Even though the process helps individuals re-establish their financial stability, many people in California still view bankruptcy in a negative light. Perhaps because of this viewpoint, recent reports that bankruptcy filings recently hit a 10-year low might seem like good news. While some people might be avoiding Chapter 13 or Chapter 7 bankruptcy because they are handling their debts well, many others might be facing obstacles that prevent them from seeking debt relief.
Building a business from the ground up is no small feat, and many California business owners face financial ups and downs along the way. Recovering from those downs can be difficult though, especially for businesses that have expanded to include franchises that span multiple states. In some of these cases, a Chapter 11 bankruptcy filing might be the most appropriate option.
California police believe that alcohol was more than likely a factor in a recent deadly collision. The head-on crash left three people dead and another two seriously hurt. These types of motor vehicle accidents are often devastating for both surviving victims and the families of those who lost their lives, but most people have options for seeking justice.
Chapter 7 bankruptcy is a popular option for people who are ready to discharge their debts and move forward with their lives. Unfortunately, not everyone qualifies for this process. Individuals must earn less than the median California income to file for Chapter 7, which leaves many people still in desperate need of debt relief. For these people, Chapter 13 bankruptcy can be an excellent option.