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Subject: Length of Bankruptcy
Question: How long does a bankruptcy case take?

Answer: (January, 2009)
David Moyer | Taggart Morton L.L.C. | 1100 Pydras Street, Suite 2100 | New Orleans, LA 70163

In general a Chapter 7 case takes approximately 120 days from filing date until discharge. A Chapter 13 case, in general takes 5 years from the filing date until discharge, and a Chapter 11 case depends solely upon the terms in conditions provided for in the plan.

Subject: Bankruptcy and Homeownership
Question: Can an individual really discharge their debts and keep their house and car?

Answer: (January, 2009)
David Moyer | Taggart Morton L.L.C. | 1100 Pydras Street, Suite 2100 | New Orleans, LA 70163

In some situations the answer to this question is yes. Under Louisiana law, each debtor is entitled to certain exempt assets. Among the exemptions provided by Louisiana law, you are permitted to exempt $25,000 of the equity in your home, as well as a non-luxury vehicle. Exemptions are property that creditors are not allowed to touch. Other exemptions include your pension and/or retirement fund, certain types of annuities, household goods and furnishings, wedding rings, musical instruments and guns.

Subject: Subject: Types of Bankruptcy
Question: How do I know which type of bankruptcy case I need to file?

Answer: (January, 2009)
David Moyer | Taggart Morton L.L.C. | 1100 Pydras Street, Suite 2100 | New Orleans, LA 70163

The type of bankruptcy case you need to file depends upon several factors. Among these factors to consider are: the amount of disposable income, the total amount of your non-exempt assets, the types of debts you may have, and your intentions with certain debts (i.e. do you want to keep your home or car?).

Subject: Credit and Bankruptcy
Question: Will filing a bankruptcy case impact my credit?

Answer: (January, 2009)
David Moyer | Taggart Morton L.L.C. | 1100 Pydras Street, Suite 2100 | New Orleans, LA 70163

The filing of any type of bankruptcy case will adversely affect your credit score. For businesses, the bankruptcy filing will be noted on your Dunn and Bradstreet listing. For individuals a bankruptcy filing will be listed on your credit report for a period of 10 years.

Subject: Types of Bankruptcies
Question: What types of bankruptcies are there?

Answer: (January, 2009)
David Moyer | Taggart Morton L.L.C. | 1100 Pydras Street, Suite 2100 | New Orleans, LA 70163

There are three types of bankruptcy cases. They are Chapters 7, 11 and 13. Individuals may file all three types, and corporations may file for bankruptcy protection under Chapter 7 and 11 of the bankruptcy code. Chapter 7 bankruptcy provides for all of your non-exempt assets to be administered by a Chapter 7 trustee. The trustee will then pay your debts, and, in general the remainder of your debts will be discharged, subject to certain exceptions, such as child support, certain tax liabilities, and certain types of court judgments. For business debtors, the filing of a Chapter 7 bankruptcy will immediately close your business operations, and the trustee will administer the assets of the corporation. Chapter 13 bankruptcy is for individuals with modest debts. These individuals will pay there disposable income into a bankruptcy plan for a period of 5 years, and the creditors will be paid pursuant to the plan. At the end of the plan period, your creditors will be discharged. Chapter 11 bankruptcy is for individuals with substantial debts and assets, or for corporations that wish to reorganize their debts. The Chapter 11 debtor must provide a plan, which is voted on by the creditors. If the plan is accepted by the creditors and approved by the court, the debtor must pay the creditors pursuant to that plan of reorganization.

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