Michael Koch, Esq. Lockhart, Britton & Koch Michael Koch, Esq. Lockhart, Britton & Koch
A Friendly Attorney Who Takes The Fear Out Of Bankruptcies And Estate Planning
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La Mesa Bankruptcy and Tax Legal Blog

Managing the emotional impact of losing your business

If you have envisioned, launched and built your own business, you likely have a tremendous emotional attachment to it. Should the business experience a severe downturn in revenue and an associated upswing in debt, you may consider bankruptcy. Here are four tips for handling the emotional roller coaster:

1. Seek support

3 financial steps to take after losing your job

Losing your job can be emotionally and financially traumatic. Whether you boss fires you or lays you off, you may struggle to cope. You may feel lost and helpless without the financial stability and daily routine of an occupation.

No matter how scared you feel, try to remember that you can survive this. Financial recovery is possible. Here are some tips to follow after you lose your job: 

Is it time to file for bankruptcy?

It has now been several years since the recession, but like many Californians, you are still feeling the pinch in your pocketbook. You may have a steady job and appear to be doing fine to everyone else, but secretly you are struggling to make ends meet from month to month. It is understandable that your emotions are running the gamut from embarrassment to helplessness. Can a personal bankruptcy be the end of your troubles? How do you know when it is time to file for bankruptcy?

First, it can help to understand how the main types of personal bankruptcy may help you. Chapter 7 bankruptcy discharges most or all of your debt, but you may lose assets to repay a portion of your debt to creditors, including your home and recreational vehicles. A Chapter 13 bankruptcy usually allows you to avoid foreclosure and keep your assets while you repay your debt over a period of three to five years.

3 top reasons people file for bankruptcy

Bankruptcy is a term that can come with a stigma. You may feel uncomfortable or guilty if you are considering bankruptcy. However, going into bankruptcy can be a chance to start over and does not have to be a blemish on your reputation. 

If are worried that declaring personal bankruptcy will automatically be a stain on your character, do not be. There are a lot of reasons to file for bankruptcy other than irresponsible spending. Here are some common reasons that people seek a fresh financial start through bankruptcy.

How to deal with burdensome student debt (and avoid scams)

Student debt is a fact of life for nearly 50 million Americans. Some high-income earners stay on top of their debt or pay it off entirely thanks to stable jobs. Yet millions of others aren't so lucky, falling behind on payments that frequently total more than a mortgage.

Most types of unsecured debt - credit card debt, medical bills and payday loans, for example - can be effectively wiped out through bankruptcy. Yet student loans are notoriously difficult to get out of. They can only be discharged in cases of "undue hardship" - a tough standard to meet.

Rebuilding credit after declaring bankruptcy

Dealing with large amounts of debt is a difficult situation. While declaring bankruptcy can be an option to help people move on, many are reluctant to do so.

One reason some people are hesitant to declare bankruptcy is they’re concerned what will happen to their credit. It’s true that there may be a short-term hit to your credit score. The good news is that this is temporary. With the proper actions, people can repair their credit following bankruptcy.

Pros and cons of chapter 7 and chapter 13 bankruptcy

Being in debt is a horrible situation for anyone. Deciding whether to file bankruptcy is not any easier. Bankruptcy does offer a chance to move forward though. Some people considering bankruptcy are not aware that there are two types available: chapter 7 and chapter 13. Both types have pros and cons to weigh.


Michael Koch, Esq. Lockhart, Britton & Koch
Allied Plaza
7777 Alvarado Rd.
Suite 622
La Mesa, CA 91942

Phone: 619-880-4354
Fax: 619-698-2957
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