Louisiana Bankruptcy Law: Key Deadlines to Know

Understanding Louisiana bankruptcy law is crucial for anyone considering filing for bankruptcy in the state. The process can be complex, and missing key deadlines can have significant consequences on the outcome of your case. Here are some important deadlines and timelines to consider when navigating bankruptcy in Louisiana.

1. Credit Counseling Requirement

Before filing for bankruptcy in Louisiana, debtors are required to complete a credit counseling course from an approved provider. This counseling must be completed within 180 days before filing a petition for bankruptcy. Ensure to obtain a certificate of completion; it must be filed with your bankruptcy petition.

2. Filing the Bankruptcy Petition

The actual filing of the bankruptcy petition is a critical step and sets off an automatic stay that halts most collection actions. In Louisiana, you must file your bankruptcy petition along with a list of creditors, your schedules of assets and liabilities, and a statement of financial affairs. Ensure all paperwork is completed accurately to avoid delays.

3. Meeting of Creditors (341 Meeting)

After your petition is filed, a meeting of creditors, also known as a 341 meeting, is scheduled. In Louisiana, this meeting typically occurs about 20 to 40 days after your bankruptcy filing. At this meeting, the bankruptcy trustee and your creditors have the opportunity to ask questions about your financial situation. It is essential to attend this meeting as failure to do so can lead to dismissal of your case.

4. Deadline for Filing Proof of Claims

If you are filing for Chapter 7 or Chapter 13 bankruptcy, creditors have a specific timeframe to file a proof of claim. In most chapter cases, the deadline is set for 70 days after the date of the meeting of creditors. It is important to keep track of this deadline if you are a creditor or if you owe debts that may require proof of claims being submitted.

5. Plan Confirmation Hearing (Chapter 13 Only)

For those filing under Chapter 13, a plan confirmation hearing will be set approximately 20 to 45 days after the meeting of creditors. You must have your repayment plan approved by the bankruptcy court. Failure to attend this hearing can result in your plan being dismissed.

6. Completing the Financial Management Course

After the bankruptcy filing, you must also complete a financial management course before your debts can be discharged. You have up to 60 days after the meeting of creditors to complete this requirement. Make sure to file your certificate of completion with the court accordingly.

7. Discharge of Debts

In Chapter 7 cases, debts can be discharged as soon as a few months after the filing, typically between 3 to 6 months. For Chapter 13 cases, the discharge happens after you’ve completed the repayment plan, which can last between 3 to 5 years depending on your income and other factors.

8. Appeal Period

Should any creditor or party wish to appeal a bankruptcy decision, they must file their notice of appeal within 14 days of the entry of the order. It is essential to respect this timeline to retain the right to contest decisions that may affect your case.

In conclusion, understanding and adhering to these deadlines is essential for successfully navigating the complexities of Louisiana bankruptcy law. If you are considering bankruptcy, it is advisable to consult with a qualified bankruptcy attorney to ensure you meet all necessary requirements and to help facilitate the process.