The author of "Rich Dad, Poor Dad," who came to fame with the assistance of big-name celebrities such as Donald Trump, has taken one of his companies into bankruptcy after a judgment was issued against the business. Though the Chapter 7 filing was for the benefit of one of the owner's companies, it is similar to those that are filed by individuals in California. Like an individual bankruptcy, the filing is intended to assist with protection from creditors.
Many in California have faced the decision to file for bankruptcy due to the economic challenges that have appeared during the recent recession. Job loss, falling incomes and reduced home values have been just a few of the issues that have caused many in our state to seek the protections of a Chapter 7 bankruptcy. Now, one Coach of a large university has filed because he fund that he could not repay his debts with his current income.
This week, the nation's largest five mortgage lenders were officially required to comply with new rules set by the national mortgage settlement. For San Diego homeowners facing foreclosure or bankruptcy, this may be very good news.
Readers in the San Diego-area are probably already familiar with the legal and financial problems of former Major League Baseball star Jose Canseco. His widely publicized troubles have been numerous over the years, but he has started taking some necessary steps that may provide some debt relief.