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July 2016 Archives

Why do I need to pass a means test for Chapter 7 bankruptcy?

In an effort to cut down on potential cases of bankruptcy fraud, individuals seeking bankruptcy relief must effectively prove that they are financially incapable of repaying their debts. This is known as the means test. Unlike school exams that give Washington students either a passing or failing grade, failing the means test is not necessarily a negative outcome, as passing simply means that the filer is eligible for Chapter 7 bankruptcy.

Is Chapter 13 a suitable way to stop foreclosure?

Washington homeowners who face difficult financial circumstances might have been unable to maintain their mortgage payments. As soon as three installments have gone unpaid, lenders may start taking action, and homeowners may be under the impression that there are no remedies that would stop foreclosure. However, foreclosure can be prevented by filing for Chapter 13 bankruptcy.

Determining which type of bankruptcy is best for debt relief

Facing financial devastation in a private or professional capacity is an intensely personal, often stressful situation. There are many reasons that a company may find it necessary to declare bankruptcy. Determining which type of debt relief best suits a particular Washington business may be difficult and is often best addressed alongside skilled legal counsel.

Can co-signers file for bankruptcy if a loan goes into default?

Taking out a loan, purchasing a vehicle or borrowing money for school usually requires a certain credit score before a borrower can sign on. Banks and other financial institutions often allow people without adequate credit to still secure these types of loans by having a co-signer. Parents and even grandparents in Washington tend to step up to the plate when a family member needs an extra signature in order to get a loan, but this practice has some heading towards bankruptcy.