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April 2015 Archives

Philanthropist says bankruptcy was best option for IRS debt

An IRS investigation concluded that an out-of-state philanthropist and his late brother are on the hook for billions of dollars in back taxes. He contested the allegations, but a jury ultimately found that both of the brothers hid some of their assets. While an audit from the IRS certainly can occur for Washington tax payers, not everyone may be aware bankruptcy might be a viable solution for this type of debt.

Study reveals NFL players not immune to need for bankruptcy

Land a solid pay check and never worry about finances again -- that is the dream for many people in Washington. Sadly, reality is much more finicky than that, and even those who draw in a steady, high-figure pay check can find themselves on the brink of financial disaster. A recent study found that even professional football players are not immune to this, and many find that bankruptcy is the most appropriate course of action to deal with overwhelming debt. 

Cancer patients burdened by medical debt may choose bankruptcy

Whether it is a friend with leukemia or an aunt with breast cancer, most people in Washington have been touched by the devastating effects of cancer at some point in their lives. The treatment for cancer can be long and arduous, but for victims and their families, it can be well worth it. However, many victims have another adversary to deal with even after going into remission -- medical debt. Even cancer patients with otherwise good health insurance coverage often find that the dark cloud of debt from their treatment can loom for years after recovering.

Reasons behind debt relief can be as unique as fingerprints

Although bankruptcy can often be one of the best choices to make when facing overwhelming debt, it is not necessarily a life-event that most people anticipate. So what is it that pushes people in Washington toward bankruptcy? As it turns out, there is no single reason that is the driving force behind the need to seek debt relief; rather, there are many complex factors that can influence a person's decision.