Many of our Escondido readers have probably seen the now-commonplace commercials on television about services used to monitor a "credit score." As readers may know, a credit score is a distillation of a person's creditworthiness -- the person's reliability when it comes to that person's ability to repay a loan. And, as has been noted in previous posts here, there are numerous things that can either raise or lower a person's credit score.
Most Escondido residents have heard the expression "when it rains, it pours," and for those individuals and families that are experiencing financial challenges, this expression can ring especially true. Many people have trouble just making the minimum payments on liabilities such as credit card debt, car loans or mortgages. And then, on top of the stress this can cause, debtors in this position have another problem to worry about: creditor collection efforts.
Making the decision to file for bankruptcy can cause quite a bit of anxiety for Escondido residents, but when the process is complete they will likely feel one overwhelming feeling: relief. A bankruptcy filing, particularly a Chapter 7 bankruptcy filing, can go a long way toward curing many of the financial problems that Escondido residents may face. In other words, for those who qualify, Chapter 7 bankruptcy can be an effective debt solution that allows them to find a fresh financial start.
Many of our Escondido readers likely see the regular reports that the American economy is doing well in a years-long effort at recovery. Over the last six to seven years, many Americans felt the crunch of a poor job market combined with a flat-lining real estate market. Taken altogether, Americans lost billions in wealth during the economic downturn. The result? Many people, including some individuals and families in Escondido, turned to a personal bankruptcy filing to address their financial problems.
Many people in Escondido who are considering filing for bankruptcy have a variety of different debts that they would like to discharge. Some have debt from credit cards or auto loans, others have debt from mortgages and personal loans. As our readers have seen in previous posts here, there is no doubt that filing for personal bankruptcy can oftentimes be a very effective debt solution.
For many Escondido residents, the need to file for bankruptcy comes up suddenly due to unexpected expenses that sap a person's savings and throw them too far into debt. For others, the debt burden gradually gets larger over the years, eventually reaching the point where even making minimum payments on debt obligations is no longer possible. No matter which category our readers fall into, there are certain steps that will need to be taken before actually filing for bankruptcy.
Any of our Escondido readers who are familiar with previous posts here know that making the decision to file for bankruptcy is not an easy one. Filing for bankruptcy will have significant consequences - both good and bad. So, it should be no surprise that most people take the time they need in order to determine whether filing for bankruptcy is in fact the right move.
The up-and-down nature of economic reports over the last few months - some good news, then some bad news - has probably left millions of Americans in a financial lurch. There are many different financial questions that are likely to be discussed at dinner tables in Escondido and around the country: is this a safe time to buy a new home? Is my retirement savings safe? Will filing for bankruptcy now help my family down the road?
Many Escondido residents have been able to take advantage of the benefits of filing for bankruptcy over the years. They have been able to discharge debt, put an end to creditor harassment and gain a fresh start for their financial prospects. In many of these cases, the proceedings go smoothly and the whole ordeal is wrapped up within a matter of months. However, when a creditor challenges the discharge of a certain debt during the bankruptcy filing, the proceedings can screech to a grinding halt.
Facing financial challenges is an unfortunate but necessary part of everyday life for millions of Americans, including many Escondido residents. The national economy has, fortunately, rebounded from the depths of the so-called "Great Recession," but the effects from that period of time are still being felt by many people. Some people, perhaps even some of our readers, may have gotten through those tough times only be relying on credit cards when their income suddenly wouldn't allow them to pay their monthly bills. And those very people could still be in the process of attempting to pay off those balances.