Celebrities Who Have Gone Through Bankruptcy

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You lay awake at night wondering just what happened. You are facing bankruptcy, and sometimes, it can feel as though the entire world is against you. You fear your finances are in ruins forever, which is certainly not the case, and you feel as though you are the only person in the world dealing with the misery. That’s not the case either. Bankruptcy can hit anyone who goes through some rough financial times or has issues with their money for any number of reasons. Many others in San Diego are feeling the same things that you are right now, and they are going through the same process. In fact, quite a few celebrities also face this dilemma.

You might be wondering just how this can happen to celebrities. After all, they make far more than most people make. Still, the same types of financial troubles can befall them. If they make a bad investment, for example, they tend to make it in a big way. This can put them into financial trouble just as easily as it could you. Let’s look at some of the celebrities who have filed for bankruptcy in the past. Some of the names on this list might actually surprise you.

  • Kim Basinger
  • Wayne Newton
  • Vince Neil
  • Mike Tyson
  • M.C. Hammer
  • Walt Disney
  • Mark Twain
  • Gary Busey
  • Willie Nelson
  • Larry King
  • Lawrence Taylor

This is just a partial list of some celebrities who have had to file. Financial troubles can affect anyone, from your neighbors in San Diego to the stars of the screen and stage. Do not feel bad that you have to go through bankruptcy. Just make sure you find a great attorney to help you through the process so you can get back on your feet.

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Dispelling the Myths of Bankruptcy

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When most people think about bankruptcy, it leaves them with bitter thoughts. No one likes the idea of filing for bankruptcy, but the reasons behind the fear of filing do not always have grounding in reality. Quite a few myths surround bankruptcy, and this is contributing to the fear and disdain that people have when they think about filing. The truth is that sometimes, bankruptcy really is the best choice. It’s time that we dispelled and debunked those myths so people can start to get a better understanding of what it is and how it might be able to help.

The first myth with bankruptcy is that it only happens when people are careless with their money. While mismanaging finances can contribute in some cases, quite a few other things actually cause bankruptcy. Unexpected medical bills, the loss of a job, or a reduction in pay are some of the most common problems.

Second, people fear that all of their family and friends will look at them differently. When you file bankruptcy, you don’t have to tell anyone, and chances are that your social contacts will not have any idea that you even filed. You can keep it to yourself. You don’t even have to worry about your employer knowing that you filed.

Third, people fear that they will lose everything they own when they file for bankruptcy. Again, this is just a myth. Many things are exempt, including household goods, personal belongings, automobiles, and retirement savings.

Finally, people fear that bankruptcy will ruin their credit forever. That’s not the case. It will put a negative mark on your credit score, but in a few years, you will be able to start building your credit again.

San Diego residents who are searching for help in this area will want to connect with an experienced bankruptcy attorney.

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How to Find a San Diego Bankruptcy Lawyer

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If you are facing some troublesome financial times, and you do not see a way to get out of those troubles, then it might be time to consider the reality of bankruptcy. No one likes the idea of filing, and many fear that it will ruin them financially. In actuality, filing could be the thing that finally helps people to get onto the right track from a financial perspective. Of course, you need to make sure you have an attorney to walk you through the process.

What Does It Take to Find an Attorney?
Finding a good attorney does not have to be overly difficult, as long as you keep in mind a few simple things and do more than simply choose the first attorney you find. The Internet is the ideal place to start looking up San Diego bankruptcy attorneys, naturally. However, they need to have more than just a nice looking site. Look at the content on the site and the information about the firm and the attorneys. What type of experience do they have? Do they have actual substance that helps to make them the right choice for you? Learn what you can from the web, and then set up a consultation so you can meet with the attorneys in person.

They can examine the details of your case and give you an idea of just what it is you will have to do to proceed, and they will let you know if bankruptcy really is the best choice for you. In some cases, you may have other options to get out of financial trouble. A responsible lawyer with experience will help you find the best solution for your personal financial problems. Take the time to choose an attorney that has the personality and the experience you need.

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Prepare for the Future with Better Financial Planning

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San Diego is certainly not a cheap city in which to live. It is more expensive here than it is in much of the United States. While San Diegans might have the ocean, a beautiful city, and nearby mountains to help justify some of the cost, that doesn’t mean it isn’t extremely difficult for many people to make ends meet. The thought of actual financial planning for many people is difficult to comprehend because it seems as though there is never enough money.

