Many California consumers are struggling with ever-escalating amounts of debt. At the same time, many of them are reluctant to consider personal bankruptcy as an option. People can be afraid that bankruptcy may lead to tremendous financial damage that is difficult to...
Chapter 13 Bankruptcy
The requirements to file for Chapter 13 bankruptcy
An individual in California can make as much money as he or she wants and still possibly be eligible to file for Chapter 13 bankruptcy. However, there are limits to how much debt a person can have at the time he or she files. An individual cannot have unsecured debts...
Young people face growing debt burden
Many young people in California and nationwide are dealing with a growing debt burden. According to statistics released by the New York Fed Consumer Credit Panel and Equifax, people between the ages of 18 and 29 owe $1.05 trillion in debt. This burden is comprised of...
Why opt for Chapter 13 bankruptcy
People in California facing significant, unrepayable debt may turn to personal bankruptcy to find relief. There are two types of personal bankruptcy available: Chapter 7 and Chapter 13. If a person files for Chapter 7 bankruptcy, a trustee liquidates his or her...
Calculating a payment plan for a Chapter 13 bankruptcy
California residents who have declared Chapter 13 bankruptcy might wonder how their payments will be calculated. There are a few kinds of bankruptcy a person might file for, but the most common types are Chapter 7 or 13. With Chapter 7, many eligible debts can be...
Tips for better handling debt
In the first quarter of 2018, California residents and Americans throughout the country owed a total of $13.21 trillion in debt. Of this total, $1.41 trillion was in the form of student loans while they owed another $815 billion in credit card debt. For those who are...
Bankruptcy may soon include the option to discharge student debt
Bankruptcy doesn't always exclude student loan debt, but under certain conditions, it may be available as dischargeable to Chapter 13 filers in California and elsewhere. There seems to be an increased sentiment among many in the judiciary to make relief from often...
Young people struggling with credit card and student loan debt
According to a survey by Charles Schwab, members of Generation Z in California and elsewhere around the country owe lenders an average of $4,343. That amount increases to $11,663 for those who are between the ages of 21 and 25. In addition to being in debt, roughly...
Credit card interest payments top $100 billion
Collectively, U.S. consumers, including millions in California, owed $1.03 trillion in revolving debt as of April 2018, and much of that came in the form of credit card balances. There is $687 billion in credit card debt that is held on a monthly basis according to...
