Sometimes, personal bankruptcy cases may become more complicated than they first appear. The football coach of a large university that may be familiar to readers in California filed for a personal bankruptcy last fall. At the time, the coach told the court that he had only $107.66 left each month after paying his expenses. The personal bankruptcy listed the Coach's income as $19,800 per month gross pay.
Celebrities are not immune to the financial challenges that many in California have faced in recent years. With sinking home values and a slowing economy, those in many different industries and of different socioeconomic levels have suffered and some have taken on large amounts of personal debts. For singer and actress Toni Braxton, the amount of debt that she owed recently became so overwhelming that she filed for a personal bankruptcy.
There are many reasons why people in California have made the decision to file for bankruptcy in recent years. With high jobs losses and lowering home values, many have found that they have unmanageable debt levels, compounded in many cases with a reduced ability to pay. This has undoubtedly caused emotional strain for many in our state during years of recession.
Californians know that the past few years have been financially difficult for many people throughout the state. With widespread job loss and plummeting real estate values, the general financial picture has not been a pretty one. Some El Cajon residents have discovered that filing for personal bankruptcy has been a necessary step to get out from under crushing debt and move in the direction of a better financial future.
Chapter 13 bankruptcy offers those who need financial relief in California a chance to repay their debts free from the harassment of creditors. In fact, many Chapter 13 bankruptcy filings end with creditors being repaid the entire amount that they are owed. This happens when a structured plan is put in place for repayment with payments that are manageable for the individual seeking bankruptcy protections.