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Chapter 7 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.

Keeping your home when filing for bankruptcy in Escondido

The prospect of filing for bankruptcy can make some Escondido residents feel confused. After all, there aren't a lot of voices out there letting people know how a personal bankruptcy can help individuals and families address their financial challenges. In fact, some Escondido residents may be aware that there are some myths about bankruptcy, that are perpetuated, but may not be true. For example, some people may fear that they will lose their home if they file for bankruptcy.

Variety of options for Escondido residents in need of debt relief

Millions of Americans have financial debt. And, whether it is a mortgage, a car loan, student loan debt or credit card debt, these individuals and families, including many in Escondido, deal with the debt in different ways. For some, paying off their debt is simply a matter of making monthly payments on time. But, for others, this approach isn't an option, as their debt obligations outreach their monthly income.

What is the goal of a bankruptcy filing?

Millions of Americans have had to face severe financial challenges over the last several years. For some, the prospect of filing a personal bankruptcy action may have popped up as an option. But, from the court's perspective, what should an Escondido resident's goal be when filing for bankruptcy?

Do you qualify for Chapter 7 bankruptcy?

Anyone who is familiar with previous posts here probably knows quite a bit about the pros and cons of filing for Chapter 7 bankruptcy. By filing for Chapter 7 bankruptcy an Escondido resident can discharge debt, fend off collectors and hopefully point their financial trajectory in a more positive direction. But, the first step is to determine the answer to a not-so-simple question: do you even qualify for Chapter 7 bankruptcy?

Avoid the wrong moves before filing for bankruptcy

Most of our Escondido readers probably think that, if they are in the financial position where they need to consider filing for bankruptcy, they have probably already made too many mistakes to justify. However, anyone who is familiar with previous posts here knows that is not always the case. People find themselves filing for bankruptcy for many different reasons, including the sudden onset of medical costs or the loss of employment. Personal bankruptcy is not always about irresponsible spending.

Are spousal support and child support discharged in bankruptcy?

Millions of Americans, including many Escondido residents, pay either spousal support or child support as required by a court order. For most people who are subject to these orders, the monthly payments are simply another financial obligation that needs to be accounted for in their budgets. But, for others, they may get behind on making the payments, leading to thousands of dollars owed in arrears. For these individuals, they may think that a personal bankruptcy filing could do away with the obligations. But is that actually an option?

Maintaining the validity of discharged debt

Any of our readers who are familiar with previous posts here know many of the pros and cons of filing for bankruptcy as a debt solution. Chapter 7 bankruptcy, in particular, can result in the complete discharge of many debts owed by an Escondido resident. However, once that discharge of debt occurs, it is important that there is faith that throughout the process there were no indications that the filer's financial status had changed.

What is a Chapter 7 "no asset" case?

Any of our Escondido readers who are familiar with previous posts here know that Chapter 7 bankruptcy can be an excellent debt solution when all other options just don't seem right. This type of personal bankruptcy is known as "liquidation" bankruptcy, because the filer is supposed to list all of their assets, which are then sold and the proceeds applied toward outstanding debt. But what if a bankruptcy filer doesn't have any assets? Or, what if all of the filer's assets fall under the wide range of bankruptcy exemptions?

Filing for bankruptcy becomes a reality for many cancer survivors

Most people are familiar with the various public campaigns to raise awareness and funds in regards to cancer and cancer treatment. The highly-popular National Football League, for instance, has a campaign throughout the month of October when players and coaches were various bits of pink in their uniforms and clothing to show support for breast cancer awareness. However, what is not widely known - and definitely not widely discussed - is that for someone going through cancer treatment after a diagnosis, the financial burden can be considerable.