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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.


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