We're told that we are living in the "Information Age." From a casual look at daily life in America, it is easy to see why. The Internet has brought information to people who may not otherwise have access, and virtually every home in the country has a television on which news from around the world can be accessed every day. Of course, there are both positive and negative aspects to this amount of available information. But, when it comes to considering a personal bankruptcy filing, an Escondido resident can never have too much information.
When many of our Escondido readers consider filing for bankruptcy, one of the primary factors to be brought up is probably this: How will I be able to get by with a bad credit report? It is true that a personal bankruptcy - a Chapter 7 bankruptcy in particular - can stay on a credit report for years, and in many ways this can restrict options for financing in the future. However, once the bankruptcy process is complete and an individual or family is ready to head toward that fresh start financially, a recent article suggested a few tips which might help raise a credit score faster.
There are many reasons why people end up filing for bankruptcy protection. But no matter what the reason, whether it is a Chapter 7 personal bankruptcy or a business filing for Chapter 11 protection, the decision is usually not an easy one. For most people bankruptcy is an option of last resort, but it can be easy to forget that it is actually the best option in many situations. Nonetheless, a recent article offered a few tips for those who are facing financial challenges but are still hoping to put off a bankruptcy filing.
For some of our Escondido readers, the fact that the politicians in Washington, D.C., are trying to figure out the country's fiscal future can be somewhat frightening. California residents are all too familiar with the way some public officials handle monetary affairs, and the nation could be facing an even bigger challenge in the coming years - student loan debt.
Most of our Escondido, California, readers wouldn't dispute that the economy almost seems to be barely crawling along. There are many people throughout the country, including in California, who are struggling just to make ends meet, while others are on the brink of financial collapse and may be looking to stop foreclosure on their homes. Either way, financial troubles can happen to anyone, and, in California, that includes celebrities.
Our Escondido readers may be aware of some of the many factors that come into play when a person considers filing for bankruptcy. First of all, there are different types of bankruptcy to consider. But, for many of those individuals who do not have a sufficient income, Chapter 7 is the type of personal bankruptcy they are most likely to consider. In this type of bankruptcy action, known as a "liquidation" bankruptcy, the filer lists all of their non-exempt assets, which are then sold off with the proceeds going toward the balance owed to creditors. Any remaining unpaid balance is then discharged.
With America's economy continuing to slowly struggle to pull itself from the depths of the recent recession, many people in Escondido may be looking for options on the best approach to dealing with strained financial situations. The housing market remains stagnant, unemployment numbers are less than encouraging and for some people most of the options don't look too appealing. However, anyone who is looking for a fresh start with their finances may not have thought of filing for bankruptcy yet, and what benefits doing so could bring to an individual or family's fiscal issues.
Millions of Americans are becoming more and more familiar with student loan debt. Reports abound that show people everywhere, including in those San Diego, are borrowing for higher education much more than they ever have before. And some are learning more than they would like to know -- like how student loan debt, in the vast majority of cases is not dischargeable through a bankruptcy.
Credit scores in San Diego improved in January, rising from an average of 684 in December to 685 in January. Although San Diego credit scores are now higher than the national average, the average debt per person also continues to be above average. While this may seem irregular, the larger-than-average debt is directly related to the high cost of living in San Diego.
Readers in the Escondido area who are considering bankruptcy will want to know exactly what kinds of debt can be eliminated through a bankruptcy filing. To that end, it is important for California residents to be aware of the types of debt they have and what options are available for a fresh start.