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Orange County Bankruptcy Law Blog

You could still obtain a loan after filing for bankruptcy

You may wake up every day with the burden of substantial debt on your shoulders. You likely keep your mind reeling trying to think of the best ways to potentially address your outstanding balances. While paying a little here and there could help slightly, your debt likely remains too much to handle on your own overall.

Though bankruptcy could be a viable option for you, you may think that following this debt relief route would have too many negative side effects on your credit. You are not alone in this assumption, but it is a common misconception. Certainly, bankruptcy will have an impact on your credit, but when it comes to obtaining loans and having higher interest payments, you may be interested to learn that the differences may not be as high as thought.

What you should expect from the probate process

When a person passes away, it is up to loved ones and others to deal with his or her California estate and ensure that assets go where they should. This can include paying off remaining debts and dealing with disputes over the terms of the will. The entire estate administration process is not easy, especially when you will not be able to avoid the probate process. 

Probate is the process of transferring a person's property after he or she passes away. In many cases, the terms of an estate plan make it possible to avoid the probate process altogether. It can be a lengthy and complex process, and many people working to settle their loved one's estate find it beneficial to work with an experienced legal ally as they walk through this process.

Are creditors threatening to take your vehicle? You have options.

California readers know there are many drawbacks and negative consequences involved with owing a significant amount of debt. From constant phone calls from creditors to the threat of losing your vehicle, falling behind on your payments can affect multiple areas of your life. 

If you are significantly behind on your car payments, you may find yourself facing the threat of vehicle repossession. This is the process of a creditor retaking your car due to late payments. This may seem like an affront to your property rights, but it is actually legal for creditors to do this. Fortunately, there are steps you can take to make this process stop and help you deal with your debt.

Are you good with money or do you just think you are?

You may never have considered yourself the best with money, but you likely also did not consider yourself irresponsible. After all, you may splurge once in a while, but you do not typically overspend often. However, you may have realized that you do not know as much about your spending as you think you do, and after a while, you could have noticed that you have not contributed to your savings as you should have.

Fortunately, there are ways you can help yourself manage your money better. Some of these actions may seem easy to implement, and you may struggle with others, but becoming financially literate could help you avoid difficult situations in the future.

Creating an estate plan isn't as difficult as people think

Every adult living here in California could benefit from an estate plan. No one can tell the future, and few people expect a debilitating or deadly illness or injury to happen. Under these circumstances, it would be a good idea for you to consider creating an estate plan as well.

Many people procrastinate when it comes to completing this task for a variety of reasons. Two of the most common include not wanting to contemplate their own deaths, and because it's complicated and time consuming. Even as uncomfortable as it may be, creating an estate plan doesn't have to be complicated.

Is a Chapter 7 filing an option for me?

Are you in a really tough financial position? Do you lack funds coming in or have so much debt and no possible way to pay it back? If you do, you are not alone. Many California residents currently are or have been in your shoes. If you find yourself in such a position, you may be wondering: Is a Chapter 7 filing an option for me?

There are two types of personal bankruptcy available to California residents: Chapter 13 and Chapter 7. If you have a high enough income and some disposable income at the end of every month, you may be looking at a Chapter 13 filing if you choose to pursue bankruptcy. Chapter 7 is for those who truly lack any funds to pay down their debt.

Would filing bankruptcy be the right debt relief choice for you?

After months of struggling to get your finances back in order, you come to realize that they may be beyond your means. You already live paycheck to paycheck and cut out anything you considered a luxury just to keep a roof over your head.

Regardless of what financial calamity led you to this point, you now have a choice to make. Creditors call you incessantly for payment, your credit score is dropping daily, and you just need some relief. You think that bankruptcy might be your most viable option, but you still aren't sure. 

Estate planning mistakes can leave your family in confusion

If you have spent a great deal of time considering your estate planning options, you probably feel ready to take the plunge. You may have in mind exactly how you want to express your last wishes, what health care directives you will include and whom you will designate to receive your assets after your death.

Before you visit your attorney to execute your plans, you may want to consider some of the common missteps people make when planning their estates. Avoiding these issues at this early stage will minimize the chances of confusion and, perhaps, disputes when you are not around to clarify your intent.

When is Chapter 13 bankruptcy the right choice for you?

Making the choice to file for bankruptcy is not easy. California consumers who face this choice often do so because they feel that they have no other options. While filing for bankruptcy may feel like a last resort to you, it may actually offer you many benefits, including the opportunity to have a future that is free from overwhelming debt.

If you are drowning in debt, you may know that either Chapter 7 or Chapter 13 could be the right path. Depending on the nature of your individual financial situation, Chapter 13 could be the optimal choice for you to reach a better future. Whatever you decide, you would be wise to consider all of your options and seek appropriate guidance before you move forward.

Is your estate plan gathering dust?

For some people, a life event prompts them to create an estate plan. For example, getting married, having a baby or turning 40 may be monumental enough in a person's life to cause him or her to face mortality and write a will. If you are one of those people, congratulations! You are among the very few who take the time to express their wishes so that there are no questions about what to do with your estate when you are no longer living on this earth.

However, while one life event may have prompted you to execute your will, many life events may have transpired since then. An estate plan that was adequate all those years ago may not be as complete now that your life has taken so many twists and turns.

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Law Office of Christopher P. Walker, P.C.
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Anaheim, CA 92807

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