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May 2015 Archives

Is Chapter 13 the best option for bankruptcy?

There is no universal solution for debt relief for Washington residents, but, instead, there are a myriad of options from which consumers with enormous amounts of debt can choose. For many debtors who are struggling to make even the minimum payments and must choose between which bills to pay, bankruptcy is often an appropriate choice to make. However, there are two main types of consumer bankruptcies -- Chapter 7 and Chapter 13 -- and individuals generally only qualify for one of them.

Significant number of Americans surprised by medical debt

Before making an appointment with a physician or scheduling a procedure, the first thing that most patients do is inquire if that institution accepts their health insurance. However, loopholes in health insurance rules can result in consumers being confronted by sky-high bills for procedures that they believed were covered. Unfortunately, medical debt can be tremendously difficult to conquer for Washington residents.

Running away from bankruptcy may not be helpful

People in Washington who are struggling to keep up with even the minimum payment on their smallest monthly bills have likely already been subjected to a barrage of advice about what they "should" do. Pay that debt off first, increase principal payments, find a job that pays more -- but are any of these really that doable? For some, maybe, but the vast majority of debtors likely cannot benefit from this type of advice. Unfortunately, many people who actually need the financial security that bankruptcy can provide may still try these options, thus putting off filing and worsening their financial state.

Buried in debt? Chapter 7 bankruptcy can give you a fresh start

The recession is over and the economy is on the mend -- politicians and other government officials seem to love repeating this, but its long-lasting financial impact still seems to be largely ignored by policy makers. During this turbulent time, bread winners lost jobs, wages stagnated, and the cost of everything from a gallon of milk to necessary medical care seemed to skyrocket. We understand how the impact of that troubling time can still be felt throughout much of Washington today, and despite some individuals' best efforts, they may have reached the tipping point of their debt. Despite unfair stigma surrounding the process, Chapter 7 bankruptcy could be one of the most appropriate decisions to make in the wake of financial devastation.