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Simon, Fitzgerald, Cooke, Reed and Welch
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Shreveport Bankruptcy Law Blog

Chapter 7 bankruptcy situation leads to customer complaints

A family-run store in another state came upon hard times as online shopping and home delivery grew more popular. At least, that's what a spokesperson for the company recently said. The owners wound up filing Chapter 7 bankruptcy in early September. The events that unfolded after that have affected not only those directly involved but the community at large as well. If a similar problem were to arise in Louisiana, those involved may want to seek outside support. 

There is a pharmacy inside the building where the grocery store was run. That pharmacy is still open for business. The problem is that the food in the grocery store was left to rot and a pungent smell began to fill the atmosphere. Customers started to complain, which led to officials setting up air fresheners at various spots throughout the building to try to combat the stench.  

Filing for bankruptcy in Louisiana is no reason to feel ashamed

Almost everyone faces financial difficulties at some point in their lives. This is because life is unpredictable, and situations can arise that you have no control of.

If you become victim to bad luck, whether it is that you were laid off from your job unexpectedly, dealt with health issues or disability, or if you went through a harrowing divorce, what was once a relatively stable financial situation could spin out of control quickly.

Debt relief options that help avoid foreclosure

While Louisiana laws may vary from other states, there are still options available to help someone keep from losing a home to foreclosure. Financial crisis often hits when least expected. Many homeowners feel stressed and helpless when notices from lenders start showing up in the mail. The more someone knows about debt relief programs ahead of time, the better.

If a homeowner knows where to turn for support, however, he or she may be able to stall (or completely stop) the foreclosure process. Most lenders want to avoid foreclosure as much as homeowners do. By contacting a lender, a homeowner may find that refinancing or alternate payment plans are available.

Even billionaires need debt relief sometimes

Many Louisiana residents are experiencing financial problems, as are others throughout the country. Some might be hesitant to reach out for support because they feel embarrassed or worried about perceived social stigmas attached to certain debt relief options like bankruptcy. However, the simple fact is that even the wealthiest business owners in America sometimes run into financial trouble.

A man who owns a chain of hospitals on the West Coast also happens to be a billionaire. He is a former physician himself and also purchased the Los Angeles Times earlier in 2018. The hospitals that are part of Verity Health System have reportedly been financially struggling for some time now. In situations like this, it is good to keep in mind that most financial problems are temporary and are often resolvable.

Senator reintroduces legislation over Medical Debt Relief Act

Louisiana residents are definitely not immune to financial challenges associated with medical debt. Most households, in fact, include one or more members who have obtained some form of medical care or treatment in the past several years. It is no secret how expensive medical care, products and devices are as well as how often such care prompts the need for immediate debt relief.

A senator in another state is trying to get the Medical Debt Relief Act passed. He and his co-sponsors recently reintroduced legislation that would require a 180-day waiting period before medical debt is added to a person's credit report. The legislation is designed to amend the Fair Credit Reporting Act.

Does the elder population have a high risk for debt relief needs?

Many Louisiana residents who are age 65 and older share some experiences in common. Some are retired and living off meager pensions or other retirement benefits. Others have had to continue working to make ends meet. Recent studies suggest that another issue many older people have in common is an urgent need for debt relief, and it appears to be a growing problem.

Part of the problem seems to be that while pensions and savings are depleting, debt, especially when related to medical costs, is increasing. This is has caused many elders to have difficulty staying financially afloat. People are also living longer nowadays, which has impacted the overall national economy as well as individual financial situations.

Battery manufacturer preparing for Chapter 7 bankruptcy

When a business in Louisiana or elsewhere realizes that significant partnerships it was banking on to succeed are not going to happen, it may be a sign that the time has come to close up shop. Financial issues are often at the root of such problems. Many business owners realize the value of wiping the slate clean by filing for Chapter 7 bankruptcy. Some eventually re-open their doors once they have restored financial stability.  

A battery manufacturer in another state recently filed a Chapter 7 petition in bankruptcy court. The company opened its doors in 2003 and had hoped to revitalize the battery industry. For a while, it looked as if it might because it developed new technology that would combine power from traditional lead-based batteries with its innovative carbon-based designs.

Choose support carefully when in need of debt relief

Many Louisiana residents may be among those throughout the nation who know what's like to face serious financial problems. While no two situations are exactly the same, there are often common denominators as to what types of issues initially caused financial trouble. Such circumstances are not rare; however, it is also common that someone encountering money problems for the first time may have absolutely no idea where to seek debt relief support.  

In fact, a lot of people nowadays simply Google a few key words and click on one of the top links that appear on a search page. This sometimes leads to connections with debt consolidation companies where agents promise to contact creditors to arrange new payment plans for those in debt. It all sounds good; that is, until something goes wrong, such as one creditor not agreeing to a consolidation plan. If that happens, the person who sought support may wind up facing litigation.  

A divorce can ruin your good financial decisions

For your entire life, you have prided yourself on making wise financial decisions. You worked to pay off your undergraduate degree, putting in 30 hours a week while taking classes. You bought used cars. You found cheap places to live with roommates.

When you got married, you kept making good financial choices, but now you had to make them on two incomes. Your spouse actually earned a little more than you. Trusting that income, you bought a house and a new car -- things you had always wanted but never thought you could afford. You also went to graduate school, taking out loans to pay for it. With multiple incomes, you could still make ends meet.

Avoid debt and know how to access debt relief support, if needed

Louisiana residents are not immune to the ebb and flow of the nation's economy. Like many people in other states, most people here can relate to ups and downs where their finances are concerned. If a person is worried about possible financial crisis, there may be several things he or she can do to avoid falling into serious debt. If a problem has already arisen, there may be several debt relief options available.

Long ago, when credit cards did not exist, people typically paid cash for their purchases. At some point, merchants began accepting IOUs in lieu of cash payments; hence, the system of owing a creditor money was born. To avoid debt, it's always best to pay cash whenever possible because even the best intentions to pay off a credit card balance every month might fall by the wayside if an unforeseen situation arises.  

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