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

November 2013 Archives

Seeking a fresh start, young celebrity files for Chapter 7

When the news breaks that a celebrity has filed for bankruptcy, the initial reaction can be that the person was irresponsible with the millions they made from their fame. But, like with most news stories, there is usually more to it than what the headlines read.

Look forward to the end result of bankruptcy - a fresh start

There are certain points in a person's life where a turning point can be felt and seen, both by the individual and those around them. For many it is when they graduate from college or have a child. For others, a major promotion or the death of a family member can change a person's life. Whatever the event is, the individual knows that from that point on their life will not be the same.

Are retirement and bankruptcy compatible?

Many of our Escondido readers may feel lucky just to have a job in today's economy, which remains as stagnant as ever. The unemployment rate is too high and there are building concerns about American employees becoming a "part-time workforce." Nonetheless, millions of Americans do their best to attempt to stash funds for retirement, whether it is through an employer-based 401(k) or an individual retirement account, also known as IRAs. But if an Escondido resident is trying to save for retirement but also dealing with mounting credit debt, isn't that a problem?

Will our credit debt ever be paid off?

People born in different generations usually have different approaches to the problems they encounter, and credit debt is no exception. For instance, a recent article noted that some types of loans, like car loans lasting more than just a few years and home equity loans, were less common 60 years ago than they are today. As a result, the percentage of a household's income that needed to be devoted to debt back then was far lower than it is today. Nowadays, however, even after the financial crisis of recent years, getting a loan is much easier. And it appears that many people have been taking advantage of that fact.