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Shreveport Bankruptcy Law Blog

Many Generation Xers are currently facing credit card debt

Those born in between the mid 1960s through the late 1970s are part of the age group known as Generation X. Often described as directionless or navigating their way through life without purpose or particular focus, many Gen Xers in Louisiana and elsewhere would likely take offense to such stereotypes. There is one thing that a lot of people born in this particular era seem to have in common, however, and that is substantial credit card debt.

Many Gen Xers who have participated in interviews regarding retirement savings, financial stability and debt say before they can even consider setting savings aside for their retirement years, they would first have to dig their way out of deep debt. In addition to credit card debt, student loans ranks high on the list for non-mortgage debt that impedes the ability to save money among survey participants. In fact, such debt appears to linger somewhere in the neighborhood of $23,000 on average.

Debt relief litigation continues for Circuit City

Sometimes, a Louisiana business will arrange a reorganization of finances and business structure in order to overcome a financial crisis. It may happen that after a particular debt relief process is activated, something occurs that necessitates a change in action. For example, major retailer Circuit City filed for reorganization bankruptcy nearly a decade ago but soon afterward determined that a complete liquidation was necessary.

Since then, attorneys have gone to bat for the company as it litigates various class action lawsuits and other claims that creditors have filed in the hope of collecting debt they say is owed to them. The situation has been ongoing in court for nine years now, but some insiders say it will likely end soon as only one outstanding debt claim remains at this time. To date, creditors have been able to recoup more than half in recovery.

Hot yoga founder seeks debt relief amid several legal battles

Many Louisiana business owners know what it's like to face serious financial crises. Sometimes, poor spending habits or mismanagement of company funds creates economic hardships that are difficult to resolve. Other times, the current state of an economy negatively impacts business owners and private citizens in a particular region. Then again, some business owners seek debt relief when they come upon hard times financially during legal battles associated with their businesses.

One man, who happens to be considered the founder of the hot yoga system (yoga that is typically practiced in rooms exceeding 95 degrees Fahrenheit) recently declared bankruptcy. His money problems are said to have surfaced when he kept having to go to court after being accused of sexual misconduct with employees of his company. He has adamantly denied the allegations; however, expensive court battles apparently thrust him into a fiscal crisis from which he could not recover without debt relief assistance.

What it's like before filing for bankruptcy

The time leading up to bankruptcy can be very trying. Every situation is different, but you typically feel your financial picture start falling apart, and you do everything you can to save it.

In that sense, bankruptcy is just an option to pick up the pieces. It can be the end result you're searching for. It can open other doors you never considered.

Support available for those facing credit card debt problems

It's not uncommon to fall upon difficult financial times at some point in life. In fact, most Louisiana residents would likely say they have overcome a significant challenge or two in their lifetimes. One of the most pervasive problems facing many people today relates to finances and, more specifically, credit card debt. Owing too much on credit cards can threaten your overall financial stability and lifestyle.

If such debt gets out of hand, you may face additional problems, such as the threat of foreclosure on your home. While your credit card balance may not be directly related to your mortgage, in many cases, those who have substantial debt are not able to keep up on mortgage payments. This can be a very frightening situation.

Don't let credit card debt impede your future financial stability

Many people in Louisiana make most of their larger purchases (i.e., homes, cars, vacation property, etc.) via charge accounts. It's understandable since the average person doesn't have a quarter of a million dollars lying around to buy a house in cash. Occasionally charging things is a good way to build up a credit score as well. The problem is that it's easy to go from "occasionally" to "usually," and before you know it, you're facing serious credit card debt.

It's really not that uncommon to face a bit of credit card debt here or there; most people do at some point in their lives. For instance, even if you're someone who prefers to shop by cash, you may face unexpected medical bills or other financial crisis that you are unprepared to meet; therefore, using a credit card can be a swift resolution to an immediate problem. When credit card use gets out of hand, however, it becomes the problem and solutions may be difficult to come by.

Movie filtering company files for debt relief to protect itself

VidAngel is a movie filtering company that offers its customers a specialized service that allows them to remove unsavory language or scenes from already existing films on major venues, such as Netflix, Amazon and other video streaming sites. VidAngel says it currently has millions of dollars in the bank. Some Louisiana readers may wonder, then, why the company has filed for debt relief protection.

VidAngel is currently embroiled in several lawsuits with major production companies, such as Warner Bros. and Disney. The CEO of VidAngel says filing for Chapter 11 bankruptcy will protect the company and its creditors, as well as allow it time to reorganize its business. He also stated that the company intends to persevere through existing lawsuits to protect movie viewers' rights to filter their streaming.

Beware of debt relief scams

When Louisiana residents or others fall upon hard times financially, they may feel overwhelmed and desperate for help. The problem is, not everyone knows where to find legitimate debt relief assistance. In fact, many pursue what they believe to be valid avenues offering financial help only to later learn they have been scammed.

This happened to a woman in another state. She still owed a lot of money toward a student loan she secured to get herself through nursing school. She was knee-deep in debt when she heard about a company that was offering debt relief services.

Chapter 7 deemed most viable option in rebate company's crisis

A professional horseplayer owns a company that has apparently fallen on hard times financially. Thankfully, after reviewing its options, the company has determined an appropriate means of debt relief. There may be Louisiana business owners currently facing financial challenges and similar problems who will also want to consider Chapter 7 bankruptcy as a possible solution to their financial woes.

In this particular situation, the company in question is a rebate establishment that provides services for off-track bettors and telephone wagers. The owner of the business reportedly lost a recent legal battle with a former business alliance. This is said to have led to a significant financial crisis.

Options for borrowers facing car repossession

Missing several car payments might not seem like a big deal if you've grown accustomed to being far behind on your credit card bills. However, a car loan is "secured credit" and it's secured by your vehicle. As such, if you default on your vehicle loan, the bank can come and take your car from you without even asking.

Anyone who has an auto loan in default can expect to get their car repossessed: It's only a matter of time. If you're facing this situation, however, you have a few options.

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