We have all seen the stories about celebrities and professional athletes who, at one time in their career, made millions of dollars - but then they end up filing for bankruptcy. Most of the time this just goes to show that all types of people can end up facing financial challenges for a wide variety of reasons. It is rare, however, that we ever hear about people who rebound from these types of situations and get their financial issues under control. NFL quarterback Michael Vick is one of those success stories.
When an Escondido resident is contemplating whether or not to move forward with filing for bankruptcy, this enormously important decision is often made under less-than-optimal circumstances. For instance, many people who are facing financial challenges are dealing with medical issues that are driving up their debt burden, and as a result they have to worry about both their health and their financial problems. Or, others have lost their job and despite their best efforts simply cannot find another one in today's economy. But, for many people, the prospect of filing for bankruptcy comes up amid talk of a divorce.
Many of our Escondido readers probably saw the surprising news about former Los Angeles Kings hockey player Jack Johnson and the reports about his financial troubles. Johnson, who now plays for the Columbus Blue Jackets, is set to earn a salary of $5 million dollars this year. But, despite having an income that most people could only dream of, Johnson has filed for personal bankruptcy.
There are so many factors to consider for an Escondido resident who is contemplating whether or not to file for bankruptcy that it is understandable if tax considerations are at the bottom of the list - or even forgotten altogether. No one likes to think about taxes, but with the end of the year fast approaching it is important to know that there can be significant tax implications both in the planning stages and in the aftermath of a personal bankruptcy filing.
For California residents facing severe financial problems, filing for bankruptcy is certainly an option. A personal bankruptcy filing can discharge debt and leave the filer with fewer monthly bills to worry about all the time. From there, the filer will slowly be able to see that moving forward with financial issues is likely to be much easier.
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?