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December 2014 Archives

The holidays, credit card debt and your credit score

The holiday season brings family and friends together for parties and gift giving, but, unfortunately for millions of Americans, the aftermath of the season also brings big credit card bills. Generosity can come back and cause problems in the New Year.

Filing for bankruptcy was the right move for Michael Vick

We have all seen the stories about celebrities and professional athletes who, at one time in their career, made millions of dollars - but then they end up filing for bankruptcy. Most of the time this just goes to show that all types of people can end up facing financial challenges for a wide variety of reasons. It is rare, however, that we ever hear about people who rebound from these types of situations and get their financial issues under control. NFL quarterback Michael Vick is one of those success stories.

Getting back on your feet after credit card debt takes its toll

With the holiday season in full swing, millions of Americans are probably making a lot of purchases on their credit cards. For some people, credit cards offer a hassle-free method of paying for all types of things, from gifts to necessities, leaving the actual payment for later. But, taking on credit card debt can be a slippery slope, and in many cases what someone once thought was a few innocent purchases can lead to financial hardship down the road.

The interplay between divorce and bankruptcy

When an Escondido resident is contemplating whether or not to move forward with filing for bankruptcy, this enormously important decision is often made under less-than-optimal circumstances. For instance, many people who are facing financial challenges are dealing with medical issues that are driving up their debt burden, and as a result they have to worry about both their health and their financial problems. Or, others have lost their job and despite their best efforts simply cannot find another one in today's economy. But, for many people, the prospect of filing for bankruptcy comes up amid talk of a divorce.

What is a debt reorganization plan in Chapter 11 bankruptcy?

Personal debt is quite a bit different than business debt. For most individuals, Chapter 7 bankruptcy is the best solution for dealing with burdensome debt, because this process allows the filer to wipe out most debts and start from scratch. But, the perceived negative aspects of a Chapter 7 bankruptcy, like taking a hit on a credit score and losing assets, may not part of the solution for businesses. Businesses are oftentimes in a bit of a better position to correct their financial problems, and that is why many businesses go through the Chapter 11 bankruptcy process.