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Lafayette Bankruptcy Law Blog

Wage garnishment, medical debt may make bankruptcy worthwhile

Many individuals who consider their financial situations are often less than pleased with their current affairs. For some parties, budgeting or making other spending adjustments can help address certain financial areas that they feel need more attention. However, many other Louisiana residents may be consumed by substantial debt that has them considering bankruptcy.

It is not unusual for individuals to hesitate before seriously considering bankruptcy. This is a major financial and personal step, and it can be difficult to decide if it is the right path. However, if a financial situation has gotten to a point at which wages are being garnished, bankruptcy may be an option worth exploring. After filing for bankruptcy, an automatic stay can halt wage garnishment efforts and help parties retain more of their pay.

Former "Blossom" actor seeks debt relief through bankruptcy

Many people often have financial goals, and some may even feel as if they are financially secure. However, setbacks can occur at any point in life, and suddenly, someone who believed that their finances were in order could be in need of debt relief. Depending on specific circumstances, various relief options could help, but considering bankruptcy may be worthwhile.

Louisiana residents may be interested in one celebrity case of bankruptcy that was recently reported. Joey Lawrence, formerly of "Blossom" fame, apparently filed for bankruptcy in the summer of last year. Reports indicated that he and his wife had accrued over $400,000 in debts. Among those liabilities were credit card debt, car payments, unpaid rent, back taxes and an unspecified loan.

How to stop debt collectors from contacting you

Do you hear from debt collectors all too often? Are you receiving both phone calls and mail correspondence on what seems to be a daily basis? Are you hoping to eliminate this once and for all in the near future?

There is little worse than dealing with debt collectors, as this has a way of quickly turning a good day into a bad one.

Tax refunds may help Louisiana residents file Chapter 7

Struggling financially is no easy burden to bear. However, it is an issue that affects numerous individuals in Louisiana and across the country. As a result, when this time of year rolls around and parties begin awaiting their tax refunds, they may not have plans of dream vacations in mind. In fact, some individuals may be waiting to use their refunds to begin Chapter 7 bankruptcy.

The idea of using a tax refund to start bankruptcy proceedings may not have crossed the minds of many people. Bankruptcy does come with fees and other costs, so individuals who are already struggling with overwhelming debt may not immediately have the means to begin the process toward financial freedom. As a result, recent years have seen an uptick in bankruptcy filings around the time tax refunds are issued.

Generation Xers may need debt relief for medical bills

Experiencing a medical emergency or having a chronic condition can not only impact one's personal life, but it can also lead to financial issues. Medical debt can accrue quickly, and even when individuals have savings and insurance coverage, their bills can still prove overwhelming. As a result, many Louisiana residents may find themselves in need of some sort of debt relief.

In particular, individuals who land in the category of Generation X tend to have the highest amounts of medical debt. These parties are in the age range from late 30s to early 50s, and reports indicate that the average person of this generation has nearly $20,000 in medical debt. Individuals in the baby boomer generation tend to have more medical expenses, but the amount they owe is only a fraction of what Gen Xers owe.

Gun manufacturer Remington files for Chapter 11 bankruptcy

There may be many reasons a company, corporation or other business entity suffers from financial hardship. Whether it's due to declining sales, intense competition or any other reason, Louisiana owners likely have multiple options available to deal with such stresses. A common choice among proprietors across the country, such as gun manufacturer Remington, is to file for Chapter 11 bankruptcy

Remington owners stated that the company began seeing a decrease in profits over the past couple years. Additionally, lawsuits and recent controversy surrounding the company's products, particularly semi-automatic rifles, caused investors to distance themselves from the business. These factors all contributed to the decision to file for bankruptcy.

Debt relief may be achieved in multiple ways

Many consumers in Louisiana and other states face financial burdens regularly. Debts can amass in a number of ways, with overuse of credit cards being a leading factor across the country. Though financial obligations can seem overwhelming, multiple options may be available to achieve debt relief.

According to a recent survey conducted by NerdWallet, 55 percent of Americans have been in debt at some point in their lives. Some common reasons for this are major life events, medical expenses or spending outside one's budget. In some cases, debt may be unavoidable due to unexpected incidents, but in others people may willingly put themselves in debt for something they believe is important.

Paying off your credit card debt: The benefits

Credit card debt can be stressful and irksome. Nevertheless, if your income isn't high enough, it could take years before you can finally pay off the debt you've accrued on your credit cards.

One of the best ways to motivate yourself to pay off credit card debt is to focus on the numerous benefits of no longer being tied down financially like this.

Nine West makes plans to file for Chapter 11 bankruptcy

When businesses start amassing significant debts, owners must make tough decisions regarding their finances. One option that many companies in Louisiana and across the country choose to make is to file Chapter 11 bankruptcy. Nine West Holdings, Inc. is reportedly closing in on a deal that will include filing for bankruptcy in the near future.

Nine West is a major shoe and clothing retailer. According to reports, the company is currently facing nearly $1.5 billion in debt. Its main goal in filing for bankruptcy is to pay off the company's creditors. To do this, Nine West is planning on selling assets to pay back first-lien lenders and unsecured term-loan lenders. 

Major oil refinery files for bankruptcy

There are many reasons a Louisiana business could face economic hardships. In some cases, factors beyond the owner's control may be the cause of the financial struggle. When these problems take a significant toll on a company, owners may choose to explore various options such as bankruptcy. A large East Coast oil refinery recently made the decision to file.

The company is reportedly the owner of the largest refinery on the East Coast of the United States. Owners cite the costs involved in renewable fuel laws as a major factor in the company's debt problems. Reports indicate that the company also saw financial trouble after backers took out a large loan, improvements to the plant were made and money was invested in a new rail terminal.


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