Law Office of Judith A. Descalso Law Office of Judith A. Descalso

August 2013 Archives

Overall amount of American credit card debt drops since 2008

Most of our Escondido readers, like everyone else, can probably not even fathom an amount of money like $850 billion. But, according to those entities that monitor the nation's credit, that is the amount of credit card debt owed by American citizens as of the end of 2012 - and apparently that is a good thing.

California hardware store sells locations as part of Chapter 11

Building a business from the ground up takes a lot guts. The risks associated with such an undertaking are enormous, but the rewards can be just as great. While many businesses succeed, several others succumb to the harsh realities of a struggling economy and a lack of product or service demand. When this happens and a business is drowning in debt and the owner suffers from finance-related stress, legal action may be able to help.

How do Escondido residents approach monthly credit card bills?

Some of our Escondido readers may remember the times when credit card companies would send out representatives to college campuses throughout the country, attempting to get college students to sign up for credit cards by tempting them with free t-shirts and other merchandise. Laws have changed and addressed that situation, but it could serve as an indication as to how certain people view credit cards. For some, credit cards are hardly ever used for fear of the impact that use would have on a credit score. For others, using credit cards is necessary just to make ends meet between paychecks.

When and why do Escondido residents consider bankruptcy?

Many Americans find themselves in this situation at some point in their lives: income is stagnant, bills are piling up and they are using one credit card to make the minimum payments on several others. Debts seem to be ever-growing, no matter what amount of payments are made. In a word, they are "underwater." They owe more than they make. People in this kind of situation, perhaps even some of our Escondido readers, will then ask themselves, "what now?"

Debt and bankruptcy - what should an Escondido resident consider?

Most people have several different types of debt impacting their credit at any given time. From mortgages to credit card debt to student loan debt, not every debt a person owes can be approached in the same way. For instance, as many of our Escondido readers probably know by now, student loan debt can almost never be discharged in a bankruptcy proceeding, even a Chapter 7 "liquidation" bankruptcy filing. Although some federal legislators are attempting to change this situation, the current law prohibits this type of debt discharge. So, besides attempts to change the monthly amount paid or the amount of time it takes to pay off the loans, student loan debt is fairly intractable.