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Sudden financial hardships may lead to bankruptcy need

| Aug 2, 2018 | Chapter 13 |

Sudden financial hardships can happen to anyone. Some Louisiana residents may find themselves struggling due to job loss, divorce, medical emergencies or other issues that cause their finances to take a hard hit. These predicaments can often also lead to an increase in credit card use and the accumulations of other debts, which may lead to a need for bankruptcy.

In order to determine the best course of action, parties may first want to assess their situations. For instance, they may want to see on what the majority of their spending takes place and where they may be able to reduce costs. Considering a budget and sticking to that budget could also help parties have a better idea of their income and spending habits.

In addition to evaluating assets, looking over debt is also wise. For some people, they may find that small adjustments here and there are not enough to contend with the outstanding balances that they have. As a result, it may be in their best interests to consider more drastic steps like filing for Chapter 13 bankruptcy. This method may work if individuals have a steady income and can repay at least some of their debts.

It is not always easy to know which type of debt relief may work for a particular situation. If Chapter 13 bankruptcy seems like it may be a viable avenue, interested Louisiana residents may want to gain more information on the option. Speaking with knowledgeable attorneys can allow them to gain insight into their specific cases and what steps may be most helpful to them.

Facing Overwhelming Debt?