Waking up every day with financial troubles hovering can be stressful and exhausting. Many Louisiana residents may think that they must struggle along slowly and hope that their outstanding debts do not finally have dire consequences. However, that does not have to be the case. For many, Chapter 7 bankruptcy could provide numerous benefits.
If one of the reasons that individuals are struggling financially relates to a lack of income or a very low income, Chapter 7 could still help. This avenue is available to those who do not have the money to pay back their debts. However, it does involve the liquidation of assets to pay off certain creditors and allows for other debts to be discharged entirely. As a result, parties would likely have the ability to focus more on buying necessities rather than paying off debt.