Many California fans of rapper 50 Cent are aware of the recent legal troubles that followed the unauthorized release of a video showing a woman performing sex acts. The footage was posted online, and the woman sued the rapper; she was ultimately successful in court. However, as the date neared for a jury to determine the amount of the punitive award in the case, 50 Cent sought bankruptcy protection in two separate filings -- one for a business he owns and one personal bankruptcy filing.
When faced with a bankruptcy filing, California consumers have a great many details to attend to. Gathering information on all existing debts, completing the required paperwork and meeting with one's bankruptcy attorney are all important tasks on the debt relief to-do list. Once a personal bankruptcy is complete, a new set of tasks is required. One of the most important steps to take after the discharge process is complete is to keep an eye out for zombies.
Filing for bankruptcy can bring a wide array of benefits. California residents who seek this form of financial protection can eliminate certain types of consumer debt, regain their financial footing and have the chance for a fresh financial start. When preparing to file for personal bankruptcy, however, it is important to avoid any action that could be viewed as fraudulent by the court.
For many in California, one of the primary objections to seeking bankruptcy protection is the belief that bankruptcy will permanently ruin one's credit. While it is true that personal bankruptcy will have an initial negative impact on the credit scores of the filer, it is important to understand that credit repair can begin immediately following a bankruptcy. In many cases, an individual who takes an aggressive credit repair approach can attain a higher score several years following a bankruptcy than an individual who does nothing to remedy their financial strain.
Many California consumers who are saddled with high levels of debt are aware that they have options. For some, personal bankruptcy seems like the most efficient path toward a debt-free future, but most people want to attempt repayment before taking that final step. In seeking a means of repaying unmanageable debt, credit counseling is one viable option.