California residents who have substantial debt do have options. Debt consolidation is one of them. This option allows debtors to combine all of their high-interest debts into one with lower interest.
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.
California residents who are dealing with overwhelming debt are often looking at a number of solutions to find some relief from the drumbeat of creditors' calls. Some of them might consider the services of a debt settlement company.
When people in California file for Chapter 7 bankruptcy, a trustee is assigned to oversee the case. Neither the Justice Department branch in charge of overseeing bankruptcies nor bankruptcy attorneys support the efforts of two trustees in Maryland to collect debtors' passwords for Amazon Prime, eBay and PayPal. The paperwork also says that the debtors will keep the same passwords for a minimum of 10 days and will not close the accounts.
When there's a bankruptcy filing in California, the court's trustee will scrutinize the financial assets of the debtor. Although federal and state laws build in some protections for certain retirement accounts, real estate and college savings for children, exceptions to the rules could provide creditors with access to investment funds.