Still, taking your personal finances in hand now, and not letting them get out of control, can make a huge difference for you down the line. Here are some ways that you can start preparing for your own future so you can actually enjoy living in America’s Finest City.

First, look at your current income and expenses to know what you have coming in and going out every month. Then look at the goals you want to achieve, such as how much you want to save and how you might want to invest. Once you have a set of goals you want to reach, both near and long-term goals, look at ways to start saving money to put toward those goals. Make some short-term sacrifices by canceling memberships so you can pay off your credit card debt, for example.

In addition, take any extra money that you have at the end of the month and create an emergency fund. This will let you use this money rather than a credit card when you need to pay for emergencies, such as home repairs.

By taking care of your personal finances and planning, you should not have trouble with money later. However, it’s impossible to predict exactly what may happen, and if you do need to file for bankruptcy, get into contact with an experienced San Diego attorney.

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San Diego Opera Faces Financial Struggles

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When most people think about financial issues, they think about the personal financial problems of individuals. They think about bad credit, mounting debt, and the possibility of an impending bankruptcy. However, more than just individuals can find themselves facing financial troubles, as the San Diego Opera is discovering. They have been struggling for some time now, and were in need of $1 million by May 19 in order to stay open for their 2015 season. If they were unable to raise the money in that time, they would have had to shutter their doors at the end of the 2014 season.

Fortunately, opera lovers in San Diego can rest a bit easier now. The San Diego Opera set up a crowd funding program as a means to raise money, and by May 18, they raised a whopping $2,116,376. They say that the donations will allow them to fund three full productions. They plan to put on “Nixon in China”, Don Giovanni”, and “La Boheme”. Thanks to those donations, they will be able to get through their 50th year in San Diego.

The supporters of the opera say it was not a lack of interest that led to the declining ticket sales. Rather, they say that it was mismanagement of the funds. When it comes to matters of financial problems, whether it is with a company or with personal finance, this always seems to play a major role. Proper care and handling of funds is always important. However, that is not the only thing that can wreak havoc on your finances. Things such as unexpected job loss or unexpected medical bills can also take their toll.

If you find yourself in dire financial straits, you may want to consider consulting a bankruptcy attorney and getting the help you need.

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Should You File for Bankruptcy?

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When you are facing financial difficulties, one of the choices you have available to you is filing bankruptcy. Despite the stigma, many in San Diego are finding that it is a good and viable solution to their financial troubles, and it might be the right option for you. However, before you decide that you want to file, it’s a good idea to consider whether it is the right choice for you right now.

One of the first things you will want to do is consider some of the alternatives to getting out of financial danger. For example, if you are in debt, there’s always the option of trying to borrow some money from a family member or friend to take care of the looming bills. However, that might not always be feasible. Talk with a financial advisor about some of the alternate options you might have available to you.

You also need to learn more about the different types of bankruptcy available: Chapter 7 and Chapter 13. Chapter 7 has the potential to wipe out all or most of your debts within about three to six months in most cases. A Chapter 13 filing will let you use your income to make payments on debts over the next few years.

Speak with an attorney in San Diego who specializes in bankruptcy. He or she can let you know if you are actually eligible, which options are right for you, and will let you know which debts will not cancel. For example, child support will not go away during a bankruptcy. The attorney will be able to give you an idea of what will happen with your property as well. Most of the time, you will not have to worry about losing your personal property, but it is important to remember that each case is different. Your attorney will help you get a better idea of whether bankruptcy is right for you.

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Tips for Avoiding Bankruptcy

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Thinking about filing for bankruptcy is frightening for any San Diego resident facing serious financial issues. Sometimes, talking with an attorney and deciding to file for bankruptcy is the only way to solve the problems. However, when you consult with an attorney, he or she might also tell you that you have some options available that could help you to avoid filing. Here are some of the options you have when it comes to avoiding bankruptcy.

First, consider selling some of your property. If you own a vehicle or you have a home, and you need money to pay off your debts to avoid bankruptcy, it might be time to sell your property and downsize. While this is not an ideal solution, it does have the potential to help you out of a difficult financial time.

Second, consider borrowing some money from friends or family. No one likes to do this, and it can be quite awkward to do. However, if you have to, ask someone for help so you can avoid bankruptcy. If you take this route, make sure you do everything that you can to pay back your friend or family member as quickly as possible.

