For many people, especially those who own a business, one mistake can lead to dire consequences that change their entire financial situation for the worst. All individuals who go through a massive and sudden financial loss have the option of filing for bankruptcy so they can protect themselves from losing everything at a rapid pace. There are many catches to filing for bankruptcy, so before a person makes the dive and submits their documents, they should always consult with an expert attorney in the field first.
When sudden and unexpected life stressors hit, such as a sudden illness or a person loses their job or entire career path, one’s financial situation can easily take a nosedive for the worst. Anyone who is struggling with debt or who suddenly lost a major investment they were banking on may need the help of a bankruptcy attorney to help them understand their options so they can go forward with taking the necessary steps to get their life and their finances back on track again.
There is a stigma associated with bankruptcy, but sometimes a person has no choice but to follow this route, so they are protected from their creditors harassing them. The end goal of bankruptcy is always to find a possible way to eliminate one’s debts and to discharge debts that a person is unable to pay back despite their best efforts.
There are two main options that a person can choose from, and they are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Individuals will choose the one best for them based on their current situation and a financial advisor or bankruptcy attorney can guide them through the steps, so they are well aware of the actions they are taking and the potential consequences that come with it.
Monroe, LA, Bankruptcy Exemptions Available
The exemptions a person is entitled to are also based on the type of bankruptcy a person decided to file. For instance, if a person decides to file a Chapter 7, they will be exempt from certain assets being liquidated. This means that a person will be allowed to keep a certain amount of property and money and they will not have to give everything up.
Other areas that can be exempt include:
- Personal property
- Tools of trade
- Public benefits
Anyone who feels like they are in a tight financial situation and who would like to explore their options should get in touch with a bankruptcy attorney at the Law Office of Campbell, House, and Company as soon as possible.
Reach them at:
1815 Roselawn Ave
Monroe, LA 71201
Call Today: (318) 855-0285