No matter how hard you work to save and prepare for the future, life is sometimes out of your hands. You may lose your job, have an unexpected illness or injury or deal with medical bills that you cannot keep up with. Those who struggle with overwhelming debt can also suffer from physical and emotional distress that affects relationships and overall health. While many feel there is a negative connotation associated with bankruptcy, it can be an ideal way to make a fresh start when you cannot seem to get ahead.
There's a lot of misinformation out there, these days. Unfortunately for those dealing with unmanageable debt, there are those who are more than willing to pass untruths around. After all, creditors want you to believe that bankruptcy should only be the last resort of irresponsible people, which brings us to:
While declaring bankruptcy inevitably hurts your credit score, the fact is that you already had a troublesome rating or you wouldn't be considering bankruptcy in the first place. Bankruptcy is the first step in a process of correcting your finances and building that score back up.
When a California homeowner receives notice of foreclosure, a hasty reaction may cause more harm than good. Although there are different options available, a lack of information may lead to uninformed choices being made. The help of experienced legal counsel is available to explain the potential remedies, including personal bankruptcy protection.
All across the nation, including in California, people continue to struggle with housing costs. For some, the aftereffects of predatory lending practices have been a source of struggle for many years. Others have encountered unexpected financial difficulties that simply place too much strain on an already tight budget. In many cases, people who were once incredibly proud to purchase their own home are now ready to file for bankruptcy and walk away from the property entirely.
Many California basketball fans are familiar with the name Christian Laettner. Now 47 years old, Laettner is a former basketball star who played for Duke. He recently made headlines as he tried to fight an involuntary bankruptcy case. He was successful in that endeavor when he recently settled on a repayment plan that may keep him out of personal bankruptcy.
When many in California think about bankruptcy, they envision a scenario in which working-class people become overwhelmed by financial pressure. While this is one set of circumstances that commonly leads to personal bankruptcy, it is not the only path to financial turmoil. In many cases, individuals have achieved high levels of success in their career field, only to find that they have little to show for it at the end of the day. Professional athletes are a prime example, and efforts are now being taken to educate them on better money management practices.
Choosing to file for bankruptcy is a decision that no California resident enters into lightly, even when it is clearly the best course of action. Once the personal bankruptcy process begins, the individual who filed is obligated to assist his or her attorney in completing the process in a timely manner, and with accurate information. Failure to do so can result in the case being thrown out of bankruptcy court, or even in criminal charges.
Owning a home remains one of the top goals of many Americans. For those who are forced to file for personal bankruptcy, that dream may seem out of reach, especially if they have lost their home as a result of financial distress. It can be a huge relief for California residents to learn that purchasing a new home may not be such a challenge after all.