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July 2015 Archives

What is the interplay between bankruptcy and home equity?

Many people reach the decision to file for bankruptcy only after evaluating all other potential options. This is a prudent approach to such an important issue, but at the outset many people have quite a few concerns. Will I lose everything I own? Will my retirement savings be seized? Will I lose my home?

Knowing the difference between unsecured and secured debt

Not all bankruptcy filings are complex. Many filings under Chapter 7 of the bankruptcy code can actually be fairly straightforward and can be concluded in only a matter of a few months. However, Chapter 11 bankruptcy proceedings can be a different story, as a company that files for this type of bankruptcy protection is probably looking for a way to turn the finances around and stay in business.

The automatic stay in a Chapter 11 bankruptcy filing

Despite the fact that, by many measures, the national economy is recovering nicely from the worst days of 2007 and 2008, on the local level in Escondido there are still many businesses that are struggling. During tough times many companies will scale back operations or draw upon cash reserves. But, for other companies, they are not in such a fortunate position when the finances take a turn for the worse. For these companies, filing for Chapter 11 bankruptcy may become a real possibility.

Avoid the wrong moves before filing for bankruptcy

Most of our Escondido readers probably think that, if they are in the financial position where they need to consider filing for bankruptcy, they have probably already made too many mistakes to justify. However, anyone who is familiar with previous posts here knows that is not always the case. People find themselves filing for bankruptcy for many different reasons, including the sudden onset of medical costs or the loss of employment. Personal bankruptcy is not always about irresponsible spending.

What are the exemptions in a Chapter 7 bankruptcy filing?

One of the most common myths about filing for bankruptcy is that you will lose all of your possessions in an effort to repay creditors. That simply is not true. In a Chapter 7 bankruptcy filing a California resident will list all assets so that they can be reviewed for liquidation. However, what many of our Escondido readers may not know is that there are quite a few assets that fall within designated bankruptcy exemptions.