Someone considering filing for bankruptcy may feel hesitant to move forward with this action. Many people tend to focus on the negative aspects of Chapter 7 bankruptcy, and they may think that this debt relief option may do more harm than good. Fortunately for individuals in Louisiana and elsewhere, there are many benefits to this option.
First of all, a successful Chapter 7 bankruptcy case could allow parties to discharge debts in a matter of months. The process typically takes approximately three to six months for qualifying parties to complete. This length of time may be more favorable for obtaining debt relief than the damage that could take place during that same length if debt continues to accumulate.