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.
Louisiana is home to many disabled U.S. military veterans whose sacrifices and courageous service has helped protect and preserve the United States as a free nation. Many people in this state and others are upset about federal bankruptcy laws, saying the current regulations are biased against disabled military veterans facing serious financial distress. It seems that existing laws often force disabled veterans to choose Chapter 13 bankruptcy because their disability benefits disqualify them for liquidation debt relief.
Louisiana residents who are currently facing serious financial quandaries are definitely not alone in their struggles. Such crises are also not isolated to the general population, as even many celebrities have sought immediate debt relief, such as Chapter 13 bankruptcy, when they've been unable to resolve their money problems. A former star of a popular TV series, "American Chopper," which stopped in airing in 2010, is trying to save his home from foreclosure.
Louisiana residents currently facing serious financial problems will be glad to know there may be several debt relief options available. Various bankruptcy codes may apply that affect such options regarding each person's eligibility status. It is critical that someone filing for Chapter 13 or another type of bankruptcy first seek clarification of eligibility requirements to avoid complications in the process. Rap star Lil' Kim understands such complications all too well as she is currently trying to resolve some issues that have arisen regarding her petition for loss mitigation.
When financial crisis hits, it's easy to feel overwhelmed and worried about your future. Especially if creditors are calling you every day and lenders in Louisiana are threatening to call in their loans, you may be facing the very real possibility of losing a vehicle or even your home. Chapter 13 bankruptcy is often a viable solution to serious financial problems.
If you're currently facing a financial crisis, you're far from the only person in Louisiana to be going through such times. Where finances are concerned, there is typically an ebb and flow; some years may be better than others. It's often surprising how quickly things can get out of hand once credit card debt starts piling up or an unforeseen circumstance arises that carries exorbitant expenses, such as a medical emergency. When researching potential forms of debt relief, those with steady incomes may want to consider Chapter 13 bankruptcy.
Recent studies suggest there may be prevalent stereotypes against a particular race of people when it comes to certain forms of debt relief. Various psychologists and legal researchers combined efforts to investigate the topic. They have concluded that there are significant racial disparities associated, in particular, with Chapter 13 bankruptcy. Louisiana residents currently facing a financial crisis may want to learn more about this issue.
You've always been told that bankruptcy is something to avoid at all costs. You think it's the closest thing you can do to breaking the law without actually becoming a criminal. You think it's wrong, you feel shame for even considering it, and you know you'd never do it.
Many in Louisiana may think that people with a lot of money are immune to debt struggles. Yet with large amounts of money also often comes significant spending along with the potential of those assets being mismanaged. Another financial responsibility that those termed as being rich may have is a heavy tax liability. All of these factors add up to the possibility of even wealthy people having to face the prospect of bankruptcy.