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November 2016 Archives

Debt relief options to consider before filing for bankruptcy

As in other states, many consumers in Louisiana struggle to pay debts that have become overwhelming. There are several ways to achieve debt relief, though some are more effective than others. Typically, a debt settlement company collects payments from the consumer and negotiates a settlement with the creditor. Once an agreement is reached, the accumulated payments held in a dedicated account are used to pay the creditor.

Small business bankruptcy can bring new opportunities

Small business owners in Louisiana who are experiencing hard times and considering their options may find themselves in stressful situations. Their personal finances and the finances of their businesses may be intimately entangled, and they may question the consequences of bankruptcy. They may be desperate to keep the doors of their businesses open, while at the same time trying to maintain the financial stability of their families.

5 things to know about student debt

Six months ago, you graduated from Louisiana State University and you've just received your first notice requesting payment on your student loans and wondering how you're going to afford the payments on your entry-level salary. Or perhaps, you graduated from Tulane several years ago and you're finding yourself deep in debt between your mortgage and your student loans.

Not all assets are liquidated in Chapter 7 bankruptcy

Following job loss or medical emergencies, some Louisiana residents may struggle to maintain financial stability. Sadly, many wait too long before taking affirmative action. The federal Bankruptcy Code offers consumers fresh economic starts through bankruptcy, while also providing several levels of protection. Chapter 7 bankruptcy can provide immediate relief, but because it is also known as liquidation bankruptcy, consumers may think all their assets will be liquidated.

Debt relief: Can auto loan debt settlement prevent repossession?

Even the most frugal residents of Louisiana can develop financial difficulties. Many people have no emergency savings, and the start of a debt spiral could be only a job loss or an unanticipated medical crisis away. When this happens, it is only natural for a person to evaluate the situation and consider seeking debt relief.

Unconscious racial bias may affect bankruptcy filings for African Americans

Which form of bankruptcy a debtor files for is supposed to be dependent on their current income level and the types and amounts of debt they have at the time of the bankruptcy filing. It is certainly not supposed to be determined by the debtor’s racial or ethnic background. Unfortunately, there is research showing that racial bias may indeed have an influence on bankruptcy filings.  

Surprise medical bills: understand how to avoid them, as well as options for relief, P.2

In a previous post, we began looking at the issue of surprise medical bills, and medical debt in general. As we noted, it is important for consumers of health care services to understand the coverage their plan offers and to be careful about selecting in-network providers.

Why do many consumers choose to file Chapter 7 bankruptcy?

Overwhelming debt can cause high levels of stress. Sometimes Louisiana consumers take impulsive action that may turn out to cause more harm than good. The most appropriate step to take under such circumstances may be to consult with a legal professional who can explain the various options -- including bankruptcy relief -- along with the pros and cons of each potential remedy. The right advice can help a consumer to make informed decisions.


Richoux Law Firm, L.L.C.
110 E. Kaliste Saloom Road
Suite 205
Lafayette, LA 70508

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Phone: 337-205-7049
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