Just how big of a problem is predatory lending that specifically targets American military members and their families?
Like other debtors across the country, hard-challenged individuals and families residing in Orange County and elsewhere in Southern California who seek the lawful protections afforded by bankruptcy often invoke those safeguards because they are besieged by multiple creditors.
You may already know that, once you file for bankruptcy -- whether it's Chapter 7, Chapter 13 or Chapter 11 -- an automatic stay is placed on creditor actions while you address your debt problems. That kind of protection is a major benefit provided under bankruptcy law.
We frequently write about how filing for bankruptcy can allow Americans to regain their financial footings. Unfortunately, some bankruptcy filers remain burdened by something commonly referred to as zombie debt. If you were to file for bankruptcy, the debts that you have either paid off or had discharged are supposed to be removed from your current credit record. Because these debts have been taken care of, in one form or another, there is no reason for the debts to be listed as outstanding on your credit report.
Two diametrically opposed schools of thought exist in regards to debt. One school of thought believes that debt can be beneficial when used strategically. The other insists that debt is dangerous and should be avoided. Certainly, many other financial approaches embrace the “middle ground” between these polar opposite extremes. However, it is worth exploring the extremes in order to better evaluate which middle ground solutions may make the most sense for any potential borrower.
At the Law Office of Christopher P. Walker, P.C., we work with many clients in the Anaheim area who have investment properties. Investment properties can bring in a substantial amount of supplemental income, so naturally many people who are considering bankruptcy worry about how their filing will affect these properties.
When your debts are mounting and you find yourself unable to pay the minimum balance on each of them, it is important not to ignore this stressful reality. As much as you may want to burn, bury or simply ignore your bills, it is vitally important that you respond to your creditors, even if it is to simply say, “I cannot pay the minimum balance at this time, I am in need of a 30 day grace period.”
When it comes to filing bankruptcy in California or elsewhere in the U.S., myths and misunderstandings abound.
Although we have some of the most advanced medicine available to us, the cost for care has exponentially increased over the past few decades. It has risen to a point in which many families have trouble paying the bill. Yet, when you are in a car accident, you are not going to say "no thanks" to life-saving surgery. When you are diagnosed with cancer, you can't say "I'll go through chemo after I pay off my mortgage."
We have previously written about the unique challenges that people tend to face when they are overwhelmed by student loan debt. Unlike credit card debt, auto loan debt and even medical debt, student loan debt is not generally dischargeable in bankruptcy. This practically means that when an individual is overwhelmed by student loans, he or she is compelled to pay them, whether he or she has the means to do so or not.