The feeling that comes when an individual emerges from bankruptcy is often a heady mix of relief, gratitude and a sense of a new beginning. Personal bankruptcy gives individuals a chance to shed unmanageable debt and start anew, but future financial success often depends on making changes to the way that one views spending and saving. The following tips are offered in the hopes of giving California the tools and information needed to create a solid financial future.
When most California residents think about the lives of professional athletes, it is the fame, glory and wealth that immediately come to mind. Players can earn incredible salaries during the course of their careers, and many also amass a great deal of wealth from endorsements and appearances. It may be a surprise to many to learn that a high percentage of these players will file for personal bankruptcy in the years after they retire. That fact demonstrates that anyone can encounter financial difficulty, no matter what level of success they may have achieved.
For many in California, financial struggles have left little choice but to seek bankruptcy protection. However, the decision to file is never an easy one, and many people fear that completing a Chapter 7 bankruptcy will mean that they will have no access to new lines of credit for many years to come. In reality, however, there are plenty of credit opportunities for consumers who have gone through bankruptcy, including car loans.
When it comes to personal financial struggles, many California residents hold a number of misconceptions about the situations that others face. This is especially true in regard to the reasons why individuals or families file for bankruptcy. It is often assumed that personal bankruptcy is the result of years of irresponsible spending or other forms of financial mismanagement. In reality, however, the reasons why people file are often based on influences beyond their immediate control.