Thomas F. Miles, Attorney and Counselor at Law
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California personal bankruptcy offers discharge

Until the economic recession hit in recent years, many people in California found it easy to obtain credit and financing. Then, as the economy faltered, banks and mortgage holders tightened rules relating to how much credit they were will in got offer. This action may have been in part an effort to forestall default by borrowers. However, it was to little, too late for some, and those people sought the protections offered by a personal bankruptcy.

According to a recent report that may be of interest to our readers in California, the amount of total credit card debt has fallen over the past few years. During the height of the recession in 2008, the amount owed by consumers reached a staggering $1 trillion. Now, the report notes that the average family in our state and across the nation owes some $15,325 in credit card debt.

Some of those who owe these types of debts find that, though the economy is beginning to improve, they are unable to repay what they owe. In such cases, it is often a good choice for people to consider a personal bankruptcy. This is because of the ability to discharge many debts during the process.

However, because some find the decisions relating to a personal bankruptcy difficult, it can be a benefit to people to seek information about the process before beginning. Such an effort can increase the chance that as much of the debts owed as possible are subject to the bankruptcy and discharge. This allows people to restart their financial lives more fully and quickly, a benefit to not only the individual but also the economy at large.

Source:, Credit Card Debt: Falling, But Still Very High, Palash Ghosh, Aug. 21, 2013

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