While a bankruptcy can help free an individual from debt, it will leave a stain on one's credit. During the seven to 10 years the bankruptcy stays on a credit report, it may be difficult to get a loan or even rent a car. Therefore, it is important to know whether bankruptcy is the best option to overcome financial difficulties.
Elderly individuals sometimes have trouble making ends meet when living on a fixed income. Paying off living expenses and debts can be even more difficult when dealing with typical health problems that come with old age. Louisiana senior citizens and their loved ones might be interested in a recent court ruling that could have ramifications on seniors who file for bankruptcy.
Chapter 13 bankruptcy can be a significant source of financial relief for struggling debtors with a regular income. As we’ve previously discussed on this blog, Chapter 13 bankruptcy works by establishing a three to five year repayment plan. One of the major benefits of this form of bankruptcy over Chapter 7 bankruptcy is that no assets are sold to make the plan work.
Perhaps of late you have been debating with yourself whether you want to file bankruptcy. This is not an unusual dilemma. Many Louisianans find themselves, through no fault of their own, in a stranglehold of overwhelming debt. And some of these same people come to realize the advantages that bankruptcy offers.
Imagine being faced with the possibility of losing your home because you cannot pay the mortgage. Furthermore, imagine that it is not entirely your fault that you do not have the funds. It is not always reckless spenders, gamblers and those who choose to consistently live above their means who suffer from these scenarios. It can happen to anyone and for all sorts of reasons. Over 50% of Americans currently find themselves wondering how they're going to pay the mortgage and still keep the lights on.