A “Flood” of Debt

We are still seeing fallout from the 2016 flood. Some folks are still holding on to damaged or ruined homes from the disaster.   When an event like this strikes, many people find the relief they need from Chapter 7 or Chapter 13 bankruptcies. Knowing which is best for you in such a situation depends on factors like how extensive the damage is, which federal assistance programs are available, the kind of insurance you have, and the estimated time of return to your home–if possible.

Affordable insurance may not always be available for zones that have never flooded before. People who did not think they needed flood insurance got 10 feet of water in their homes, and are still not settled three years later. Some people are only now seeking complete relief through chapter 7, to protect their future earnings and help put the flood in the past.

The Gouner Law office has helped thousands of families and individuals put their lives back on track with bankruptcy options.  The first thing to decide is if you simply need to stop foreclosure and get a handle on repayment of debt (Chapter 13 bankruptcy), or if you need a fresh start, essentially zeroing out your debts (Chapter 7 bankruptcy).

Once you begin the bankruptcy process with the Gouner Law Office, people who are harassing you for payment will no longer be able to make demands of you.  Once people know you are protected within a bankruptcy filing, they are generally cooperative and work with you to keep your car and house and the associated payments. They are also obeying the law, which puts a solid wall between you and the creditors.  One thing to note is that with Chapter 7, creditors will try to get you to settle debts up front at a discount. That generally does not work in your favor.

Trust the process and the advice of the Gouner bankruptcy team. You will be able to resolve overwhelming debt with a repayment plan under the protection of the federal court. This includes stopping garnishments, foreclosures, lawsuits, and repossession activities.

You can be assured it is all confidential.

Written by Ted Baldwin

May we help you with a legal situation? To schedule a private consultation, call the Gouner Law Office at 225-293-6200 or toll free 800-404-1921You can also fill out our contact form.

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