Credit cards can be a useful financial tool, if they are used wisely, but they can also be a quick way to financial ruin if they are used indiscriminately or in desperation. Unfortunately, many people do not have a healthy relationship with credit cards, and this can be seen in the latest findings on credit card debt.
To get around the Lafayette area, you likely depend on your vehicle to get to work and drive children to their events. If you fall behind on a car payment or two, you may start getting threatening phone calls from your lender. Are you starting to feel like there's no way to avoid the repossession?
In any bankruptcy case, one of the major benefits of the process is obtaining discharge of debts. In Chapter 13 bankruptcy, discharge is ordinarily dependent on the debtor successfully completing his or her repayment plan.
In our last post, we began looking at the topic of modifying a Chapter 13 repayment plan. We’ve already looked briefly at some of the permissible grounds for modifying a repayment plan under federal bankruptcy law. Here we wanted to briefly mention some of the substantive requirements for modification.
Previously, we looked at a recent bankruptcy case in which the court determined that a debtor’s personal injury settlement, which was obtained while his Chapter 13 repayment plan was still ongoing, was part of the bankruptcy estate and could therefore be worked into the debtor’s repayment plan. The court, in making the ruling, adopted a growing majority approach to determining whether property acquired by a Chapter 13 debtor after confirmation of a repayment plan is part of the bankruptcy estate.
When Louisiana consumers face unmanageable debts, they will likely explore the options available to remedy the situation. While there are various methods to obtain debt relief, most of them are time-consuming and offer no protection against creditor harassment during that time. Personal bankruptcy is a solution that offers debt relief and freedom from creditor action. Although filing for bankruptcy will have a severe impact on the filer's credit score, so will months and months of struggling to get relief while debts get further behind.
As the times change, restaurants and other casual dining facilities may lose relevancy and no longer meet the needs of modern consumers. To restructure a struggling business, the U.S. Bankruptcy Code offers Chapter 11 bankruptcy. It allows the business owner to continue operations while debt is reorganized. Two of the Louisiana branches of Logan's Roadhouse announced the closure of its doors as part of the restructuring of the nationwide chain of steakhouses.