Louisiana Bankruptcy Attorneys
Call For Your Free Case Evaluation 225.314.8883Baton Rouge 504.608.5208Metairie


On behalf of Trenton Grand of Grand Law Firm posted in Bankruptcy on Wednesday, November 14, 2018.

Filing for bankruptcy in Louisiana can have a significant impact on one's credit score. It can also affect a person's ability to get a loan in the future. Bankruptcies will stay on a credit report for up to 10 years, but lenders can ask borrowers to disclose a bankruptcy regardless of when it happened. There are alternatives to bankruptcy for those who are struggling to repay their debts.

For example, it may be possible to negotiate a debt settlement after missing one or more payments. Creditors generally prefer to get some of their money as opposed to potentially getting nothing in a bankruptcy case. Prior to filing for bankruptcy, an individual will need to go through a credit counseling course. Therefore, it may be a good idea to seek credit counseling voluntarily as a possible means of getting on track financially.

There are times when filing for bankruptcy may be in a debtor's best interest. For example, those who don't own a home or a car may not face negative consequences by filing. The same is true of those who are the subject of a lawsuit or don't have significant savings. Individuals who have medical bills may also benefit by filing for protection from their creditors.

For some, bankruptcy is a viable way to have a debt discharged or reorganized. By filing, an individual may be able to obtain an automatic stay of creditor collection activities. It might also be possible to retain property such as a home, car or anything else of significant value. An attorney can help a debtor understand the process of filing for bankruptcy.

Tags: Bankruptcy

Related Posts: How to deal with personal debt, Credit cards can help build credit when used wisely, Is credit card debt settlement a good idea?, The impact of delaying filing for bankruptcy