Shreveport Bankruptcy Law Blog
How can a restructuring plan help you in a Chapter 13 bankruptcy?
The thought of filing for bankruptcy may intimidate you, especially if you are unsure of how repayment plans typically work. However, the structure of a Chapter 13 plan is often beneficial for those looking for a new start in life unburdened by debt. Restructuring...
Why do most people end up filing for bankruptcy?
When people talk about filing for bankruptcy, most imagine financial irresponsibility as a leading cause. There is a pervasive and damaging myth that filers are bad with money, have poor spending habits, and are not willing to work for the things they want to buy,...
When times are tough, is it worth it to cash out your retirement?
With tough economic times ahead for countless Americans, the new CARES Act allows individuals under age 59 ½ to pull money from retirement accounts without the traditional 10% early withdrawal penalty. If you are struggling to pay off credit card or medical debts,...
When can I not file a Chapter 7?
Between Chapter 7 bankruptcy and Chapter 13 bankruptcy, more Americans file a Chapter 7. However, there are some circumstances where the bankruptcy courts may prohibit certain individuals from filing a Chapter 7 bankruptcy. It used to be that whether or not an...
5 essential facts about bankruptcy
While filing for bankruptcy isn’t something that anyone wants to do, it’s not the gloom-and-doom scenario that some would lead you to believe. For most people, being overwhelmed by debt isn’t the result of a personal flaw, but rather circumstances beyond their...
Car crashes, debt and bankruptcy
There are a host of reasons why people take on high levels of debt, whether they are unable to pay tuition and they take out hefty student loans or they lose their job and rely on their credit card to get by (even though they cannot pay it off). However, some people...
Why do people call Chapter 13 the wage earner’s plan?
If you consider filing bankruptcy, you may hear people refer to your options as liquidation and the wage earner's plan. When you go to an attorney, he or she will refer to your options as Chapter 7 and Chapter 13. According to the U.S. Courts, people call Chapter 13...
Why are aging adults more likely to file for bankruptcy
For many people, bankruptcy is a fresh start when they cannot afford their debts. In recent decades, however, the number of bankruptcy filings for older adults has increased. Those aged 55 to 64 who declare bankruptcy increased by over 65% from 1991 to 2016. For...
Mortgage forbearance is not as helpful as you may think
In times of widespread financial crisis, mortgage companies may extend an offer to help. For homeowners like you who are in need, it may seem like a welcome relief from the crushing financial obligation. Forbearance is a practice lenders may offer homeowners to...
Compelling reasons debt relief programs may not help you
When you have debt, you have several options on what to do to get it under control. Assuming you cannot pay the debt, you may choose to go through a debt relief program. Many people think these programs are a much better option than filing bankruptcy, but Forbes...
