Tips to Avoid Bankruptcy in Louisiana

With over 1.5 million people filing bankruptcy each year throughout the U.S., it is apparent that our country faces difficult economic times. Few people desire to file bankruptcy; however, through no fault of their own, due to a medical crisis, loss of job, divorce or some other turmoil, overwhelming debt can accumulate. If you are dealing with financial stress, it is imperative for you to meet with a bankruptcy attorney who can offer guidance for your specific situation. You may be able to avoid bankruptcy if you seek help early and evaluate all your options. The bankruptcy attorneys at Grand Law Firm in New Orleans and Baton Rouge, LA want to ensure you receive the counsel you need.

Many individuals and couples may be able to realize relief from overwhelming debt if they enact a few guidelines to improve their cash flow. Tips to help you avoid bankruptcy include:

  • Negotiate with your mortgage company if you own a home. Most lenders do not want to foreclose on your home. If you ask for a reduced interest rate or a longer length of repayment, many lenders will help you lower your payment. It is imperative to ask before you get too far behind in your payments.
  • Sell some of your assets to pay off debt. It is difficult to consider selling a car or other major asset when you face financial problems. However, you may be able to carpool to work or make other small sacrifices that could offer the relief you need.
  • Ask your creditors to lower your payments, your interest rates or the total amount you owe. Credit card companies rarely want to go to the expense of filing a judgment against you in order to collect what you owe. Many will work with you to help you through your financial struggles.

Contact a LA Bankruptcy Attorney to Weigh Your Options on how to avoid bankruptcy in Louisiana

If you have monthly payments you are unable to pay, you need to consult with the bankruptcy attorneys at Grand Law Firm. We serve clients in Baton Rouge and New Orleans, LA. We will offer you the best guidance to allow you to weigh your options so you can have a fresh start. Call today to see how we can help.

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