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The San Diego economy has been hit hard by the economic downturn in 2008.
San Diego is not an isolated case. In the 12-month period ending June 30, 2008, there were 967,831 bankruptcy cases filed, according to statistics released by the Administrative Office of the U.S. Courts on June 30, 2008. That is a 28.9 percent increase compared to filings for the 12-month period ending June 30, 2007, when cases totaled 751,056. (See the news release here.
Thousands of homeowners have received a notice of default in connection with their home loans, and foreclosures have skyrocketed. Many homeowners have refinanced their mortgage loans, which are recourse loans leaving personal assets vulnerable. At the same time, credit card debt for many households has risen to unmanageable levels.
Business are facing cash flow crunches that make it difficult to service debt incurred during recent expansions. A Chapter 11 bankruptcy reorganization plan might provide the breathing space needed to turn around a business. But Chapter 11s are not a panacea. For some businesses, it may be a waste of money and effort. It is important to consult with legal counsel in order to understand the options.
Bankruptcy should not be the first resort, but individuals and businesses alike need to make informed decisions.
Ask for a complimentary 40 minute consultation where you can learn about your options.
For more information about bankruptcy options, contact Chris Olmsted at cwo@barkerolmsted.com
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Bankruptcy Basics
Chapter 7, 11 and 13
The U.S. Bankruptcy Court publishes a bankruptcy guide titled "Bankruptcy Basics". The guide provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and to answer some of the most commonly asked questions about the bankruptcy process.
Click on the link below to view the document in PDF format. |
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Bankruptcy_Basics.pdf |
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Video Overview Of Bankruptcy
The U.S. Bankruptcy Court provides a series of short videos for consumers designed to give a general overview of bankruptcy. The videos provide a good basic overview for individuals interested in learning about their options and the bankrutpcy process.
The videos can be found at this link: Bankruptcy Guide - Video Overview |
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