Debt can be a tremendous burden for many individuals in Louisiana and across the country. Whether resulting from overspending with credit cards or unexpected medical expenses, debt can have a significant impact on a person's life. Those fighting this battle may have many different options available to them, from stricter budgeting to bankruptcy.
Some people may be able to relieve themselves of debt through setting a budget, only charging what can be easily paid off each month and avoiding carrying balances from month to month. Others may benefit from a balance transfer credit card where interest rates do not accumulate and debts may be more easily repaid. Switching to paying for daily necessities with cash may also help people realize how much money they spend, leading to less splurging.
When these tactics are not enough to easily eliminate a person's financial obligations, he or she may choose to examine available legal options, such as bankruptcy. Chapter 7 bankruptcy is one of the most common forms filed by individuals. With this form, a person's debt is essentially wiped out and non-exempt assets are liquidated in order to pay off what is owed. This can provide filers a fresh financial start.
Those who are interested in exploring the legal options available to them would likely benefit from consulting an experienced Louisiana bankruptcy attorney. An attorney could examine a client's finances to help determine the best course of action, whether through filing for bankruptcy or otherwise. Additionally, an attorney could provide guidance and support throughout any potential legal proceedings.
Source: timesunion.com, "Carrying debt? You're not alone", Patricia Sabatini, Oct. 14, 2017