When the news breaks that a celebrity has filed for bankruptcy, the initial reaction can be that the person was irresponsible with the millions they made from their fame. But, like with most news stories, there is usually more to it than what the headlines read.
There are certain points in a person's life where a turning point can be felt and seen, both by the individual and those around them. For many it is when they graduate from college or have a child. For others, a major promotion or the death of a family member can change a person's life. Whatever the event is, the individual knows that from that point on their life will not be the same.
Many of our Escondido readers have probably been encouraged by the signs of economic recovery throughout the nation - even if the signs are modest. While the unemployment rate admittedly remains stagnant, consumer confidence seems to be rising. When this happens, people are more apt to start spending money again. However, according to a recent article, this may lead to more Chapter 7 bankruptcy filings.
Most of our Escondido readers know that the bankruptcy process can be different for individuals and businesses. Many businesses will try to go through the Chapter 11 bankruptcy process, which allows the company to attempt to reorganize the business and consolidate debt in an effort to remain in operation for the long term. Individuals, on the other hand, often prefer the Chapter 7 bankruptcy process, which allows a debt holder to liquidate their assets in an attempt to pay off creditors. Any debt remaining after this process is complete is usually discharged. However, what many people may not realize is that Chapter 7 is also available to businesses. But, the unfortunate reality is that when a business files for Chapter 7 that is usually the end of the enterprise.
There are many reasons why individuals and families throughout the country end up in tough financial situations. The economic downturn of recent years has left many people who were formerly on solid financial ground with a whole litany of concerns, and those who weren't fortunate enough to be in a good position to begin with went through even tougher times. Whether it is because of an unexpected medical condition or reliance on credit cards, for some the ultimate result to their financial distress is to file for bankruptcy.
Many of our Escondido readers probably remember the criminal trial of Casey Anthony. The case was a media sensation, with Anthony being tried for the murder of her very young child. It became even more sensational when Anthony was found not guilty of the murder, and was released from custody soon after the verdict came in. However, the troubles continue for Anthony, who recently filed for Chapter 7 bankruptcy.
For some people in Escondido and elsewhere, planning an approach toward dealing with personal debt can seem like an insurmountable obstacle. Although the national economy occasionally shows flickers of recovery, there are still millions of people throughout the country who are struggling with job loss, unexpected medical bills and credit limits being pushed to the max. A West Coast business owner, who apparently had extensive dealings in California, seems to have found himself in a similar position, and he recently filed for Chapter 7 bankruptcy.
Even though many experts and politicians would have the American people believe that the economy is improving, there are still daily signs of individuals, families and companies who are struggling. As recent evidence of this, a California-based company filed for Chapter 7 bankruptcy early this month.
Art lovers throughout the state of California have probably been concerned for a few years now with the effect the economic downturn has had on live theater productions. When Americans have less money in their pockets, luxuries are usually the first things to be cut from the family budget. As a result, some theater companies have been forced to file for bankruptcy. The Willows Theatre Company was the latest, announcing on August 16 that they would be filing for Chapter 7 bankruptcy.
Who in California doesn't remember Jose Canseco? The former Major League Baseball player was a star in the late 1980s, winning the 1986 Rookie of the Year award in the American League and the overall league Most Valuable Player award in 1988 -- all while playing for the Oakland A's.