If you are a fan of the television sitcom "The Office" you may have seen the episode where Michael is overwhelmed by his debt and his girlfriend Jan's spending habits. In a fit of despair Michael walks into the office with hands held high and announces for all to hear the he declares bankruptcy. Oscar informs him that you can't just declare bankruptcy, that there is a legal process involved.
Like Michael, you may feel overwhelmed and frustrated at times with your financial obligations. You may feel powerless to change things and that you are simply buried with bills, mortgages, student loans, alimony, child support, credit card debt and auto loans. There is a solution to these problems with the filing of Chapter 7 or Chapter 13 Bankruptcy. While things are tightening up somewhat with all the national mortgage debt crises, Chapter 13 enables you to pay off most or all of your creditors and make a fresh start. You cannot be sued or have leans or foreclosures placed upon you while under the protection of Chapter 13 Bankruptcy. Some of you debt such a second or third mortgage on your home may be forgiven along with a little of your consumer debt. The purpose of the Chapter 13 is to reorganize and pay off your debtors thus restoring your goo
d credit. If you home is on the brink of foreclosure or your autos have recently been repossessed than chapter 13 might be the answer.
Bankruptcy in California is on the rise just as it is everywhere else. The housing bubble has popped leaving many people upside down with their mortgage debt. This is a difficult place to be. Wages are declining while everything around you is increasing. Chapter 13 may the only avenue of getting yourself out of a very complex situation. There are penalties of course, the first being it will be difficult in the future to obtain loans for a house, credit cards or even a car. Check with a bankruptcy attorney for all the legalities of filing Chapter 13.
The best way to avoid bankruptcy is to practice frugality before catastrophe hits. The one thing this economic downturn has taught most Americans spend more than necessary. While the American dream is still alive and well, you can't have everything, now. Prudent spending, healthy savings, budgeting, and sacrifice are still the only route to a healthy family budget. Our government officials would do well to lead by example on this front!
While you can't just walk into your office and in a loud voice declare bankruptcy in California, or anywhere, there are legal procedures to protect your while you get your life back in order.
Like Michael, you may feel overwhelmed and frustrated at times with your financial obligations. You may feel powerless to change things and that you are simply buried with bills, mortgages, student loans, alimony, child support, credit card debt and auto loans. There is a solution to these problems with the filing of Chapter 7 or Chapter 13 Bankruptcy. While things are tightening up somewhat with all the national mortgage debt crises, Chapter 13 enables you to pay off most or all of your creditors and make a fresh start. You cannot be sued or have leans or foreclosures placed upon you while under the protection of Chapter 13 Bankruptcy. Some of you debt such a second or third mortgage on your home may be forgiven along with a little of your consumer debt. The purpose of the Chapter 13 is to reorganize and pay off your debtors thus restoring your goo
Bankruptcy in California is on the rise just as it is everywhere else. The housing bubble has popped leaving many people upside down with their mortgage debt. This is a difficult place to be. Wages are declining while everything around you is increasing. Chapter 13 may the only avenue of getting yourself out of a very complex situation. There are penalties of course, the first being it will be difficult in the future to obtain loans for a house, credit cards or even a car. Check with a bankruptcy attorney for all the legalities of filing Chapter 13.
The best way to avoid bankruptcy is to practice frugality before catastrophe hits. The one thing this economic downturn has taught most Americans spend more than necessary. While the American dream is still alive and well, you can't have everything, now. Prudent spending, healthy savings, budgeting, and sacrifice are still the only route to a healthy family budget. Our government officials would do well to lead by example on this front!
While you can't just walk into your office and in a loud voice declare bankruptcy in California, or anywhere, there are legal procedures to protect your while you get your life back in order.
Art Gib
(http://www.blclaw.com/) Bankruptcy in California is on the rise just as it is everywhere else. The housing bubble has popped leaving many people upside down with their mortgage debt.
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