Those who could potentially benefit enormously from filing for bankruptcy protection often shy away from this debt-resolution tool because of its negative connotations. But often those are rooted in misunderstandings and misconceptions.
Chapter 13: Weighing the pros and cons
Encountering serious financial challenges in life is not uncommon. In fact, some Louisiana residents are currently facing foreclosures on their homes or businesses. Chapter 13 bankruptcy is often a means for improving one's financial circumstances in the short term and also for laying the groundwork for a stronger financial future.
Iconic company in another state announces debt relief plan
In Louisiana and elsewhere, hard copy newspaper companies are struggling. Analysts say most people nowadays read news online rather than pay for subscriptions to newspapers that are delivered in person. A publication that has been in business since 1868 recently announced that it was filing for bankruptcy as a means to acquire immediate debt relief.
Credit card debt a major problem for many Americans
Most people use a credit card to make daily purchases, and some Louisiana consumers even consider their credit cards to be their emergency funding option in case of a large and unexpected expense. Reliance on purchasing things on credit has led to a record amount of credit card debt. Americans now carry a total of around $870 billion in credit card debt, and many cannot keep up with their payments.
A debt relief option that can help alleviate tax debt
Some Louisiana residents enjoy substantial refunds on their tax returns. Others, perhaps including some business owners, wind up facing heavy tax debt that they might not be prepared to meet. Especially if a business is already struggling financially, such crisis can prompt an immediate need for debt relief.
Which debt relief option will help you a beat financial crisis?
Trying to find a Louisiana resident who has never experienced financial problems in life is like trying to find a needle in a haystack. Most adults have, at some point, encountered financial challenges. Overcoming such problems often hinges upon the type of debt relief option the person chooses. It is not uncommon for people going through tough times to feel worried and overwhelmed, especially if they are not sure where to turn for support.
