Louisiana Bankruptcy Code

The Louisiana Bankruptcy Code is a set of legal rules that govern how individuals and businesses in Louisiana can address debt when they’re unable to pay what they owe. It provides structured procedures for filing bankruptcy to either eliminate debts (like via Chapter 7) or create a repayment plan (like via Chapter 13). The code aims to fairly distribute assets among creditors while offering debtors a fresh start. It follows federal bankruptcy law but includes specific provisions tailored to Louisiana’s legal system, ensuring statewide consistency and protecting the rights of all parties involved in bankruptcy proceedings.