Richard J. Shurtz, Attorney at Law

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Chapter 7 Archives

Why people seek bankruptcy protection during retirement

Ask 100 people what their plans are for their retirement, and it is likely that they will give 100 different answers. Few people, however, would say that seeking bankruptcy protection is on their list of goals to accomplish during their retirement. Unfortunately, that will be the outcome for some older people in Washington, and the reasons behind that choice will sometimes be out of their control. The following are some of the more common reasons why older Americans face bankruptcy.

Understanding credit utilization after Chapter 7 bankruptcy

Once a Washington consumer has taken charge of his or her financial future by seeking the elimination of unsecured debts, the next step is to begin rebuilding a solid credit score. Many people believe that completing a Chapter 7 bankruptcy will lead to a permanent black mark on their credit, and an inability to secure new lines of credit in the years to come. In reality, however, there are many ways to raise a credit score after a successful bankruptcy.

When will Chapter 7 bankruptcy drop off of credit reports?

When looking into debt relief options, many Washington residents will cast a wide net. Chapter 7 bankruptcy is a common choice, and one that can lead to the permanent discharge of many types of unsecured debt. However, many consumers are concerned about how long a personal bankruptcy will remain on their credit reports. A newly published article delves into the matter, and finds that a great many Americans will soon see their bankruptcy drop off of their credit histories.

Reasons to consider filing for Chapter 7 bankruptcy

Most Americans are aware that there is a legal path out of crushing levels of debt. For most people, that path lies in Chapter 7 bankruptcy. While filing for bankruptcy is never a decision that should be made lightly, there are a number of reasons why bankruptcy is a good option for many Washington residents. The following points focus on the pros and cons of this course of action, in the hopes of making the decision on whether to file easier for individuals and families.

Can Chapter 7 eliminate judgments for business debt?

When a business venture fails in Washington, it is not uncommon for the business owner to be thrown into financial turmoil. Filing for Chapter 7 bankruptcy is one way to help climb from under a crushing debt load. However, it is important to understand how bankruptcy impacts existing business debt, including judgments.

Are there positive aspects of Chapter 7 bankruptcy?

When Most Washington consumers think about their debt relief options, they view the matter through a very limited scope. Chapter 7 bankruptcy is often viewed as an absolute last ditch option, to be avoided at all costs. In fact, many people will spend several years and many thousands of dollars trying to regain control over their finances, only to eventually end up filing for bankruptcy protection. It is important to take a fair and objective view of the matter, and to look at the upsides of personal bankruptcy.

Reasons to choose Chapter 7 vs. Chapter 13 bankruptcy

After making the decision to pursue the path of bankruptcy for debt relief, individuals in Washington are then faced with the decision of which form of bankruptcy fits their unique financial positions best. For personal bankruptcies, two of the most common options are Chapter 7 and Chapter 13. There are many factors to consider when choosing between these two routes, some of which are outlined in a recent article.

Who is eligible to file for Chapter 7 bankruptcy protection?

When considering filing for bankruptcy, many in Washington may feel overwhelmed with the various types that are available. While most have heard of businesses and individuals filing for Chapters 11 and 13 bankruptcy protection, Chapter 7 may be the best option for some debtors, providing they meet the qualification requirements. A recent article discusses some of the reasons why a person may be ineligible to seek this type of bankruptcy.

Credit card debt recently rose, but spending habits didn't

A recent boost in consumer borrowing has some experts hoping for economic growth, but whether that growth is actually accelerating is not clear. However, one report claims that consumers in America recently borrowed more and took on additional credit card debt. Could it be an indication of an improved economy? For many Washington consumers, taking on additional debt can be an indication of a financial crisis.

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.