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

July 2016 Archives

Dollar amounts are important for bankruptcy exemptions

As worried as some Escondido residents might be about some of the negative effects of a bankruptcy filing, the reality is that there are parts of the process that are designed to ensure that a person is not left stripped of all possessions in exchange for the discharge of debt. Chapter 7 bankruptcy, in particular, which is known as "liquidation" bankruptcy, may place Escondido residents in fear of losing it all. But, there are bankruptcy exemptions in every case.

Debt is an ever-present factor, even with economic improvement

For many of our Escondido readers who turn on the evening news, many will note that there are regular reports regarding the current health of the national economy. To hear the news reports tell it, the economy is as healthy as it ever was, with the stock market soaring and the job market continuing to recover. However, for many people there is one economic issue that they still see every time they open their mailboxes or answer their telephones: debt.

What are some crucial steps to address credit card debt?

Many Escondido residents probably start to get a bit worried when they see that they are accumulating credit card debt at such a rate that they cannot pay off the balances in full each month. As many financial experts have noted, carrying over credit card debt on a month-to-month basis is essentially the most expensive way to borrow money. So, many people who find themselves in this position may be asking, what are some of the best steps to address credit card debt?

The ability to keep your home in Chapter 7 bankruptcy

Most people work hard in order to save up enough money to make a down payment when they purchase a home. For some, owning a home is a lifelong goal, and accomplishing that goal can lead to a tremendous amount of pride and a sense of fulfillment. But, for most people, such a purchase is also the largest financial transaction they will ever be a part of. And, owning a home isn't cheap. Besides the monthly mortgage payment, a homeowner is also responsible for property taxes and the costs of maintaining the home. In the end, all of the expenses involved in owning a home can be part of the reason why Escondido residents find themselves facing severe financial challenges.