In California and across the country, people who are overwhelmed with debt may explore many options for relief. They may choose bankruptcy as a means for debt reorganization, though it may not be a pleasant experience if they are dishonest in declaring assets. Concealing earnings and assets may result in serious legal charges.
Feeling anxiety and worry over money, bills and debt is common in California these days. However, it may also be a sign that a person's finances are out of control. If people who worry about money are also unsure how much debt they owe, or if they are using their credit cards for groceries and bills and then only making the minimum payment on the cards' balances, those people may consider filing for personal bankruptcy protection.
A company that was established in another state in 2012 recently succumbed to financial pressures and closed its doors. Initially, Dinner Lab had a unique concept that involved hosting pop-up dinners in novel settings at which up-and-coming chefs prepared the meals. The customers then provided feedback after finishing their meals. Before filing for Chapter 7 bankruptcy, the company's owners attempted to sell the data gathered in this manner but found no interested parties.
Often, companies in California have many different employees who dedicate themselves to the company's success. Despite this dedication, there are often factors beyond the control of workers that can impact revenue. In some cases, a company may decide that the best option is to seek Chapter 7 bankruptcy protection.
Information obtained by the Federal Reserve in its annual study to determine the health of the household finances of people in California and other states indicates that almost half of respondents live on a financial edge. It is reported that 76 million people are struggling to get by and will not be able to handle even $400 emergencies without obtaining high-interest loans or using their credit cards. Unfortunately, such measures often lead to unmanageable debt.