Most Louisiana residents are aware that medical debt is a serious issue that can cause a great deal of stress. For some, financial disaster is just one unexpected illness or injury away. What many people fail to recognize, however, is how quickly financial ruin could come even without a serious medical event. If an individual were to lose his or her health coverage, expenses could quickly skyrocket, and personal bankruptcy could be the only remaining viable option.
Countless individuals in Louisiana and across the country have experienced periods of financial struggle throughout the course of life. In some cases, monetary issues may result in temporary setbacks that can be overcome in time. However, in some cases they can be long-term issues that require a more permanent solution, potentially leaving a person to wonder about available options for debt relief.
When Louisiana business owners find their companies in more debt than their profits can repay, they must begin looking at all available options to rectify the problem. One potential solution for many owners may be filing Chapter 11 bankruptcy. The owner of the seafood restaurant chain Joe's Crab Shack recently filed for this form of bankruptcy.
Credit card debt has become a serious problem for many Louisiana residents. While some people are able to deal with it through stricter budgets, others must tackle their financial obligations in other ways. Chapter 7 bankruptcy could be a solution for some individuals who are facing overwhelming financial problems.
Though the amounts and the types of debts may be different, many Louisiana residents will likely owe some form of financial obligation at some point in their lives. Whether the result of medical bills or because of overspending, owing substantial amounts of money can become overwhelming when not dealt with appropriately. Chapter 13 bankruptcy may be one option for helping people overcome excessive debt.
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.
Louisiana residents who face overwhelming debt may be willing to try just about anything to get rid of it. There are several debt relief options available for most people. However, those in debt should be wary of scams that advertise debt relief, as they may actually increase one's debt. One such scam has been halted by federal court.