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California personal bankruptcy may allow debt discharge

Over the past few years, many people in California have suffered financial losses as a result of the economic recession that has gripped our nation. In fact, unemployment remains at a high rate and many continue to have difficulty paying their mortgages for homes that are not worth what is owed. These facts have led many in our state and elsewhere to consider a personal bankruptcy filing.

The decision to file for a personal bankruptcy can be difficult for some in California. For many, the inability to repay the debts that they owe is a stressor involving guilt and other emotions. However, once the decision to file is made, there are potential financial reliefs, including the discharge of some or even all debts.

In fact, a recent report that some readers may find interesting has noted that about 13 percent of the population of our nation has considered filing a personal bankruptcy. This means that one in eight adults have considered such action. In addition, there is a large percentage of the number of folks filing that are over the age of 50 at the time they file.

Because there are many reasons that people decide to file for a personal bankruptcy, developing an understanding of all of the different chapters may be essential for a person. This information will allow a choice to be made as to which chapter best fits an individual situation. Once the decision is made, a discharge may be available that allows an individual in our state to begin a fresh financial start free from much of the debt that was overwhelming them before the personal bankruptcy.

Source:, "How to Recover From a Financial Setback, Bankruptcy, Divorce, Credit Debt," Lynnette Khalfani-Cox, Jan. 9, 2013

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Thomas F. Miles, Attorney and Counselor at Law
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