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February 2012 Archives

California entrepreneur files for personal bankruptcy

The husband of one of the top officials at the San Diego Better Business Bureau recently filed for bankruptcy in U.S. Bankruptcy Court in California. According to court records, the Lake Elsinore entrepreneur declared that his debts are upward of $500,000 and his assets are less than $50,000. The entrepreneur apparently owes money to his wife, as well, and she filed for separation after saying that she didn't expect to recoup her investment. To try to get his finances back on track, the business owner filed for bankruptcy protection earlier this year.

San Diego credit scores improve, debt does not

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.

Wealthy California developer files for bankruptcy protection

A California real estate developer recently filed for Chapter 7 bankruptcy after defaulting on a sizeable loan. According to court documents, the prominent developer has a lot of assets but also a high level of debt. The court estimated the man's assets at $3.2 million and debts at $136 million. The problems, however, began three years ago with a $17 million loan.

What kinds of debt are restricted from personal bankruptcy?

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.

Law students throughout the U.S. filing for bankruptcy protection

California residents may not be aware that, between 2001 and 2010, average student debt for law students increased 50 percent. That means that most law graduates' earning power is nowhere near enough to pay their student-loan debt in a timely manner. Additionally, bankruptcy filings by college graduates in general rose by 20 percent between 2005 and 2010.