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An Introduction To Bankruptcy Exemptions

If you have questions about personal bankruptcy, you’ve come to the right place! At The Cook Law Firm blog, we focus on creating content that helps our clients and the public in general gain a greater understanding of bankruptcy, how it works, and how it affects those who undergo it.

The truth is, many people write bankruptcy off because it has such a contentious reputation at large. This is a shame because bankruptcy is specifically designed to help people regain control over their finances. That said, there is a lot to bankruptcy. From the legal processes and paperwork involved to stress and anxiety that come with the circumstances, all the moving parts can make the process seem daunting.

What’s more, when people attempt to file for bankruptcy unassisted, they can fail to understand the variety of aspects that have been built into the processes of bankruptcy to ensure people are able to complete the proceedings without being left out to...

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An image of a stressed man.

From our years of experience as bankruptcy attorneys in Louisiana, one of the biggest realizations we’ve had is that most people don’t have any understanding of what bankruptcy is or how it helps people. In fact, for most people bankruptcy has a negative connotation associated with it.

Where a lot of people believe that bankruptcy is the ultimate symbol of financial failure, it’s actually a symbol of financial renewal. For one, it doesn’t magically eliminate debts — before the discharge of debts, the person filing will either have to repay their debts according to a court-ordered arrangement or forfeit non-exempt property to be liquidated and distributed amongst creditors, depending on the type of bankruptcy being conducted. That said, after the process is complete, remaining debts are eliminated and there is an opportunity to reestablish your financial situation.

Additionally, throughout the bankruptcy process credit and financial literacy counseling serves to educate those who undergo the process in how to properly and...

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If there was a question about whether we’re headed for a second housing shock, that was settled last week with news that home prices have fallen a sixth consecutive month. Values are nearly back to levels of the Great Recession. One thing weighing on the economy is the huge number of foreclosed houses.

Many are stuck on the market for a reason you wouldn’t expect: banks can’t find the ownership documents.

Who really owns your mortgage?

Scott Pelley explains a bizarre aftershock of the U.S. financial collapse: An epidemic of forged and missing mortgage documents.

It’s bizarre but, it turns out, Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse. Now that banks want to evict people, they’re unwinding these exotic investments to find, that often, the legal documents behind the mortgages aren’t there. Caught in a jam of their own making, some companies appear to be resorting to forgery and phony paperwork to throw people – down on their luck – out of their homes.

In the 1930s...

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