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

December 2016 Archives

Put an end to harassment with a personal bankruptcy filing

Escondido residents who are on the verge of filing for bankruptcy have a number of concerns, including what the filing will do to a credit score, what credit will be available in the future and whether or not filing for bankruptcy will actually put a stop to all of the harassment they have been facing from creditors over debts owed. The good news is that people who are in this type of financial position will likely find that there are more pros than cons when it comes to a personal bankruptcy filing.

What is the role of credit counseling in a personal bankruptcy?

Escondido residents who decide that filing for bankruptcy is the right move at the time due to their financial complications will likely have many different questions about the process. For some, the main concern is what assets they will be required to give up to satisfy the debts owed. For others, the main concern will be how they will move forward in a financially responsible manner once the personal bankruptcy process is complete. But, one thing that everyone who files for bankruptcy should know is the requirements that must be met to successfully complete the bankruptcy process. One requirement is credit counseling.

Two different approaches to credit card debt

In the coming weeks, many Escondido residents will be thinking the same thing: How will I pay off these credit card balances? After all, many people in California and throughout the country have been spending the last few weeks buying gifts for friends and family members as the holidays have been approaching. Then, January rolls around, along with the credit card statements. A recent article noted two different approaches to paying off credit card debt - one fast, and one slow.

Reaffirming a debt in Chapter 7 bankruptcy

In previous posts here, we have detailed how Chapter 7 bankruptcy is commonly known as "liquidation" bankruptcy - a process by which a debtor files a list of assets and debts with the bankruptcy court, and then the bankruptcy trustee sells off the assets in order to satisfy as much outstanding debt as possible. Other posts have covered the difference between secured and unsecured debt as well - secured debt being those debts that are tied to a possession, like a car loan, and unsecured debt most commonly represented by credit card debt. However, what some of our readers may have never learned about is the fact that some secured debts can be "reaffirmed" by the debtor in a personal bankruptcy.

Bankruptcy filings decrease, but California leads the nation

Some of our readers in Escondido may have seen a recent article that detailed how the number of overall bankruptcy filings throughout the country dropped in November of this year. The figures were 7 percent lower when compared with November of last year. In all, there was a total of over 59,000 bankruptcy filings in America last month. While that figure may seem quite high, it was actually even less than the number of bankruptcy filings in the previous month. In October of this year there were over 63,000 bankruptcy filings.

Knowing what assets you can keep when filing for bankruptcy

One of the biggest myths that many people associate with filing for bankruptcy is that the process will strip filers of all of their possessions. Simply put, that isn't true. Most people who file for Chapter 7 bankruptcy - commonly known as "liquidation" bankruptcy - will actually get to keep most of their possessions. Our readers may be thinking, how is this possible? The answer - bankruptcy exemptions.