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

April 2016 Archives

Each Chapter 7 bankruptcy case is unique

There is no doubt about it: Escondido residents who are contemplating filing for bankruptcy are right to have questions about the impact of such an important move. Many people who have reached this point have explored all of their debt solution options and have come to the conclusion that the most appropriate option in a bad situation is Chapter 7 bankruptcy. At this stage of the decision making process, these individuals and families will find themselves in the same place as millions of others who have come before them.

What's the impact of bankruptcy on a credit score?

Many of our Escondido readers have probably seen the now-commonplace commercials on television about services used to monitor a "credit score." As readers may know, a credit score is a distillation of a person's creditworthiness -- the person's reliability when it comes to that person's ability to repay a loan. And, as has been noted in previous posts here, there are numerous things that can either raise or lower a person's credit score.

California company hopes to get through Chapter 11 process

Several previous posts here have mentioned how important it is for businesses to be able to adapt to the times and adjust to the changing tastes and habits of their consumers. Those companies that do not make the correct adjustments may face declining profits, rising debt and stagnant sales. And, as a result, companies in that position may contemplate a bankruptcy filing in an attempt to right the ship.

Are there credit options for individuals after bankruptcy?

Facing financial challenges and coming to the determination that bankruptcy is an appropriate option is a big step for Escondido residents who find themselves facing seemingly insurmountable debt problems. But for many people, the most daunting part of filing for bankruptcy is the prospect of rebuilding credit after the filing is complete. An Escondido resident who is about to file for bankruptcy may already have poor credit, and it may seem like there will be no chance of building up their credit score after bankruptcy. But, in reality, there are incremental steps that can be taken very soon after a bankruptcy case is over that may help rebuild credit.