Man’s debt relief plan halts foreclosure process

Anyone in Louisiana currently trying to overcome financial problems may want to consider bankruptcy, among other viable solutions. There are often several debt relief alternatives and various factors may influence which option is chosen. A man in another state decided to file for bankruptcy, which has stopped a threat of foreclosure on 27 of more than 100 properties he owns.

A county fiscal officer involved in the situation reportedly joined forces with several other parties to try to collect what they claimed as more than $1 million in public debt from the man in question. At stake were his many properties, all of which he is said to owe taxes on. The man paid off thousands of tax liabilities regarding several of the properties.

He also sold some to private investors. The market value of the 27 properties on which the individual filed bankruptcy is close to $900,000. Those trying to force the properties into foreclosure say they’re trying to recoup nearly $500,000 the man owes in taxes. 

Litigation remains ongoing in the situation and will likely continue for several years or more. Not every debt relief situation is this complex. However, filing for bankruptcy, which is a federal court proceeding, is often the best way to wipe a troubled slate clean and start afresh. Anyone in Louisiana who is unsure what the bankruptcy process entails or has questions regarding eligibility requirements or other legal issues can discuss the topic with an experienced debt relief attorney before determining which path to take. The lawyer can then represent the individual in connection with any subsequent legal proceedings.