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Personal Bankruptcy Archives

Helping Escondido residents find debt relief through bankruptcy

There is no shortage of options for Escondido residents who find themselves facing financial hardships. Some will consider debt consolidation options, while others may try to shift credit card debt from one card to another under a favorable balance transfer offer. Many will institute a strict household budget, tamping down on expenses and savings in order to devote as much money toward paying down debt as possible. However, for some individuals and families in Escondido, the debt solution they need may come from a bankruptcy filing.

Bankruptcy filings decline, but California still leads the pack

By most measures, the national economy has been improving over the last several years. The nightly news regularly provides updates regarding the unemployment rate, GDP growth and consumer spending. All indications are that the national economy has improved nicely, though slowly, from the worst of the years of the so-called "Great Recession." According to a recent report, another factor may further the opinion that the economy is improving.

What can you do if a creditor challenges a debt discharge?

Many people who decide to file for bankruptcy experience a bit of anxiety. That is natural, as filing for bankruptcy can be a major financial move. But, an Escondido resident's anxiety about a personal bankruptcy can be compounded if a creditor challenges a debt discharge.

Signs that bankruptcy might be a good option

Many Escondido residents know that filing for bankruptcy may be a useful option when financial challenges become overwhelming. Chapter 7 bankruptcy, in particular, is a good option to discharge debt for those who qualify. But, if an Escondido resident's finances aren't suddenly impacted by expenses caused by an unexpected medical condition or savings evaporating due to job loss, how does one know that the household finances are heading toward the point where considering bankruptcy might be a good idea?

What's the impact of bankruptcy on a credit score?

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.

How can an automatic stay help you when filing for bankruptcy?

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.

How do you move on after a bankruptcy filing?

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.

A better economy may be leading to fewer bankruptcy filings

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.

Can overdue child support be discharged by filing for bankruptcy?

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.

Taking the right steps before filing for bankruptcy

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.