Third, consider making some other changes in your life. Reduce the amount of money you are spending. Cancel your gym memberships, cancel cable, and stop eating out. Making these changes, even though they might seem like small changes, can provide you with enough extra money during the month to handle your debts. Look for the little ways that you can save and it can add up.

Of course, sometimes, you have no choice but to go through with the bankruptcy. It’s not the end of the world, not by a long shot. A great San Diego attorney can allay your fears and let you know exactly what will be happening with your case.

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Ways to Improve Your Personal Finances

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Many people in San Diego feel as though they could, and should, start finding ways to improve their overall personal finances. They are carrying more debt than they like, and they fear the future. They worry that they might get to a point where they need to file for bankruptcy. While filing is not the end of the world, and you can find a good San Diego bankruptcy attorney to help you with your case, it’s also a good idea to get your personal finances under control before it gets to that point if you can. Here are some simple tips you can start using if you really want to improve your financial situation.

First, look at all of your outgoing expenses. You have to pay your mortgage or rent, car payments, and utilities, naturally. However, you may also have memberships that you might be able to cancel. Consider canceling your cable and choosing to use Hulu and Netflix instead for your entertainment. This can help you save upwards of $80 to $100 a month. Consider making your coffee at home instead of getting it at the Starbucks, which seems to tempt people on nearly every corner in San Diego.

Pay off your high interest debts first. Put the largest payments toward the high interest cards and loans so you can pay them off more quickly. Otherwise, you will simply be spending an absurd amount of money on interest over the years.

If you feel as though you are at the end of your wits and no amount of saving will help you, there’s always bankruptcy. It’s not the ideal choice, and it’s not one that most San Diegans would choose, but it is a viable option. Get into contact with an experience bankruptcy attorney who can help you with your case.

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Benefits of Filing for Bankruptcy Before It Is Too Late

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Having to go through bankruptcy is something that everyone in San Diego, and everywhere else in the country for that matter, wants to avoid at all costs. No one wants to file, but even as the economy is starting to recover, many people are finding that it is increasingly difficult to make ends meet and to pay the bills. Some people lose jobs or find themselves faced with an unexpected emergency, such as medical bills. In those cases, it might be time to file. In fact, you may find that filing now might actually be beneficial.

Most of the time, you will be able to keep your home when you file for bankruptcy. This is better than ruining your finances and eventually getting to the point where you can’t pay your mortgage and face losing your home. Another benefit is that your creditors will stop calling at all hours of the day. It’s tiring to have to deal with creditors and collection agents, who may even try to start calling your workplace. When you file, you can discharge all or at least a large portion of your debt. This leaves you free to rebuild your finances.

Bankruptcy is also private. People do not have to know that you are filing, and you can keep your information private. The chance of someone finding out that you filed, unless they specifically go looking for the information, is very slim.

When you have a fresh start financially, your entire outlook on life can change for the better. Don’t let the stigma of bankruptcy keep you from considering filing. Talk with a San Diego bankruptcy attorney today to learn more about filing as well as what you will have to do to improve your financial situation. It is actually easier than you might think.

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Understanding the Two Types of Personal Bankruptcy

Posted by & filed under Chapter 13 Debt Relief, Chapter 7 Debt Relief.

Bankruptcy is not something that most San Diego residents think about very often. It doesn’t enter their mind until they find themselves in a dire financial situation, and when they do start thinking about it, they find they have no real idea of what bankruptcy is or how it works. Many do not even realize there are two major types of personal bankruptcy. Let’s look at each of these briefly so you can get a better understanding of what they entail.

Chapter 7 Bankruptcy
With Chapter 7, you can have part of your debts, or a portion of your debts discharged. You will generally need to pay for some of the debt with the liquid assets you have though. A liquid asset is cash or something that you can quickly convert to cash. You would have to turn this over to the courts, and then it is distributed to your creditors. You will then no longer be liable for the debts against you. To qualify for this, you will have to take a means test to prove that your income is less than the median income, and you will have to take a credit counseling course.

Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a good choice for those who have a secured debt that they want to keep paying, such as a car payment. You do not necessarily have to give up your liquid assets with this type of bankruptcy either. This could also be a good choice for those who do not qualify for Chapter 7 due to the means test.

If you find that you are in financial trouble, and you believe that filing for bankruptcy is your best choice, you really do need to make sure you speak with an attorney to learn more about your options and to determine which method of filing will work the best for you.

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Chapter 13 Debt Relief

Chapter 7 Debt Relief

General Bankruptcy

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