Thomas F. Miles, Attorney and Counselor at Law
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November 2015 Archives

Family generosity and personal bankruptcy

Many California families are fortunate enough to be in a position to offer financial help to their children and grandchildren. This can be both a blessing and a curse, as helping loved ones can place a financial burden on the person providing that assistance. For families that eventually need to seek personal bankruptcy protection, it is important to embrace the concept of financial reciprocity.

Student loan consolidation can assist in debt reorganization

Once financial stress has reached a critical level, many in California will research various debt relief options. For many, debt reorganization through Chapter 13 bankruptcy is the best path out of excessive debt. While this approach gives borrowers the chance to regain control over their finances, it does not offer assistance in reducing student loan debt.

When does it make sense to file for personal bankruptcy?

Financial troubles have a way of sneaking up on consumers. Many become so accustomed to managing debt on a month-to-month basis, it becomes difficult to maintain a more holistic view of the debt scenario. This can lead to a situation in which debt slowly grows over time without notice, until something happens to bring the picture into sharp focus. At that point, many in California will question whether the time is right to file for personal bankruptcy.

To avoid debt collection, many seek Chapter 7 bankruptcy

When creditors and debt collectors begin to aggressively pursue collection efforts, many California consumers feel overwhelmed. Letters begin pouring in, and the phone begins to ring. In some cases, debt collection lawsuits are even filed. All of these factors combine to leave many consumers in desperate need of relief, which some find in the form of Chapter 7 bankruptcy.


Thomas F. Miles, Attorney and Counselor at Law
152 West Park Ave
El Cajon, CA 92020

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