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Self-assessment during bankruptcy can help now and in the future

| Jun 10, 2019 | Chapter 7 |

Many Louisiana residents may have a hard time with self-assessment. Understandably, it can be difficult to look at a situation objectively and fully understand how it came to be. Numerous people who face serious financial problems may wonder exactly what happened that led them down this road. Though the answer may not be immediately obvious, it will likely be discovered during bankruptcy.

Chapter 7 bankruptcy involves the disclosure of a considerable amount of information. As a result, when parties work to explain to the bankruptcy trustee or other parties involved in their case how they came to be in this predicament, it is important that they try their best to find the root of their problems. In some cases, job loss, medical emergencies or other unavoidable issues could be the cause, and in others, overspending could just as likely be the culprit.

The person filing for bankruptcy will also need to determine what assets qualify as exempt assets and which are non-exempt assets. This information will be important when the time comes to liquidate those non-exempt assets. It is also important to know which debts are secured debts and which are unsecured debts. Unsecured debts are typically more likely to be discharged during bankruptcy.

Bankruptcy is certainly a time in which Louisiana residents can learn about themselves and their financial habits. This information will not only prove useful during their Chapter 7 cases, but it will also prove useful as they work to maintain financial strength in the future. If help with financial assessment and legal aspects of this process is desired, interested parties may want to work with experienced legal professionals.

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