California is one of the states that suffered the most during the most recent economic recession. In fact, many people in our state lost financially when incomes fell and housing values dropped. This was especially true for those in the construction and real estate industries and led some to seek a personal bankruptcy for relief.
In one case that may be of interest to our readers in California, a former housing developer filed for a personal bankruptcy. The man was famed for the development of housing projects that included one near a world-famous golf course known for its floating green. According to the bankruptcy the man now owes some $72 million in liabilities after suffering losses in the recession and housing bubble burst.
A personal bankruptcy will allow the man a chance to recover financially from his losses. As a result of the filing, he will be able to have those debts that he listed that were unsecured will be either discharged or forgiven when the process is successfully completed. This means that he may be able to restart his financial life quickly after the bankruptcy.
The ability to start again is good news for those who find that they are unable to repay what they owe. In fact, many also find that they are able to begin to secure credit soon after a personal bankruptcy. Because the process can be complicated and the results important, it may do well for those of us in California to seek to learn as much as possible about the process before entering into it and beginning to find financial relief.
Source: The News Tribune, "Developer files for bankruptcy," June 26, 2013