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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.

If considerable medical debt is an issue, bankruptcy may also be worthwhile. Trying to pay high balances on medical expenses is a struggle that many Americans deal with, and in many cases, a successful bankruptcy can help discharge that debt or create a manageable repayment schedule. Medical bills remain one of the top reasons that parties file for bankruptcy.

Some people may consider bankruptcy an option to avoid, but that idea is often based on misconceptions. If Louisiana residents are facing a financial situation that they feel is insurmountable, they may want to more seriously look into this method of debt relief. Speaking with knowledgeable attorneys could help interested parties determine whether this option could suit their needs and learn how their particular circumstances may impact their cases.

Source: thebalance.com, "Should You File for Bankruptcy?", Latoya Irby, March 9, 2018

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