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Numerous life events could lead to the need for bankruptcy

| Jul 10, 2019 | Chapter 7 |

Many Louisiana residents may feel embarrassed when they face financial problems. Unfortunately, numerous people find themselves in this type of predicament due to circumstances they cannot control. As a result, it is not unusual for bankruptcy to be an option they take advantage of in hopes of getting their financial affairs back on track.

For instance, it is possible for a single parent to have a child with special needs and not have the ability to find stable employment as a result. Other individuals may face sudden job loss because their higher-paying positions are being replaced by individuals who work for a lower hourly wage. Others still may have sick loved ones that they must take care of or find themselves struggling due to multiple incidents that occurred over time, like accruing medical bills, changes in their insurance or car accidents.

Bankruptcy trustees often hear these and many other stories from individuals who have filed for bankruptcy. One trustee stated that many of the people he has met with are hardworking individuals who find themselves stuck in the same jobs because they do not have the skills to move toward better-paying positions. As a result, they keep doing what they have been doing and struggling financially.

Though the idea of moving forward with bankruptcy can be difficult for many people, it does not necessarily mean that they have failed financially or were irresponsible. Any number of life events could lead to money problems. If Louisiana residents are looking for ways to handle their debt, they may wish to discuss their specific cases with knowledgeable attorneys.

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