According to the United States Bankruptcy Court, in the Central District of California there were a total of 57,714 bankruptcy filings in 2021. This includes both personal bankruptcies and business bankruptcies. As of September 2021, California’s total outstanding debt was approximately $295 billion. $10.1 billion was in Tax debt. It is important to note that…
What is Bankruptcy? Thinking about filing bankruptcy? Bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who can’t pay their bills and decide whether to discharge those debts so they are no longer legally required to pay them. What should to consider when…
Bankruptcy laws exist for those whose debt has become unmanageable. Whether it’s bad fortune or financial irresponsibility, filing for bankruptcy does provide the opportunity to alleviate the debt. In the United States system, the two most common types of bankruptcy are Chapter 7 and Chapter 13. In Chapter 7 bankruptcy debtors can erase debts with…
What is Bankruptcy? Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order. What is a Bankruptcy Court Proceeding? During a bankruptcy court proceeding, a judge and court…
Bankruptcy can provide relief from debt, but it will affect your credit score and ability to apply for credit. Learn about all the pros and cons of bankruptcy. You may think of bankruptcy as either a disaster or a magic bullet that makes the consequences of bad financial decisions disappear. Unfortunately, it is neither of…
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