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
Call Us Today 619-880-4354

La Mesa Bankruptcy and Tax Legal Blog

2020 plan: Debt elimination or bust

The year 2020 is not just the start of a new year. It kicks off a whole new decade as well. That makes it doubly perfect for saying good-bye to your debt-incurring ways and dumping the debts that have dogged you for so long.

You may think, "Sure, that sounds good. But how?" Read on and you'll find out.

Are you facing both divorce and bankruptcy?

Maybe you are having a run of bad luck, but suddenly you find yourself on the threshold of filing for both bankruptcy and divorce. Taken alone, either situation can be daunting, but together, they can be crippling to many La Mesa residents.

The problem is that you don't know which case to file first. Is it more strategic to file for bankruptcy before getting divorced, or vice versa?

Can credit card debt lead to a wage garnishment?

Everyday life can be unbelievably expensive. If you have too much month left at the end of your paycheck, you may need to rely on credit cards to make ends meet. Unfortunately, though, before you know it, credit card debt can become crippling. 

The average American has more than $6,000 in bank-issued credit card debt. While about 40% of your neighbors can pay off their balance every month, 60% do not have enough money to vanquish their credit card debt. As you likely know, any wage garnishment is likely to make your financial situation worse. Can credit card debt lead to wage garnishment? The simple answer is yes. 

Can you file for bankruptcy to eliminate medical debt?

There is a major healthcare crisis occurring in the United States. According to data collected in 2017, approximately 28.5 million Americans did not have health insurance at any point in the year. That means if any of these people suffer from a medical emergency, they could find themselves with a massive amount of medical debt. 

This is one of the most common reasons why Americans need to file for bankruptcy. Medical costs continue to increase, and many people simply do not make enough money to cover the cost of these emergencies. Fortunately, it is possible to discharge medical debt with bankruptcy, so you can get your finances back on track soon. 

Dispelling 3 bankruptcy myths

Many people consider "bankruptcy" to be a dirty word. However, the truth of the matter is that many people across California can benefit significantly by filing for it. According to one study, over 20 million Americans would benefit in the long run if they would file for bankruptcy

One reason many people are hesitant to file is due to the litany of myths that persist about bankruptcy. By separating fact from fiction, many people may discover they can directly benefit. 

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.


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
La Mesa Law Office Map

Review Us