One of the most complicated aspects of owing a significant amount of debt is the efforts made by debt collectors and creditors to collect payment. If a person is behind on house payments, one of the things a creditor may do is initiate the foreclosure process. This is an unfortunate reality for many in Louisiana who are going through difficult financial circumstances.

In the Baton Rouge area alone, there has been a 43% increase in the number of foreclosures started in the last year. This metro area has been hit hard by local economic issues, particularly job loss. With fewer job opportunities available in the area, many homeowners face the reality of choosing between making mortgage payments or taking care of other financial obligations.

One of the main employers in the area recently decided to close, leaving over 650 people in the greater Baton Rouge area without employment or other options for income. This is not the only metropolitan area in the country dealing with similar issues because of job loss. While the nation’s overall economy is in a position of stability and growth, Louisiana’s economy continues to struggle.

When a homeowner is facing the very real possibility of losing a home, it can be daunting and overwhelming. Foreclosureis a serious threat, but there are things a person can do to make this process stop and start rebuilding a strong financial future. By filing for a Chapter 13 bankruptcy, a person dealing with various types of collection efforts can enjoy a reprieve from this stress while following the terms of a court-approved approved repayment plan.