Most people in California have a certain idea about the type of person who needs bankruptcy protection. The image of an individual who constantly spends well outside of his or her income usually comes to mind, even though this is far from the standard. In many instances, people find themselves in need of bankruptcy due to unexpected bills, financial emergencies or a sudden and unexpected loss in income. For rapper Lil' Kim, it was the latter that drove her to file for Chapter 13 bankruptcy.
Deciding whether to take out student loans to attend a California college can feel like an impossible decision. Borrow money to earn a degree and a land a better, well-paying job but struggle to ever repay a loan? Or skip college and earn less over time, leaving a person perhaps no better off than where he or she started? Unfortunately there is no easy answer, and those who do borrow money for school often struggle to repay their debts. The inability to discharge most student loans through Chapter 7 bankruptcy complicates things, but there could be help on the horizon.
Large trucks such as 18-wheelers are a common feature of California highways, and they are not going anywhere anytime soon. Although these trucks serve an important purpose in the moving and transporting of goods, they can also be quite dangerous. Truck accidents can be deadly, and many large trucks are manned by overworked drivers.
By the time that debt reaches an insurmountable point, most people in California will have reached their wit's end trying to repay what they can. Chapter 7 bankruptcy can be an effective tool for discharging debt and set people on a clearly defined path toward the best possible financial future. However, the process does involve possible asset liquidation, and not all types of debt are eligible for discharge.