Follow the Money: Why Are Bankruptcy Filings Declining?
For Halloween this year, I'm dressing up as a Bankruptcy Attorney because everyone is very afraid to speak to me about taking a bold move in their life by filing for "Bankruptcy" [Boo!]
I noticed this odd trend. Bankruptcy filings have declined so everyone should get excited about our nation's economic r
ecovery right? Even the folks over at Bankruptcy Law Network recently made this same observation in their article, Bankruptcy Filings Decrease: Why? Shelter, Food, and Necessities of Life. They mentioned many factors, but the one that jumped out at me was credit card use.
Well, check this out, credit card delinquencies are on the rise according to CNN Money. I can see you all now, doing your very best to avoid the scary monster, BANKRUPTCY [Boo!] This reminds me of the lovable furry old Grover in the Sesame Street Book, The Monster At the End of This Book. He did everything he could to convince us not to turn the page, but each time he did, nothing bad happened.
Have a look at one of my prior article about the warning signs you may need to file for bankruptcy and consider that if you're not currently on the road to saving for retirement because of what ever your story is, then consider it time to take the law on your side and make a bold move before you can't even afford to do it. Any time you're paying money to creditors and sacrificing your well-being, you're putting yourself in financial slavery. Stop the insanity!
The longer you wait to turn the page and get your fresh financial start, the more you'll have to sacrifice. I can tell you that there is NO monster at the end of bankruptcy. In fact, I get rid of the Monsters [Creditors] from the moment your case is filed.
Sections 900-1000. For spousal liability purposes, "debt" is defined as an obligation incurred by a married person before or during marriage, whether based on contract, tort or otherwise (Fam. Code Section 900). A spouse is personally liable for the debts of the spouse in only three circumstances: (1) the debt of one spouse is assigned to the other spouse in the context of divorce proceedings, (2) the spouse becomes personally liable under the necessaries doctrine, and (3) a surviving spouse has liability for the debts of their deceased spouse up to certain limits.
planning is one of the most overlooked areas of personal financial management. It is estimated that over 120 million Americans do not have up-to-date estate plans to protect themselves and their families in the event of sickness, accidents, or untimely death. This costs people wasted dollars and hours of emotional hardship each year that can be minimized with proper advanced planning.
The members meet about eight Saturdays during the year to address changes in the Central District, statistics, judges preferences, local rules, and volunteer opportunities. After each member meeting there is usually a 2 hour MCLE topic of interest. Their list-serve is incredible and worth your membership alone, but the added MCLE programs and the awards dinner make for a great group of consumer bankruptcy practitioners that care about our field of law, the consumers and efficiency in our courts.
The office is centrally located in the City of Garden Grove, which is convenient to Lakewood, Long Beach and Orange County areas. The firm provides services to consumers from pre-bankruptcy planning, Chapter 7, 11, and 13 cases, bankruptcy litigation, through discharge and rebuilding credit after bankruptcy. Their dedication to rebuilding the American Dream is centered upon every household having financial freedom from their debts.
community property state. Beast was a selfish, self-centered gambler who took a second mortgage on the couple's home to satisfy his addiction and lost more than $100k in Vegas one weekend. Now the couple can't pay their bills and they're considering bankruptcy.
