Tuesday, June 30, 2009

Personal Bankruptcies Surge in Southern California

It is getting harder to go anywhere in California these days with out seeing signs of economic struggle. Businesses are closing, houses are getting foreclosed upon, and the government began issuing IOU’s for debt payments. However, in addition to the financial struggles of the state government, citizens in California are also struggling. Just this week, the LATimes.com released an article discussing the surge in Southern California bankruptcies over the past year. Check out a snippet of their article below.

In a recession, bankruptcies are common, but as the numbers continue to rise, some financial experts are hoping the word is being spread as to what a bankruptcy is, and how they work. Luckily, the Sacramento Business Journal recently posted an article all about bankruptcies and how to know if one is right for you. Read more below

Hundreds of thousands of American families have declared bankruptcy in the past two years and foreclosures locally remain high. For-sale signs are staying up longer than in any period in recent memory, neighborhoods are half-empty, and we all know people who have moved out of state.

Bankruptcy lawyers are seeing a lot of people with more than $30,000 in debt, and the volume of filings has increased at all levels.

Are you in this situation? If so, how can you tell when to stay the course, or when to cut and run?

Signs that you can’t go it alone any longer include being unable to meet basic living needs, and needing to borrow to pay past-due debt.

So what are your alternatives? You could declare bankruptcy, but that’s a heavy decision. Here are some of the mechanics to help you make up your mind.

Continue reading this story, here.

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