One of the terrible things about debt is that it can lead to many people falling into an endless spiral. It makes people desperate, and they may choose to take certain actions that only make their situation worse. A perfect example of this is when someone is in debt and they start accumulating (and using) credit cards in an effort to get out of debt. But in the end, they just make their unfortunate situation even worse.
Spiraling debt is a terrible financial state, and it can leave people in precarious positions. Their wages could be garnished; they could find that their assets or property are repossessed or foreclosed on; and creditors may go to great lengths, even illegal lengths, to secure the debts that they are owed.
It is in these situations that the thought of getting more credit cards gains ground, and it can lead to someone making an unfortunate decision. Going down the other path and choosing bankruptcy is a more productive strategy. Chapter 7 bankruptcy is very helpful for people that want to stop wage garnishment and the loss of their property, in addition to the discharging of their debts.
At McBride Law Firm, we have worked for more than 30 years on bankruptcy law and helped countless people and families with their debt issues. All across Louisiana, there are individuals that need help with their financial situation. If you are considering a bankruptcy filing but don’t know where to begin, then please consult with our experienced attorneys.