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personal bankruptcy Archives

Damages for distress may be available in willful violation cases

At least four of the U.S. Circuit Courts of Appeals, including the 9th Circuit that includes California, have ruled that damages for emotional distress may be warranted in cases of a willful violation of a bankruptcy's automatic stay. The purpose of the automatic stay of collection efforts is to provide the bankruptcy petitioner with a breathing spell and temporarily relieve them of the financial pressures that led to the bankruptcy.

Filing for bankruptcy early on can help avoid difficulties

Bankruptcy can offer a life-changing escape and debt relief opportunity to people in California struggling with crushing debt. While the opportunities presented by filing for bankruptcy can be substantial, people are often hesitant to commit to filing. There are a number of reasons why this is the case: Sometimes, people simply want to see if they can avoid taking the additional step of bankruptcy. Other times, people feel a sense of guilt or shame. However, waiting to file bankruptcy can make a person's debt burden even harder to overcome.

Understand the truth about bankruptcy

Those who are planning on filing for bankruptcy in California or any other state should understand its true impact on their credit. For instance, some believe that a lack of negative information on their credit report prior to filing for bankruptcy will reduce its negative impact. However, the fact that someone has filed for bankruptcy will be a significant negative mark regardless of what happened before he or she did so.

Medical debts hitting Gen X harder than other age groups

Medical debts plague every adult age group in California, but data collected by Comet showed that members of Generation X are currently carrying the highest balances. Generation X represents people in their late 30s to early 50s. Their financial burdens include supporting children, paying for mortgages and keeping up with high credit card bills. These existing financial pressures too often make the timely payment of medical bills impossible.

Senior debtors experience stress relief with bankruptcy filings

The recession of 2008 imposed financial difficulties on people in California, especially among those who are 65 years old and older. Approximately 8 percent of debtors seeking bankruptcy relief fall within that demographic. Medical debt represents the top reason seniors fall behind on their bills, and once collection agencies start to contact them, their stress rises significantly.

Saving for retirement after filing for Chapter 13

When people living in California find themselves overwhelmed by debt, they may decide to file for bankruptcy. If they opt for Chapter 13 bankruptcy, they will be in a court-supervised debt payment plan for the next three to five years. During this time, much of the debtor's income gets earmarked for creditor repayment.

Equifax changes Chapter 13 policy

Many people living in California struggle with debt and may seek a financial fresh start in the form of bankruptcy. One area that may give debtors some pause, however, is that of one's personal credit history. Many consumers believe that a bankruptcy can seriously damage their credit score and may scare off potential employers, landlords and insurance companies.

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