Medical debts have adversely impacted the credit scores of many California residents. Last year, the Consumer Financial Protection Bureau reported that many consumers have unmanageable debt purely due to unpaid medical bills. Many of these consumers pay their other debts as regularly as consumers with high credit scores. Fortunately, changes to medical debt reporting were announced earlier this year that may benefit the credit scores of those with medical debt.
Owning a business is difficult. Not only does it involve a great deal of hard work, but it also involves a great deal of capital. In many cases, circumstances beyond a business owner's control can have a major impact on the overall success of the operation. As a result, many businesses in California seek financial relief through Chapter 7 bankruptcy proceedings.
Even though a business in California may start out booming, it may end up floundering for various reasons, such as a slowdown in the economy. In one recent out-of-state case, a geothermal company has filed for Chapter 7 bankruptcy protection. The bankruptcy filing comes after the company had spent the past few years building wells locally.
December is a month filled with celebrations, and many California families look forward to the holiday season all year long. For those who have gone through a period of financial turmoil, Christmas can feel more stressful than joyous. During the next few weeks, individuals and families must take care not to dig an even deeper financial hole. It may also be helpful to consider if it is time to address unmanageable debt with a more aggressive stance.