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November 2018 Archives

How to know when bankruptcy is a good option

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.

How to deal with personal debt

For many people in Louisiana, credit card bills are on the rise. This reflects a national trend: In the first three months of 2018 alone, household debt grew by $63 billion across the country. This marked the 15th consecutive quarter of growth in the nation's personal debt burden. Americans collectively owe $13.21 trillion in household and personal debt, including $815 billion in credit card bills and $1.23 trillion in outstanding auto loans.

Women may struggle with higher debt loads

Women in Louisiana may be at particular risk for a crippling burden of debt. The gender wage gap has been widely debated as a significant political and social issue. Some studies indicate that on average, women earn 72 to 82 cents for every dollar earned by men. At the same time, however, the gap is not only reflected in income but also in comparative levels of debt. Many more women have larger amounts of debt than their male counterparts. For example, women owe an average of $6,000 more on their student loans and almost $2,000 more on their auto loans.