San Bernardino County has been one of the hardest hit economically during the Great Recession of 2007-09. Unemployment stood at 14.6 percent in October 2009 in what the Bureau of Labor Statistics calls the Riverside-San Bernardino-Ontario Metropolitan Area. The number of new foreclosures in October in San Bernardino County stood at more than 9, 600 according to RealtyTrac.com. If you live in San Bernardino County chances are you know someone who has filed a personal bankruptcy. Remember, bankruptcy is not a bad word and in these tough economic times there's no shame in doing it. The bankruptcy lawyers can help you through the complicated bankruptcy process.
Rejection of Leases Bankruptcy Code 365 provides that subject to court approval, the debtor may assume or reject any executory contract or unexpired lease. This gives the debtor the power to pick and choose amongst their executory contracts and leases. In the retail context, this allows the debtor to shed the leases for its underperforming locations, while keeping the leases for its profitable locations. When used properly, rejection of leases can slim down a retailer to a core of profitable locations and increase its prospects post-bankruptcy. However, not all retailers take full advantage of their power to reject leases. Preference Exposure In any large retail bankruptcy case, there is a strong possibility that creditors will be sued by the debtor's estate to avoid preferential transfers.
Have you ever done a full accounting of the liabilities you and your family will incur over a century of life? Very few people have. Maybe you don't want to. Or maybe you don't know how. Either way, not doing this in today's economic climate will keep you in that state of bankruptcy you were born into for your entire century of life. Bankrupt at birth occurs at the precise moment you enter the world and the clock starts ticking for your century of life. Adding up over the next one hundred years are the costs of all the obligations that your presence in this world requires of you. These are your life's liabilities. They can be timed. They can be quantified. And, if you can't pay them off the moment you arrive to start your century of life, then, you have the original sin of bankrupt at birth.
If you have determined that you are in need of a Bankruptcy filing to stop your mounting debt and put an end to collections action, you will need to file either Chapter 7 or Chapter 13 Bankruptcy. While Chapter 7 was usually the best choice for filers, Congress has forced people who make at or above the state median income for a family of like size to prove they shouldn't have to file a Chapter 13 Bankruptcy. Ohio Chapter 13 Bankruptcy differs from Chapter 7 in that it requires a debtor to repay some or all of the money that they owe. With that in mind, however, it is important to understand that there are still many benefits to filing Ohio Chapter 13 Bankruptcy.
One of the most common questions and concerns when it comes to filing for chapter 7 bankruptcy is that most people are worried that they are going to be labeled as deadbeats, immoral bad persons. Look, nothing could be further from the truth. The fact of the matter is that 1 in every 70 Americans or so, files for bankruptcy. What that means is that even your closest friends may have filed without you even knowing it. Would you think of your friends as deadbeats or bad people? Most probably you wouldn't. Everyone Deserves A Fresh Start Life is not always love and roses. Many times, events occur that throw your whole life into a tail spin. A loss of income due to a medical emergency, being laid off from your place of work, a family medical catastrophe, a work injury or any other event for which it would have been impossible for you to plan or prepare.
Filing a Chapter 7 Bankruptcy is a complex and difficult process. Both personally and legally and if not done correctly, the consequences can be very serious and have an impact that you will feel for a long time. Listen, you do not have to go at it alone. I know this is an embarrassing situation and you feel like a deadbeat just by thinking about filing, but the truth of the matter is that bankruptcy filings are way more common than you think, people just don't talk about them. Plus, it is of great importance that you find help from a bankruptcy lawyer to help you navigate this whole thing. Common Bankruptcy Questions People feel intimidated when they are facing financial crisis.
Bankruptcy law has undergone a number of changes in recent years. Most notably, the major credit card companies lobbied congress furiously in 2005 and, as a result, some major reforms were brought in. The bankruptcy code was changed and, in particular, who and how you go about declaring bankruptcy were matters that were altered. A common misunderstanding, however, is that, because of the changes to bankruptcy law, it is now an inaccessible option. This is incorrect, however. Chapter 7 bankruptcy is still very much available to almost everyone it was available to prior to 2005. The biggest change to bankruptcy law back in 2005 was the introduction of the means test.
The National Bankruptcy Research Center has issued a report that states personal bankruptcy filings are up 34% in January 2009 as compared to January 2008. This high increase in bankruptcies is no doubt linked to the current economic crisis. It is a fact that we are in a recession, as a recession is defined as two quarterly declines in the gross domestic product (GDP). Why now? It is no surprise that there has been a boom in bankruptcies over the last couple of years. Many people who thought they were doing well financially found themselves in deep debt because of high credit card balances and a decline in the real estate market. The unemployment rate is quite high and many people are no longer able to pay their mortgages or rent.
There is a myth floating around that filing bankruptcy will stop a home foreclosure. While it may delay the process, it does not stop it entirely. The only way to stop foreclosure is to pay off your home loan. The ways to do that is to sell the home, refinance or apply for a loan modification. Don't run to an attorney right away Many homeowners may dash to an attorney in the hopes of stopping a foreclosure by filing bankruptcy. Some attorneys may put home owners into bankruptcy without explaining to them all the options and consequences. For many, bankruptcy is a good option, but it is not for everyone. A good bankruptcy attorney will meet with a client and explain to them all of the ramifications of bankruptcy.
As I am sure you already know, bankruptcy shouldn't be used as a way to achieve debt relief; it should only be used as a last and truly last resort. However, you might be looking at a bank account with not much money in it, at an answering machine full of calls from debt collectors, a stack of bills taller than you could imagine, and you might be facing a load of stress. At this point in time, it might seem like you are ready for that last resort. With that said, please know that you do have a few other options. One of those options you should examine is referred to as debt settlement. If you are unfamiliar with this debt relief procedure, it is time that you familiarize yourself because it is a great alternative to bankruptcy.