Thomas F. Miles, Attorney and Counselor at Law
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October 2014 Archives

Repayment programs may not ease unmanageable debt

Many California consumers are highly distressed at the volume of unpaid debt they are facing. Even when bankruptcy seems to be the best possible course of action, many individuals will make a concerted effort to repay their debts. One option is a repayment plan, which can help consumers gain control of unmanageable debt. Not all such programs are created equally, however, and some can cause more damage than relief.

Unmanageable debt can leave one vulnerable to scams

When California residents are faced with a serious financial crisis, it can feel as if there is no light at the end of the tunnel. Student loans, credit card debt and other forms of financial obligations can turn into a mountain of unmanageable debt. Many in this scenario will do virtually anything to find relief. This is exactly the state of mind that scammers hope for when designing efforts to steal money from those who can least afford it.

How will personal bankruptcy impact credit scores?

When considering filing for bankruptcy, the primary concern for many California residents is how the move might impact their credit score. There can be no doubt that pursuing personal bankruptcy will lower one's score, but there is more to the story beyond that simple fact. For many consumers, this is a negative effect of what can be an overwhelmingly positive financial choice.

Choosing between types of personal bankruptcy

For many California residents, financial difficulties rise slowly over time, leaving an individual unaware of just how dire the situation has become until one or more events act as a catalyst for change. From that point forward, the decision becomes not whether or not to seek bankruptcy protection, but turns to which type of personal bankruptcy should be sought. The answer depends in large part on the assets owned and the level of income available to continue making payment in existing debts.


Thomas F. Miles, Attorney and Counselor at Law
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El Cajon, CA 92020

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