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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.

How mindful spending reverses debt-driven habits

Have you ever been draw to make purchases out of impulse? The impulse to buy is often driven out of a variety of emotions (i.e. fear, insecurity, generosity, happiness, emptiness, etc.). Unfortunately, unrestrained emotional purchases have led many people to a reality of significant financial debt and thoughts of bankruptcy as an emergency exit to these negative money issues.

The real cause of personal bankruptcy

With student loans taking the spotlight of financial concern in America, another type of struggle has been the topic of debate: medical debt. Millions of Californians -- and ultimately Americans -- grapple with medical bills that pile high, only accumulating over the years. Although the type of financial recovery plan may depend on the individual situation, looking at America's biggest cause of bankruptcy can help put this issue into perspective. 

Bankruptcy the choice for former reality TV star

A common misconception amongst many in San Francisco may be that financial struggles are limited to those with moderate or low incomes. However, money troubles can afflict people at any range of the income scale. The perception of those that many would view as being wealthy may be that they have more than enough to meet their expenses, and that any financial difficulties they encounter are of their own making. Yet the issues that put someone in position to consider bankruptcy can vary greatly, from mismanaging funds to expenses related to a medical emergency to the costs to deal with legal troubles. 

Could bankruptcy become an avenue to student loan debt relief?

If you’re one of the millions of Americans struggling with student loan debt, you may soon be eligible for financial relief. The White House announced this week that it’s considering new pathways to enable individuals to cancel student debt through bankruptcy.

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