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?
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.
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?
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.
Anyone who has read previous posts here knows that there are many different factors to consider before making the decision to file for bankruptcy. But, after the decision is made to go through with a bankruptcy filing, the next question to answer is which type of bankruptcy filing will apply in your unique situation.
Most of our Escondido readers know that filing for bankruptcy can be a just the start of a complicated and oftentimes lengthy process. But, what our readers may not know is that the Chapter 7 bankruptcy process can be a bit faster than other types of bankruptcy.
By the time an Escondido resident decides that it is time to file for bankruptcy, most of the hardest decisions have been made already. These are decisions based on weighing the pros and cons of filing for bankruptcy, such as balancing how great it will be to be out from under the dark cloud of debt versus the short-term and long-term effects on the filer's credit score. But, after the decision has been made, there are a great many more steps to be taken.
For Escondido residents who are considering filing for bankruptcy, there are often more questions than answers. And those questions can be tough, because many people just don't know a whole lot about the process. All that most people know about filing for bankruptcy is the common, and sometimes misleading, perception that the process wipes out debts while at the same time ruining the filer's credit. There is no doubt that filing for bankruptcy comes with pros and cons to consider, but for most people their primary concern is what will become of the family home.
Any of our Escondido readers who have children are probably pretty familiar with Nickelodeon, and anyone familiar with that TV station probably remembers the show "Drake & Josh." Although the show is no longer on the air, one of the stars, Drake Bell, has attempted to continue his acting career. However, Bell, now 27-years-old, has apparently run into some financial problems and is filing for bankruptcy.
Most of our San Diego readers are probably happy to see the occasional report about an improving national economy. After all, an improving economy means more jobs and better wages, which allows Americans to pay their bills on time and pay down debt as well. However, in what some people would consider a counterintuitive prediction, one recent report noted that bankruptcy filings may actually increase as the economy improves.