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Bankruptcy may be the form of debt relief many are looking for

It is an unfortunate reality that many Louisiana residents will reach or have reached a point in their lives where they feel that their financial situations cannot get better. They may have experienced a medical emergency that left them swimming in unpaid bills, accumulated credit card debt or gotten behind on mortgage payments, and now, they may feel as if they will never find relief. Fortunately, there are many debt relief options that could help struggling parties.

Because it can be difficult to seek help, some individuals may let their financial hardships continue to worsen. However, this approach may not be the best. In fact, parties may want to move forward with proactive steps rather than taking too long to decide on the best way to handle their debt.

In order to take those steps, individuals may need information. Because bankruptcy can often help many people effectively address their outstanding liabilities, it may prove useful to gain more knowledge on Chapter 7 and Chapter 13 to determine for which individuals may qualify. Of course, the idea of making such important decisions and moving through the process alone can seem daunting.

Luckily, individuals do not have to face their debt problems on their own. Bankruptcy attorneys could help Louisiana residents determine what debt relief options may be most viable and explain how each type of bankruptcy works. They may also provide information on how income and other financial aspects may impact the type of bankruptcy a person may qualify for. Therefore, interested parties may wish to consider consulting with knowledgeable professionals.

Source: thestreet.com, "Back on Track: Recovering From Bankruptcy", Brian O'Connell, March 22, 2018

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

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