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Many people who are in long-term relationships are putting off marriage because at least one of the parties has significant debt. This is especially true in today’s economy, where school loans and few job offers have led to overwhelming debt for a large number of young people.   Which begs the question: If you decide […]

Loan modification is the process of negotiating with your lender to reach agreement on modifying the terms of repayment of your existing home mortgage to enable you to continue making your payments despite some hardship that you and your family may be experiencing.   Since foreclosure is expensive and the market is currently saturated with […]

Businesses have more than one option if they choose bankruptcy   California firm’s bankruptcy bid held up by lender objections

Last year, the internet was abuzz after Hostess Brands filed for Chapter 11 bankruptcy. People feared that their beloved sponge cake treat, the Twinkie, would disappear forever as a result of the bankruptcy (far fewer tears were shed for Ho Hos and Ding Dongs). The fears were legitimate — but it appears they have been allayed, as a couple of investors have turned into heroes for the Twinkie faithful.

One of the topics we often discuss here on this blog is the nearly impossible task of discharging student loan debt. Many students leave college with a degree that is supposed to help them land a career-launching job; but with the job market still relatively unstable, this degree saddles post-graduates with immense debt and only a slightly improved chance of obtaining work.

There seems to be a growing movement, both at the local and federal levels, to try to make this sort of debt discharge possible. Chapter 7 bankruptcy allows the filer to clear out much of the debt they have. Sometimes this can be all of it; but in many cases, there is still a little bit of debt left over because it is protected (like with student debt).

In this still shaky economy, millions of Californians have found themselves struggling to keep up with their monthly expenses. Some have turned to credit cards to make up this spending gap while they look for ways to bring in more income.

Relying on credit cards, though, can be a very dangerous proposition. It doesn’t take long for the balance to grow so large that even the minimum payments become unmanageable. Add in late payment fees and escalating interest rates, and it is not too hard to see how this situation leads so many Californians into bankruptcy.

When it comes to filing for bankruptcy, some Los Angeles residents may think it is a very easy process — as if someone can just up and file without much hassle. Other residents may think it is more complicated than it actually is, and thus incorrectly decide that bankruptcy is not the route for them. […]

In the past, we have talked about the extreme (and illegal) measures that debt collectors will employ to try and extract money from people. The supposedly in-debt party may not even owe money; or the debt collectors may not even have the legal grounds to even make such a request; and yet, there they are, […]

In 2005, when the Bankruptcy Code of the United States was altered to grant more oversight of consumer bankruptcy filings, Congress charged the U.S. Trustee Program with undertaking the vast challenge of reviewing potentially fraudulent filings. If an in-debt individual claimed incomes or expenditures that were out of the ordinary, the organization of trustees would pinpoint the case and bring in an outside accountant to perform the audit.

Many California residents have been enjoying the last couple of years, financially speaking. Things have been on the uptick ever since the 2008 economic depression (caused by the housing market collapse), and though things still are not quite back to where they were, it certainly appears we are on our way.

However, even in good times, there are those that need help sorting out their financials. There are still many people struggling with the possibility of foreclosure, and many more struggling to find work or to keep up with their bills.


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