Most Louisiana residents do not picture themselves in situations where they are overwhelmed due to financial issues. In fact, it is typically the hope that individuals will be financially stable. Of course, financial stability does not come to everyone, and debt relief is often needed by many.
One of the most common forms of debt relief is bankruptcy. This method can help qualifying individuals or companies address substantial debt that may be holding them back in various ways. When parties begin considering bankruptcy as a way to handle their financial issues, they are already taking a step in the right direction by taking responsibility for their problems and seeking a solution.
Most individuals will either qualify for Chapter 7 or Chapter 13 bankruptcy. If a person does not have a steady income or an income that falls below the state average, Chapter 7, or liquidation bankruptcy, is often the most viable route. If an individual does have a steady income, repaying a portion of outstanding debts through Chapter 13 may better suit their circumstances. Both types of bankruptcy allow for the discharge of debts but have different conditions.
When it comes to deciding whether bankruptcy is the right debt relief method, interested Louisiana residents may want to ensure that they fully understand the process and its pros and cons. Fortunately, they can work with experienced attorneys who can provide useful information about the ins and outs of bankruptcy. After becoming more knowledgeable about the process, parties may be better able to make a sound decision regarding whether to move forward with this option.