You knew you were behind on your credit card payments. In fact, they went to collections. Despite that, you thought you could handle the debt when you were in a better financial situation.
There is nothing worse than the thought of slipping behind on your mortgage payments. If you're unable to catch up, it could lead to foreclosure at some point in the future.
Many people avoid looking into the benefits bankruptcy can offer because they suffer from false impressions of what a bankruptcy actually does or how it works. Thousands of individuals throughout the country may qualify for one or more forms of bankruptcy, but their fears over the difficulty of undergoing a bankruptcy keep them from finding out what bankruptcy might do for them. In many cases, some people do not realize that much of their property may enjoy exemptions from one form of bankruptcy or another.
College is an exciting time for many people, but it can also lead to an excessive amount of debt. Many teens and young adults don't fully understand the implications of taking on debt. They're promised a strong financial future with a job in their field, so even though they don't have it yet, it seems like everything will work out later on.
There may come a time when you realize that filing for bankruptcy is the best way to improve your financial situation. This isn't an easy decision to make, but it's one that can most definitely work in your favor.
It's easy to obtain credit cards and other forms of credit as a teen, especially once you reach 18. You may begin to receive credit card offers in the mail, offers for car loans and other forms of credit. While you have every right to apply for and open these accounts, doing so without the financial knowledge necessary to manage them can leave you in financial trouble later.
There was no single, unexpected event that threw you into debt. You weren't in a car accident that left you with $300,000 in medical bills. You didn't lose your job. You're 35 years old, married with two kids, and you're employed full time.
One of the reasons many people delay filing bankruptcy is a fear that they will lose all their assets. In particular, people tend to worry about their personal vehicles, which they may need to work, and their homes. Thankfully, the state of Louisiana has common sense laws in place when it comes to the amount of property that a person filing for bankruptcy can retain. If you worry about the potential sale or seizure or your assets when filing bankruptcy, speaking with an experienced Louisiana bankruptcy attorney is your best option. Your attorney can help you understand your options and exemptions.
At some point, you may realize that the only way to improve your financial situation is to file for bankruptcy.