Thomas F. Miles, Attorney and Counselor at Law
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Posts tagged "income"

Examining the causes of unmanageable debt

For many California consumers, the solution to extreme levels of debt is a successful personal bankruptcy action. By moving through the bankruptcy process, many forms of unsecured debt can be discharged, leaving the consumer free of any obligation to repay those accounts. In the months and years following a bankruptcy, it is essential that consumers make an effort to learn the reasons why they found themselves facing unmanageable debt, so that such difficulties do not arise in the future.

Overextended credit leads to need for debt reorganization

It is very easy to allow one's finances to get out of control. In fact, may in California do not even realize the full extent of their financial troubles until a pivotal point is reached, such as the denial of a new line of credit or the need to access a non-existent emergency fund. Many consumers find themselves with overextended credit, and have little idea how things got to that point. For many, the solution to this problem lies in debt reorganization.

Medical expenses can lead to unmanageable debt

There are a number of events that can lead to high levels of consumer debt. Experiencing a serious illness or injury is a prime example, and leads many individuals and families in California into scenarios in which unmanageable debt forces difficult decisions. Few families are adequately prepared for the rapid and drastic changes that accompany a serious medical issue, and struggle to find their footing.

Repayment programs may not ease unmanageable debt

Many California consumers are highly distressed at the volume of unpaid debt they are facing. Even when bankruptcy seems to be the best possible course of action, many individuals will make a concerted effort to repay their debts. One option is a repayment plan, which can help consumers gain control of unmanageable debt. Not all such programs are created equally, however, and some can cause more damage than relief.

Strategies for paying down unmanageable debt

A great number of California residents face mounting levels of consumer debt. This can lead to high levels of stress, as well as an inability to set aside money for retirement, savings or emergency needs. One way to address this issue is to design and implement a strict repayment program, which can give individuals a measure of control over unmanageable debt.

Older Americans facing unmanageable debt

As retirement approaches, many California residents find themselves far from prepared to set aside their careers and move into a new phase of life. Often, financial strain and a series of unforeseen circumstances leave individuals unable to begin retirement in the way that they once imagined. A significant percentage of aging Americans are facing unmanageable debt, just as their working lives are beginning to wind down.

California Chapter 7 bankruptcy requires income report

Many in California have faced the decision to file for bankruptcy due to the economic challenges that have appeared during the recent recession. Job loss, falling incomes and reduced home values have been just a few of the issues that have caused many in our state to seek the protections of a Chapter 7 bankruptcy. Now, one Coach of a large university has filed because he fund that he could not repay his debts with his current income.


Thomas F. Miles, Attorney and Counselor at Law
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El Cajon, CA 92020

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