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September 2014 Archives

A Chapter 7 bankruptcy might help some workers in Washington

Even though the Great Recession was supposedly over in 2009, the average worker has reportedly still been struggling to manage a limited income and growing debt. There may be many families here in Washington who feel trapped by their debt burdens while trying to provide the necessities. After a recent study that analyzed the rate of wage garnishments, a Chapter 7 bankruptcy might provide needed relief for some.

Risky lending practices may end in increased consumer bankruptcy

The last major economic crisis was purportedly tied to the sub-prime lending practices in the housing market. That collapse led to many borrowers losing their homes and some filing for bankruptcy protection. Now, while many lenders have tightened the requirements for applying for a mortgage, there are many consumers both here in Washington and elsewhere who have been able to purchase cars and other goods with less than stellar credit.

Bankruptcy for students may be spurred by credit cards

Most people in Washington and across the United States are probably already aware of the burgeoning problem of student loan debt that many college-age adults and teens may be facing. Since student loans can't be discharged through bankruptcy, they may not be a driving force that causes students to file for bankruptcy. Instead, credit cards may play a more prominent role in that decision.

A Chapter 13 bankruptcy may be just the answer you need

For many families in Washington, bills pile up and the paycheck goes just so far. Sometimes, life throws a curveball and the pay stops coming, but the bills only seem to increase. However, you don't want to lose all of your assets, or not all of your debt is eligible to be discharged. In this situation, a Chapter 13 bankruptcy may be a good resolution.