Financial issues can be among the most difficult to keep under control. Just when you believe that you’ve gotten one situation under wraps another one surfaces that requires immediate attention. The repetitive occurrence of such instances is why millions of Americans are currently struggling with debt issues.
Not only are you tasked with keeping up with a mortgage and car payments, but you must also be on top of your multiple streams of consumer debt. Despite your best efforts, you can easily find yourself overwhelmed and facing home foreclosure. To your benefit, the quality bankruptcy attorneys at E. Orum Young Law Offices can stop foreclosure and help you regain your financial freedom.
What are the Top Causes of Foreclosure?
The possibility of you facing foreclosure can come about as a result of many varying circumstances, but there are some that are more common than others. The top causes of bankruptcy in Louisiana include:
- Credit Card Debt: When credit card debt gets out of hand, consumers like you must make the tough decision of whether to pay your credit card debt payment or mortgage. Oftentimes, the threat of potentially defaulting and having your wages garnished outweighs the possibility of foreclosure.
- Divorce: When bills are usually handled by two individuals and a divorce occurs, one person is now responsible for affording the same bills alongside personal debts. This can easily lead to a situation where an individual is inundated with debt.
- Relocation: Whether it be a sudden move to take advantage of a new job opportunity or the result of a personal decision, you may find selling the home more difficult than you imagined, resulting in having to afford bills associated with both past and current residence.
- Unemployment: Losing your job or simply being unable to find a job is the easiest way to become buried in debt. Regardless of the fact that you are not getting any income, bills continue to pile.
- Adjustable rates: Homeowners like you may be lured in by low introductory interest rates. Once that period passes and the higher APR (annual percentage rate) kicks in, it can easily become difficult for you to stay afloat.