Faced with serious debt issues, many in California will consider their options in finding debt relief. For some, credit counseling seems like an attractive possibility. While this approach can help some people achieve debt reorganization, it is not a good fit for every set of needs.
Many California readers are aware of the recent troubles facing Nick Denton, the founder of Gawker Media, LLC. The media company was behind a leaked sex video in which former wrestler Hulk Hogan appeared. When Hogan sued, he was able to prevail, and a $140 million judgment followed. That is the primary factor that may lead Denton to file for bankruptcy in the weeks ahead.
Reaching the decision to file for bankruptcy is often the hardest part of the process. However, California residents should know that there is still plenty of work that needs to be done once that decision has been made. It is imperative that individuals and families avoid taking action that could have a negative impact on their personal bankruptcy case, up to and including having the entire action thrown out of court.
Hip hop music artist, 50 Cent, was recently praised by a judge outside California in connection with a debt alleviation and reorganization situation in which he is involved. Apparently, the rapper filed for Chapter 11 bankruptcy and had been awaiting a court approval. By choosing to file for bankruptcy of this type, an individual or company can obtain temporary protection from creditors while reorganizing finances.