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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
Louisiana’s Oldest Bankruptcy Law Firm
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February 2018 Archives

Company files for Chapter 7, closes doors

Owning and keeping a Louisiana business afloat is definitely not for the fainthearted. While there's a natural ebb and flow that occurs with most businesses; a cycling of profitable times with fiscal seasons that aren't as successful. There are also many other challenges that can unexpectedly occur to make or break a business. Sometimes, business owners make decisions to liquidate their assets as a means of seeking immediate debt relief when they can't seem to get things back on track. A business in another state has determined that Chapter 7 bankruptcy is its most viable option.

Credit card debt doesn't have to mean permanent financial ruin

It's understandable that even a moderately serious financial crisis can cause a homeowner to worry. In fact, many Louisiana residents are currently facing such problems. Some are no doubt hoping to have favorable tax seasons in order to use their refunds to pay off credit card debt. Recovering after a major financial setback is much easier if the person involved knows where to turn for support ahead of time.

Post-bankruptcy lifestyle changes can avoid future debt

The reason many people declare bankruptcy is simple -- their lifestyles don't match their finances. This doesn't always mean it's your fault. Maybe you have high medical bills for which you clearly couldn't plan. Perhaps you lost your job due to a reduction in force at the company, even though you were a stellar employee.

Financial problems often temporary with appropriate debt relief

It's not uncommon for Louisiana residents or others across the country to encounter bumps in their roads to financial stability. Any number of issues from unexpected medical bills and job loss to frivolous spending can negatively impact finances. The good news is that most financial problems are temporary, especially if the person involved knows how to access immediate debt relief support.

Questions to ask to determine whether Chapter 7 is viable option

When facing serious financial crises in Louisiana or elsewhere where filing for bankruptcy appears to be the best solution, it's always good to have several debt relief options available. There are two main types of consumer bankruptcy, and one may prove a better option over another in a particular situation. Chapter 7 is known as a liquidation bankruptcy, while Chapter 13 is referred to as a debt reorganization. 

Company hopes debt relief measures will help it get back on track

Many Louisiana business owners know what it's like to face serious financial challenges that threaten the bottom line. The good news is that most financial crises are temporary. How long it takes to rectify a particular situation often has to do with what type of approach the business owner takes with regard to debt relief solutions.

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