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January 2014 Archives

Can an individual file for Chapter 11 bankruptcy protection?

Any of our Escondido readers familiar with previous posts here know that businesses that are facing tough financial situations may consider filing for bankruptcy protection. Even though filing for bankruptcy is usually billed as the "beginning of the end" for a business in the media portrayals, the fact of the matter is that Chapter 11 bankruptcy - one form of bankruptcy most commonly associated with businesses - is intended to help the company turn things around and remain in business. Seeing an individual file under Chapter 11, however, is unusual.

Economy improves, but bankruptcy filings increase?

Most of our San Diego readers are probably happy to see the occasional report about an improving national economy. After all, an improving economy means more jobs and better wages, which allows Americans to pay their bills on time and pay down debt as well. However, in what some people would consider a counterintuitive prediction, one recent report noted that bankruptcy filings may actually increase as the economy improves.

Big drop in Chapter 11 and Chapter 13 bankruptcy filings

This is the time of year that financial experts love, as the final data from 2013 starts to flow in and allows experts to analyze the recent year as a whole. There are many indicators that experts look at to try to judge the state of the economy and what to expect in the year to come. One of those indicators in the business sector is determining how many commercial bankruptcies were filed in any given year. Now, according to a recent report, from the 2013 bankruptcy data it appears that commercial bankruptcy filings last year dropped significantly. In fact, the number of commercial bankruptcies filed last year even dropped below the number from 2007 - the year when the economy really began to tank.

Recommendations for tackling credit debt

Many of our Escondido readers probably started 2014 by making a resolution. This is a popular tradition in America, and most people experience varying degrees of success and failure in keeping these resolutions throughout the year. For some people, their resolution may have been to pay off their credit card debts in 2014. If that is the goal, a recent article provided some tips.