Chapter 7 Liquidation In Shreveport
Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts.
Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under Chapter 7 (if the debts are primarily non-consumer debts then the debtor is not subject to a “means test”). If your income is greater than the median income for your state of residence and family size, in some cases, creditors have the right to file a motion requesting that the court dismiss your case under §707(b) of the Code. It is up to the court to decide whether the case should be dismissed.
Under Chapter 7, you may claim certain property as exempt under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors.
The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. However, if you are found to have committed certain kinds of improper conduct described in the bankruptcy code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated.
If you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for some taxes (taxes require a detailed discussion with attorney) and student loans, debts incurred to pay non-dischargeable taxes, domestic support and property settlement obligations, most fines, penalties, forfeitures, and criminal restitution obligations, certain debts which are not property listed in your bankruptcy papers and debts for death or personal injury cases by operating a motor vehicle, vessel or aircraft while intoxicated from alcohol or drugs. Also, if a creditor can prove a debt arose from fraud, breach of fiduciary duty, theft or from willful and malicious injury, the bankruptcy court may determine the debt is not discharged.
“We Are A Debt Relief Agency, We Help People File For Bankruptcy Relief Under The Bankruptcy Code.”
There are benefits and detriments to any bankruptcy, and you should seek professional counseling before filing a bankruptcy. Ralph Scott Bowie is a board-certified consumer bankruptcy attorney and a board-certified business bankruptcy attorney, certified by both the American Board of Certification and the Louisiana Bar Association Board of Legal Specialization. When you are considering hiring a bankruptcy attorney in Shreveport, you have a right to know which attorneys have met the stringent standards for certification as an attorney. Why settle for anything less? Call us in Shreveport at 318-221-0600, or if you are out of town call us on our toll free number 1-800-256-9470 for an initial free consultation to discuss options in bankruptcy to resolve your problems.
Ralph Scott Bowie Jr.,
…referred to as Scott by family and friends, was admitted to bar, 1983, Louisiana 1984, U.S. District Court, Western District of Louisiana; 1989, U.S. Court of Appeals, Fifth Circuit. Education: Louisiana Tech University (BS, Chemical Engineering, cum laude, 1973); University of West Florida (MBA, 1978; B.A. Accounting, 1980); Louisiana State University at Baton Rouge (Juris Doctorate 1983). Member of engineering honorary societies of Tau Beta Pi and Omega Chi Epsilon. Licensed Professional Chemical Engineer, Louisiana, 1978. US. Bankruptcy Trustee for Chapter 12 Filings, Shreveport Division, 1987 to 1992. Served as a Member of Bankruptcy Rules Committee in 1988, Western District of Louisiana. Member Shreveport Bar Associations and Louisiana State Bar Associations; American Bar Association; American Bankruptcy Institute; American Institute of Chemical Engineers. Scott is a partner in the law firm of Bowie & Beresko, APLC in Shreveport, Louisiana, and practices in the areas of bankruptcy, insolvency, commercial law, corporate law, banking law, environmental law and personal injury.
Before law school, Scott worked seven years as a process chemical engineer in the manufacturing of nylon at Monsanto Chemical Corporation in Pensacola, Florida. Scott resigned his job as a senior process engineer with Monsanto Chemical Company to attend law school at Louisiana State University in Baton Rouge, Louisiana. Scott maintains his license as a professional chemical engineer and occasionally has the opportunity to work on chemical engineering projects.
- American Board of Certification
- Louisiana Board of Legal Specialization