subject: Reorganize Your Finances [print this page] Reorganize Your Finances Reorganize Your Finances
San Diego bankruptcy filings are hurting the entire region, that is the opinion of some. San Diego bankruptcy filings are up over last year by quite a margin, and that in turn is dragging down the rest of the economy? Right or wrong? Each San Diego bankruptcy that is filed is actually helping to stabilize the economy, so the answer, of course, is "wrong". Without some semblance of order, supplied by court ordered and sanctioned financial reorganization, to what has become a chaotic condition, no doubt the local economy would be in much worse shape. Nobody wants to admit defeat, but if you finally look at your finances and throw up your hands, you will not be alone. You will join thousands others in a process that has become a necessary evil. Many times people end up in financial default and it is a surprising outcome. Just several months prior they had been solid, bill paying citizens, meeting the mortgage payment, the car payment and even putting one or two children through private high school or college. But then disaster struck in the way of an unanticipated interest rate increase, either on their credit cards or on their house payment -- or both! Reorganizing your finances does not have to be the end of the world. There are various plans through the court you can opt for. One is Chapter 7 consumer bankruptcy filing. This has you selling your assets and paying off creditors. The other is Chapter 13. Chapter 13 will have you set a schedule for repaying those you owe and keeping some assets. Or your advice may be more conservative from your lawyer: get on a budget, sell some toys, or even get a second job. Lawyers can be found through referrals from family and friends, or by searching carefully on the internet. Prepare a plan for your prospective lawyer. You have to be your own best advocate. You know where you would like to be in two, three or five years. They do not. No matter what, reorganizing your finances with a professional lawyer is the first and best step toward getting back on the straight and narrow financial path.
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