In California, there are many people who have suffered financial difficulty over the past few years. Among them are small business owners who found that it was difficult to make both their business and personal finances work. This was the case for one man who recently filed for a personal Chapter 13 bankruptcy in his home state.
For many in California, the ability to achieve the discharge of a majority of consumer debt is the primary appeal of filing for bankruptcy. A Chapter 7 bankruptcy can lead to the elimination of many forms of debt, and those who emerge from the process can move forward with a fresh financial start. Many who file are happy to turn their financial difficulties over to a legal professional, but some want to take an active approach toward making good on certain debts.
In California, many people suffered economically in recent years. Some, despite the fact that they were able to maintain employment, found that they had difficulty making end's meet. Some of those individuals sought the protections of a Chapter 13 bankruptcy.
In California, as elsewhere across the nation, owners of many businesses found that they had financial difficulty during the recent recession. Many of these people faced foreclosure and personal bankruptcy filings as the downturn continued. This is what may have happened to one former company owner from another state.