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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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How Louisiana residents can avoid debt relief traps

When bills start accumulating and it becomes increasingly challenging to meet payments every month, it can cause a tremendous amount of stress in a Louisiana household. Facing difficult financial situations is definitely not uncommon in this state or elsewhere. The bad news is, however, that many well-meaning people wind up in worse situations when they fall for debt relief scams.

Therefore, it's a good idea to learn more about the potential financial dangers of many so-called financial relief programs. It's also wise to know where to seek valid guidance and support to help overcome serious financial crisis. The good news is that most financial problems are temporary and appropriate (and legitimate) support can not only help obtain immediate relief but can also help lay the groundwork for a stronger financial future.

When debt forgiveness is offered, there are often hidden traps that can lead to further financial trouble down the line. For instance, there may be complex rules written in the fine print of a prospective agreement. Such programs often sound nice on the surface but can have negative repercussions, such as a severely damaged credit score. Debt erased under loan-repayment or debt cancellation services may be considered income to the borrower, thus prompting increased tax bills.

On the flip side, there are indeed appropriate options for obtaining debt relief when finances get out of hand and a Louisiana resident is unable to get things back on track on his or her own. A first logical step to take is to reach out for guidance from an experienced bankruptcy law attorney. There are numerous types of bankruptcy. A person who qualifies for a particular program may find it is ultimately the best means for restoring financial stability.


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