Growing Bankruptcy Numbers In San Diego

Growing Bankruptcy Numbers In San Diego

Growing Bankruptcy Numbers In San Diego

San Diego bankruptcy is becoming quite the catch phrase in the region today. Because so many have had to reorganize their finances, San Diego lawyers are busy with many more new clients than a year ago. The growth, however unfortunate, shows no sign of easing as the recession, though nominally over, is not easing its vise-like grip. San Diego bankruptcy filings have grown because of the state of the local economy. This has happened because of a loss of a job or maybe an unexpected expense has cropped up. Until recently, they were solid, bill paying citizens. They were meeting the mortgage payments, the college tuition, the credit card payments and the car payment. Most people arrive at their lawyers to reorganize their finances and are in complete shock. They watched their finances slide downhill and did nothing about it. Maybe they thought they were going to be able to correct the situation, but the situation got away from them. Maybe they will have to file a Chapter 7 or Chapter 13 consumer bankruptcy filing. Or the advice might be more conservative, such as getting on a budget, selling some toys or finding a second job. If bankruptcy if filed, then it might mean that you will have to sell your assets and either pay off your creditors (Chapter 7) or sell some assets and set up a repayment schedule (Chapter 13) for creditors. It is good to take some time and develop a plan and go to your lawyer with it. Reorganizing your finances is not the end of the world for you. In fact, it is the first step in restarting your financial future. But you need to have an idea of where you want to be in two, three or five years. No matter what advice you get from your lawyer, it will be your start on the journey of fiscal solvency. This is happening across the city, day in and day out, and the more financial problems are settled the better it will be for the entire region.

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