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Bankruptcy may help individuals overcome crushing debt

As Louisiana residents graduate college and begin living on their own, they often soon find their expenses piling up. Between paying rent, utility bills and other living expenses, young adults may quickly find themselves in debt. Some may be able to handle the debt on their own, but others may choose to file for bankruptcy.

When dealing with significant debt, one way to tackle it is by putting more money toward the largest balance while paying the minimum amount on smaller debts, so as to save money on interest. Another option is to make restrictions on buying nonessential items. If possible, taking on more hours at a current workplace or finding smaller side jobs to complete could also help bring in more money to pay bills.

These options are not feasible for everyone, however. When no amount of budgeting or extra work can help to decrease debt, individuals may consider bankruptcy. The most common form filed by individuals is Chapter 7 bankruptcy. Under this form, assets are typically liquidated and debt is eliminated. This gives a person a fresh start financially.

Those facing overwhelming debt could consult an experienced Louisiana bankruptcy attorney to learn more about Chapter 7 as well as other forms of bankruptcy they might want to pursue. Even if one chooses not to file, speaking with an attorney may still be beneficial, as an attorney could assess a person's financial situation to help determine the best course of action. This could be the first step for many to regaining financial stability.

Source: The Washington Post, "Young and overspent? How to tackle credit card debt", Claire Tsosie, Aug. 15, 2017

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