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June 2016 Archives

Why are some student loans eligible for bankruptcy, but not all?

For most students, earning a college education is virtually impossible without some type of financial help. Students at Washington universities and colleges are often able to achieve various scholarships and other forms of help, although these rarely -- if ever -- cover the full cost of even a single semester. With jobs requiring a college education on the rise right alongside skyrocketing tuitions, students are continually forced to take out loans that are impossible to pay back. Bankruptcy often ends up being one of the best options for addressing the overwhelming burden of these loans.

John Oliver forgives $15 worth of medical debt

John Oliver -- the popular host of Last Week Tonight -- recently became an unlikely advocate for those who are struggling with enormous amounts of debt. Oliver made headlines when he purchased and forgave millions of dollars worth of medical debt. He later made a compelling segment concerning the financial and emotional toll that unchecked medical debt can take on a person's life.

Are banks contributing to consumer bankruptcy?

With online payment options and automated payments becoming increasingly normal, few people operate without some type of bank account. Having a bank account can provide a myriad of benefits, including easy access to financial information and the ability to quickly cut off unauthorized spending. However, one aspect of commercial banking could be a driving force in consumer bankruptcy.

Will choosing bankruptcy really mean I lose all of my stuff?

Bankruptcy has been unfairly depicted in the mainstream news and many other forms of popular media, leading many Washington consumers to adhere to a certain line of thinking concerning the process. Choosing bankruptcy can be a daunting task as is, and myths concerning the process can only further complicate the process. When financial stability is on the line, these popular myths can interfere with necessary decisions.

No, luxury coffee does not lead to bankruptcy

The news, media, TV shows and even movies love to blame debt on the same, small item -- a cup of coffee. Growing consumer debt is often blamed on out-of-control spenders who are intent on grabbing a cup of designer coffee multiple times a day, but most experts refute that idea. Realistically, a daily coffee or other non-essential items is not what usually leads to bankruptcy.