There is an unfortunate perception among many Americans that filing for bankruptcy is the culmination of a string of poor financial decisions. While it is true that no one wants to find themselves in a position where they even need to consider bankruptcy to begin with, the fact is that filing for bankruptcy shouldn't be viewed as the end of the line for the filer's financial situation. It should be viewed as the beginning - the first step toward greater financial freedom and stability.
Escondido residents who are facing the most difficult of financial challenges will usually contemplate filing for bankruptcy at some point. But, for many people, knowing whether or not bankruptcy is the right option is hard, and they find themselves thinking: "I know bankruptcy helps people, but is it right for me?" Unfortunately, there is no easy answer to this question because every individual and family has a completely different set of circumstances. However, if you have begun to think that bankruptcy could be a legitimate option in your situation, there are a few things to think about.
Many of our Escondido readers who contemplate the decision of filing for bankruptcy are filled with trepidation. Some feel like they are evading their financial obligations in a shameful way, while others may be concerned about whether or not they qualify for bankruptcy at all.
Any of our Escondido readers who have seen discussions about student loans and bankruptcy in previous posts here know that it is next to impossible to get those loans discharged in a bankruptcy filing. However, does that mean that there is absolutely, positively, no way to get student loans discharged in any circumstances? According to a recent article, the answer is "no."
By now most of our Escondido readers have heard about the looming problem that exploding student debt obligations presents to our country. Beyond that, many also know that student loan debt cannot be discharged in a personal bankruptcy action either, leaving few, if any, options for individuals drowning in this type of debt. After all, if an Escondido resident finds themselves plagued by almost any other type of debt, especially something like credit card debt, they know that filing for bankruptcy can be a solid option to get the debt discharged in order to begin to rectify an individual or family financial situation. So, are there any options for addressing student loan debt?
"Should I consider filing for bankruptcy?" This question begins for many people as a whisper of a thought in the back of their minds as they look over all of their financial commitments and compare them to the, at times, trickle of income they rely upon. While for many years there was a middle-class in this country that was able to meet all of their financial obligations, and at the same time put aside retirement savings, emergency fund savings and perhaps even college savings for their children, those days seem long gone for many people, most likely including many of our Escondido readers. For the vast majority of people throughout America these days, income is basically spent as quickly as it is earned, as millions exist in hand-to-mouth fashion.
California residents are accustomed to hearing quite a bit of celebrity news in their daily lives. This is no surprise since many famous actors and musicians call California home. While there are sometimes good, heartwarming stories about celebrities helping charities to raise money or adopting children from poverty-stricken foreign countries, more often than not celebrities make news for the wrong reasons. While one actress caught some negative news coverage recently, fortunately it was not for an arrest or entering drug rehab. Teri Polo, one of the stars of the "Meet the Parents" movies, filed for personal bankruptcy.
With the April 15 tax-filing deadline having already come and gone, many of our Escondido readers have probably taken their last comprehensive look at their finances for the year. Everyone knows that filing taxes each year can be a grueling process, but the reality is that this time of year also offers individuals and families an excellent opportunity to assess the current state of their overall financial health - and perhaps predict the impact of certain debt obligations going forward and whether or not filing for bankruptcy may be in play.
Some of our Escondido readers may have so many financial problems that they simply have no idea how to approach them. Some people do their best to pay off debt and live within a budget. Others borrow money from payday loan stores and lean on credit cards just to make ends meet. Still others will look into the possibility for filing for personal bankruptcy. No one ever wants to find themselves in this type of situation, but is it really that bad to consider bankruptcy over the alternatives?
When an Escondido resident is considering whether or not they should look into a personal bankruptcy filing, the decision can be driven by a variety of reasons. Some people may have thousands in credit card debt - so much that they think it might be impossible to pay it all back with interest accumulating every month. Others want to stop foreclosure actions on their homes and know that filing for bankruptcy will stay those proceedings. And, increasingly every day, millions of Americans are dealing with medical debt. However, now and in the years to come, there will be millions more facing another kind of debt - student loan debt.