is important to understand when your license can be suspended and fight any charges that could lead to a suspended driver's license, from speeding to vehicular homicide. Suspension vs. Revocation While often used interchangeably, ...

Injured in an accident? Avoid these common insurance coverage myths

2013-02-23

About 150,000 car crashes occur each year in the state of Louisiana and residents of East Baton Rouge Parish have seen their fair share of accidents over the years. Although the numbers of accidents in the parish are on the decline, official statistics report that there were around 15,000 property damage accidents and nearly 5,000 injury crashes in 2011. Those crashes accounted for 50 fatalities and over 7,500 injuries. Many people rely on their insurance companies to pay for losses incurred from car accidents and other insurable losses. Insurance carriers spend millions ...

Cleveland area troopers seek to lower accident fatalities

2013-02-23

The Ohio State Highway Patrol recently set up a permanent full-time post in Cleveland to combat the increasing number of fatal crashes in the area. Twelve troopers will target aggressive drivers and work on speed enforcement. Speed is a growing concern of the Highway Patrol and may be to blame for some local Freeway pile-ups. When motorists do not slow down enough during inclement wintery weather, crashes increase. A Cuyahoga County truck accident can easily occur when conditions deteriorate. Drivers who may be more comfortable driving at the speed limit may not see ...

NFL lawsuit brings issue of traumatic brain injury front and center

2013-02-23

Football players in the National Football League (NFL) are generally thought of as tough, determined to win at all costs, larger than life and even super-human. Nonetheless, they get hurt at an alarming rate. Many injuries befalling NFL players are relatively minor ones like broken bones, sprains, muscle strains, joint dislocations and bruising, all things that are painful but will likely heal over time. Other injuries, however, are much more serious and harder to heal because they involve trauma to the brain. What is traumatic brain injury? The human brain is a very ...

Understanding search and seizure when pulled over for suspected DUI

2013-02-23

When police suspect that a crime has been committed, they commonly conduct a search and seizure by searching a person's property and confiscating any evidence that's correlated to the alleged crime. However, there are certain restrictions around search and seizures, particularly when it involves a DUI stop and vehicle search. Under the 4th amendment to the United States Constitution the "right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated..." Therefore officers of ...

Crime and punishment: The Texas Public Sex Offender Registry

2013-02-23

In a real way, you could pay for the rest of your life for a sex crime in Texas because you may be required to register with authorities for either 10 years or until your death, depending on the nature of the offense. The public information about your status as a sex offender has the real potential to ruin your life. For example, certain types of jobs, housing options and professional licenses could become off limits to you -- to say nothing of social stigma and the hit to your reputation. The Texas sex offender public notification system began in 1991. Both adult ...

Busy people + cold temps + ice = a recipe for traumatic brain injuries

2013-02-23

Winter is in full swing in Washington. The state's lush green forests and bustling commuter areas are alight with the twinkle of ice and snow. Ice is lovely to look at, but a nightmare to walk on; that is why in some areas the numbers of traumatic brain injuries spike in the winter months. There are ways to lessen your chances of being hurt, though, if you know what steps to take to protect yourself. Raising awareness of injury triggers So, how do wintertime traumatic brain injuries occur? One obvious source of potential injuries is on ice-coated bridges, overpasses ...

Fatal Oregon bus crash brings public scrutiny to commercial drivers

2013-02-23

A tragic bus accident on December 30, 2012, has brought nationwide attention not only to the Canadian company that operated the bus and the actions of commercial drivers across the company. That accident happened when a tour bus owned and operated by Mi Joo Tour & Travel hit an icy patch of Interstate 84 outside of Pendleton, Oregon, slid through a guardrail and rolled down an embankment. Nine people lost their lives in the crash, and nearly 40 more were injured. The Federal Motor Carrier Safety Administration (FMCSA) - a division of the United States Department ...

Survey shows cellphone users more likely to be risky drivers

2013-02-23

Using a cellphone while driving is extremely dangerous behavior. Even if the driver is making a call with a hands-free device, using a cellphone takes attention off the task of driving, making it more likely that the driver will be involved in a serious accident. Indeed, according to research from Carnegie Mellon University, using a cellphone behind the wheel reduces a driver's focus on the road by approximately 37 percent. Because of this risk, Michigan legislators have been taking steps to limit drivers' abilities to use cellphones while operating their vehicles. Statewide, ...

What Are New York's New Gun Laws?

2013-02-23

On Jan. 15, 2013, New York became the first state to enact a gun control measure following the Newtown, Connecticut, massacre. The measure, signed into law by New York Gov. Andrew Cuomo, significantly enhances the state's ban on assault weapons. It is being called "the most restrictive set of gun laws in the nation" (Saugerties Times), and critics worry that it will lead to unconstitutional weapons arrests. In particular, the new gun laws: - Ban assault weapons: Assault weapons may no longer be sold in New York state. New York gun owners who own semi-automatics ...

LAST 30 PRESS RELEASES:

AI and the Future of Cancer Research and Cancer Care to headline October 24 gathering of global oncology leaders at the National Press Club: NFCR Global Summit to feature top scientists, entrepreneurs