Many people across the country, including in Louisiana, struggle with debt for years. The reasons for facing these prolonged hardships can differ from person to person, but often, parties are hesitant to move forward with major debt relief steps, such as filing for bankruptcy. However, individuals may face greater financial difficulties the longer they wait to file.
A recent report indicated that individuals with debt who waited two or more years to file for bankruptcy showed considerably greater financial difficulties than those who filed sooner. These individuals, known as long strugglers, typically have half the average amount of assets than those who did not wait as long to file. Additionally, nearly half of the long strugglers who participated in a research project indicated that debt collection lawsuits had been filed against them.
While some people may find it admirable to try to deal with debts on one’s own, it may only make the situation more difficult. If parties have reached a point where they are using credit cards to pay other debts, and as a result only accruing more debt, or have a substantial amount of unsecured debt, it may be wise to consider bankruptcy. If individuals are going without needed medical attention or are forgoing other necessities due to their debt issues, it may also be time to consider a serious debt relief option.
There is no question that bankruptcy is a major step. However, rather than letting this debt relief avenue intimidate them, Louisiana residents may want to find out information on how beneficial the process can be. Speaking with knowledgeable attorneys may allow interested parties to gain the facts they need to decide whether to follow this route.