There are many reasons a Louisiana business could face economic hardships. In some cases, factors beyond the owner's control may be the cause of the financial struggle. When these problems take a significant toll on a company, owners may choose to explore various options such as bankruptcy. A large East Coast oil refinery recently made the decision to file.
Major oil refinery files for bankruptcy
Chapter 7 bankruptcy can clear out credit card debt
Credit card debt is a serious problem for many Louisiana residents and for others across the country. A number of consumers have amassed such a significant amount of debt from regular credit card use that they may worry about ever being able to pay off the account balances. While there may be multiple solutions to dealing with this issue, one possible option may be to file Chapter 7 bankruptcy.
Individuals may have several options for debt relief
Debt can accumulate in a multitude of ways, as many Louisiana residents are aware. Some people struggle with overspending, while others may be dealing with a sudden, unexpected expense, such as a medical emergency or loss of a job. Fortunately, there may be multiple options for obtaining debt relief.
Bankruptcy may benefit companies before they lose profits
Most people are aware that businesses failing to bring in profits may need to seek outside help to fix their financial situations. However, experts have reported that many businesses, retailers in particular, have chosen to file for bankruptcy before the company begins losing money. This may be a helpful option for Louisiana business owners who are looking to cut down debts.
Qualifying to discharge tax debt through chapter 7
Tax debts are some of the most difficult to reconcile, because they come with the full force of the government behind them. In some cases, tax debts lead to very difficult circumstances like wage garnishment more quickly than standard consumer debt.
Chapter 13 bankruptcy could solve financial problems
Owing a significant amount of debt can be a stressful situation. Fortunately, for many people in Louisiana and across the country, there may be multiple options for dealing with these financial obligations. One avenue that may be beneficial for some is filing for Chapter 13 bankruptcy.
