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August 2016 Archives

Many assets exempt from forfeiture during consumer bankruptcy

Being unable to repay debt while creditors are constantly calling can cause serious emotional turmoil for consumers, but for some, the possible solution can be similarly distressing. When it becomes otherwise necessary to file for consumer bankruptcy in Washington, it is common to have serious concerns regarding personal property. One of the biggest fears consumers face when seeking bankruptcy protection is the loss of their most important assets.

Paying for child care drives some parents to bankruptcy

Workers in Washington are likely already familiar with the rising cost of living despite seemingly stagnant wages, but it is more than just rent and groceries that are putting financial pressure on families. Providing child care is no longer something that most families can pay for out of their paycheck. Instead, many are going into debt simply to cover the cost of daycare and child care, and this could be pushing some families toward bankruptcy.

Medical debt can mean higher credit card bills

The Affordable Care Act had a small success alleviating some of the hefty medical bills carried by people in Washington. Still, many people remain burdened by impossibly huge amounts of medical debt. Experts have pinpointed different areas of medical care that tend to produce the highest bills even with medical insurance.

New rules could stop creditor harassment

Debt collectors act as primary components in creditors plans for recouping debt, but their tactics are usually far from docile. Now, the Consumer Financial Protection Bureau is trying to stop creditor harassment. If the CFPB has its way, Washington debtors might no longer have to fear the ringing of their phone while weighing the possible benefits of consumer bankruptcy.

Are these consumer bankruptcy myths stopping you from filing?

Give up everything an individual owns, or continue facing daily harassment for insurmountable debt -- this is sadly how many people view the decision process leading up to bankruptcy. Forking over every last asset, ruining any stable financial future and total debt elimination are pervasive myths that continue to circulate among debtors. Clearing away fact from fiction can help Washington individuals make better-informed decisions regarding consumer bankruptcy.