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How can I build a reliable budget?

If you’ve recently filed for bankruptcy in California, you may be wondering how you can devise a common-sense budget going forward. Budgeting is crucial to keep yourself on track financially, especially in the wake of major debt. Forbes offers the following tips to help you establish a reasonable budget and while also giving you the tools to stick to it.

Can student loans be discharged?

If you have a great amount of student loan debt in San Francisco, you may be wondering whether it’s dischargeable when filing for bankruptcy. Getting a straight answer to this question can be tricky, as there are many different factors that can determine whether you’re able to discharge student loans. Forbes sheds some light on the matter for the more than 44 million people currently saddled with student loan debt.

Will Chapter 7 discharge my recent credit card debt?

If you are a Californian whose credit card debt has gotten out of control, you may have heard that Chapter 7 bankruptcy discharges your credit card and other consumer debt. This is generally true, but you should be aware that this may not include credit card debt you take on shortly before filing bankruptcy.

How does medical debt affect people?

Despite the Affordable Care Act providing an estimated 15 million people health insurance, they did not previously have, insurance itself does not mean you will not have medical bills. For many Americans, even those with health insurance, living paycheck-to-paycheck is a way of life that is made even more difficult with an illness or accident.

Understanding the bankruptcy means test

If you, like many California residents, find yourself stressing over increasingly overwhelming debt, you may be thinking about whether filing for bankruptcy may help you get back on your feet. Depending on circumstances, filing for bankruptcy may help you get that fresh financial start you need to begin rebuilding, but you may not know exactly what type of bankruptcy filing might be right for you. While the majority of modern bankruptcy filings involve the Chapter 7 format, you must first pass the bankruptcy means test if you wish to proceed with this method. At Tsao-Wu & Yee LLP, we understand how the bankruptcy means test works, and we have helped many clients rebuild financially through Chapter 7, Chapter 13 and other means.

Chapter 7 or Chapter 13: Which is best for me?

If you are a California resident considering bankruptcy as a last resort for debt relief, you probably wonder whether Chapter 7 or Chapter 13 is best in your particular situation. FindLaw explains that while approximately 71 percent of bankruptcies are Chapter 7, this is mostly because they are easier and take less time.

What are some reasons for bankruptcy?

Bankruptcy is not an easy decision to make, and it is certainly not for every Californian. If you think you can avoid it by consolidating debt, cutting back on expenses or any other means, you should weigh those options too. If you decide to move ahead with bankruptcy, know that you are not alone.

The pros and cons of Chapter 7 bankruptcy

Californians who are backed into a financial corner may start seeking new options to alleviate their stressful burdens. One such option is filing for bankruptcy, but there are many different types of bankruptcy that can be applied for. Each serves its own purpose, and each has its own benefits and drawbacks. First, we'll look at Chapter 7, the most popular form of bankruptcy.

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