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Your recovery from bankruptcy requires time and patience

Financial problems can be some of the most daunting issues you may encounter in your life. These types of concerns become even more stressful when you have a family to care for and financial obligations to address. At Tsao-Wu & Yee, LLP, we have helped many people in California to explore their options if they have chosen to file for bankruptcy. 

Disclosure failure has woman facing bankruptcy fraud charges

For those in the San Francisco Bay area that are struggling with debt, bankruptcy protection can be an enormous benefit. It offers the chance for one to plot a course back to establishing themselves on firm financial ground by halting the collection activities that may be keeping them from doing so. In the case of a Chapter 13 bankruptcy, one is even provided with the opportunity to repay creditors over time, thus fulfilling their financial obligations. Yet the advantages offered by a personal bankruptcy must be earned to careful adherence to federal regulations. A violation of said regulations can often bring with it serious penalties. 

How can I break bad financial habits now?

Bad financial habits are often hard to break for most people. In fact, many people don’t realize that they’re engaging in poor financial management until they need to file for bankruptcy or have creditors calling day and night. There are steps you can take to break bad habits now, as explained by

Discussing bankruptcy with your spouse

Filing for bankruptcy can be a difficult decision for business owners and people who are struggling with personal debts. Some people may be hesitant to move forward with a bankruptcy application because they would rather avoid going to court, are not familiar with the process or fear that their reputation will be tarnished. Moreover, some may be unsure of how their spouse will feel about the decision to file for bankruptcy.

Can you prevent bankruptcy from happening to your business?

There is little else as alarming as discovering that the financial health of your company in California is declining rapidly and you are exploring options as serious as bankruptcy. There could be many different reasons why you are in this position including poor management of cash flow, sudden changes in the economy or even the loss of key employees who were influential in how your organization managed finances. Whatever the reason is, it is important that you understand that immediate changes may buy you enough time to change your course and ultimately avoid having to file for bankruptcy. 

What should I know when filing for bankruptcy?

The decision to file for bankruptcy in California must not be taken lightly. When entering into the process, having the proper information is crucial to ensure you make the best decisions based on your current financial needs. Forbes offers the following advice in this case, which can help you take the proper steps when filing for bankruptcy.

How can I recover from bankruptcy?

While filing for bankruptcy is a daunting proposition, the fact is you can recover financially. Whether your bankruptcy originated from poor decision-making or a sudden financial hardship, with the right information you can get back on track and begin rebuilding your credit history. U.S. News & World Report offers the following information on what you can do in the aftermath of bankruptcy.

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.

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