Spending more money than a budget allows is a problem many Louisiana residents face. In some cases, emotional spending is the culprit. This could mean the spending is to celebrate a happy occasion or to try to lift spirits after a sad or stressful time. When finances get out of hand, those in debt have several alternatives to alleviating that debt, including filing for bankruptcy.
Bankruptcy could benefit emotional spenders
Bankruptcy could help to relieve medical debt
Health problems are a burden for many Louisiana residents. Not only is it difficult to cope with medical problems, but medical bills can quickly add up. Studies performed by the Urban Institute discovered that age, income levels and financial education all play parts in affecting the amount of medical debt a person may accumulate. In some cases, bankruptcy may be the best solution to overcoming substantial medical debt.
Bankruptcy in your 30s: Don't let these myths keep you from making the right choice
Are you in your 30s? If so, it's safe to say that you're going through some major life changes.
HHGregg closes Louisiana stores and files for Chapter 11
When businesses fail to make enough money to support themselves, business owners must make difficult decisions about the future of their companies. For some, filing for Chapter 11 bankruptcy might be the best solution to regaining financial stability. The owners of HHGregg recently made the choice to file to insure the survival of their company.
How Chapter 13 bankruptcy can benefit Louisiana residents
Louisiana residents facing significant financial problems have multiple alternatives for dealing with their debt. Filing for bankruptcy is one option they may wish to pursue. The two most common types are Chapter 7 and Chapter 13. For individuals or couples with a regular income, Chapter 13 may be the best solution. This type of proceeding allows filers to propose a payment plan over a period of time to repay their debts while keeping their assets intact.
Chapter 11 bankruptcy can help Louisiana businesses survive
When Louisiana businesses and other corporate entities find themselves facing significant debt, sometimes a financial reorganization is in order. In some cases, this can be accomplished by filing Chapter 11 bankruptcy. Knowing the legal options available is key to keeping a corporation up and running. Mount Calvary Pentecostal Church recently made the move to file for Chapter 11 bankruptcy to insure that their church stood firm in spite of financial difficulties.
How Chapter 13 bankruptcy can provide debt relief
There are numerous reasons Louisiana residents might be in debt. Common causes of debt are significant medical bills, overspending, or even divorce. Luckily, there are several options for dealing with these financial problems. One possible option to take care of overwhelming debt is to file for Chapter 13 bankruptcy. This type of bankruptcy allows individuals to reorganize their debt so that they have an easier way to repay it.
