There are numerous circumstances where chapter 7 is not as preferable as chapter 13.
Thus a maximum of people in Louisiana opts for chapter 13 under Louisiana bankruptcy laws as it is the only option to retain your possession at times when you are running behind your mortgages or trade payments.
Some of the benefits of chapter 13 under Louisiana bankruptcy law are:-
- It permits you to make up your overdue payments over time.
- It helps to restore your property.
- If you wish to keep any of your property in Louisiana that is not covered under the bankruptcy exemption than
- you can file chapter 13.
- Chapter 13 assist you in earning a lot of money.
Moreover, you should know about 8 rules before filing bankruptcy.