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If you are a resident of the New Orleans, Louisiana area and are are longing for a fresh financial start, New Orleans bankruptcy may be a way to go. Before you make any major decision though, we recommend you to do a detail research on your options - including both personal bankruptcy and bankruptcy alternatives. A good way to get to the information you need is by contacting a bankruptcy expert near you. |
The following article is provided by our New Orleans bankruptcy attorney.
Do natural disasters affect the rate of New Orleans bankruptcy?
Residents of New Orleans, Louisiana know all too well the impact of natural disasters. Hurricane Katrina in 2005 caused immeasurable human suffering and loss of life. Many residents of New Orleans and surrounding areas of Louisiana had all of their property destroyed. Many of them have been forced to declare personal bankruptcy.
Studies have shown that most Americans are only two or three lost pay checks away from serious financial problems. Most of us live pay-check-to-pay-check, and if we miss a week of work due to illness, it can cause irreparable financial harm.
Obviously a hurricane or other natural or man made disaster is far more serious than a mere loss of a pay check. If you lose your home and all of your possessions, it can take years to re-build and re-acquire your lost goods. Even worse, if your entire city has been destroyed, it is possible that your employer has also been affected. You may not have a job to go back to, even if you were able and willing to go to work.
It’s easy to use all of you savings on the basic necessities of life, food and shelter, while you try to re-build your life. And if you, like most people, don’t have sufficient savings, you may have no choice but to use credit to survive. Your debt problems can quickly becoming overwhelming, and there is possibility that you could soon be facing bankruptcy.
If you find yourself experiencing severe financial problems, you need a plan to deal with those problems.
For many people, that plan may include a Chapter 7 declaration of bankruptcy, or perhaps a Chapter 13 Wage Earner Plan to re-pay your creditors.
Regardless of your situation, don’t wait for your financial problems to get even worse. Contact a financial advisor or a New Orleans bankruptcy attorney today to explore your options.
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