Law Office of Judith A. Descalso Law Office of Judith A. Descalso

November 2014 Archives

Hockey player filing for bankruptcy, parents to blame for debts

Many of our Escondido readers probably saw the surprising news about former Los Angeles Kings hockey player Jack Johnson and the reports about his financial troubles. Johnson, who now plays for the Columbus Blue Jackets, is set to earn a salary of $5 million dollars this year. But, despite having an income that most people could only dream of, Johnson has filed for personal bankruptcy.

Knowing the tax implications of filing for bankruptcy

There are so many factors to consider for an Escondido resident who is contemplating whether or not to file for bankruptcy that it is understandable if tax considerations are at the bottom of the list - or even forgotten altogether. No one likes to think about taxes, but with the end of the year fast approaching it is important to know that there can be significant tax implications both in the planning stages and in the aftermath of a personal bankruptcy filing.

An overview of asset protection in a bankruptcy filing

One of the most common issues that many people don't understand when it comes to filing for bankruptcy is asset protection. By now many of our Escondido readers probably know that there are certain assets that can be protected under bankruptcy exemptions, but they may not know what type of assets qualify.

What is the difference between secured debt and unsecured debt?

It is only natural for Escondido residents who are contemplating a bankruptcy filing to have quite a few questions about the process. After all, it is common knowledge that filing for bankruptcy is one of the most significant financial moves an individual or business will make, so it makes sense that every question should be answered before the filing proceeds. One of the most common questions is, "What is the difference between secured debt and unsecured debt?"