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Many people hope to reach debt relief with bankruptcy discharge

| Jul 17, 2018 | Debt Relief |

Having financial struggles can place an immense burden on anyone. In some cases, Louisiana residents may have the chance to get back on track on their own, but it is not unusual for individuals to become so consumed by their debt that they need to take more drastic actions. Many people use bankruptcy as a way to pursue debt relief.

The major aspect of bankruptcy that most people look forward to and hope to gain is the discharge of debts. However, it is important to understand that there are may steps involved before discharge can occur, and not all debts can be discharged through bankruptcy. For instance, individuals going through Chapter 7 bankruptcy cannot have child support, alimony, court fees, unlisted debts and certain taxes forgiven. 

Individuals who file for bankruptcy in hopes of having their debts discharged will also need to follow and meet all of the necessary requirements during their proceedings. The discharge will then come as a court order, and creditors can no longer attempt to collect on that debt. Once the order has been given, creditors and other applicable parties will receive notice of the order.

When some Louisiana residents learn that debts can be discharged through bankruptcy, they may immediately think this is the route for them. However, it is important that they have the right information about this debt relief avenue. It can be a difficult road to reach the point where debts can be discharged, and parties will also need meet certain qualifications before having the ability to file for bankruptcy. As a result, it may be in the best interests of concerned individuals to consult with knowledgeable attorneys.

Facing Overwhelming Debt?