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Posts tagged "Chapter 7"

Errors can lead to accusations of bankruptcy fraud

Many Washington residents will encounter a period of financial strain. Whether that span of time lasts for a few weeks or a few years, it can be incredibly stressful to deal with mounting bills and expenses while income and savings dwindle. Personal bankruptcy is a tool that can help individuals and families regain their financial footing and work toward a more stable future. However, it is important to avoid errors in the paperwork surrounding a bankruptcy case; failure to do so can result in accusations of bankruptcy fraud.

The right response to mounting credit card debt

At one point or another, virtually every Washington resident will encounter some level of financial strain. When that happens, bills tend to go unpaid, and credit card debt mounts. Knowing how to respond to mounting credit card debt during a financial shortfall can have a big impact on how things will ultimately be resolved.

Chapter 7 bankruptcy and estate planning needs

There are a multitude of reasons that lead Washington residents to seek bankruptcy protection. One of the lesser known motivations involves estate planning. When an individual is expected to receive a substantial inheritance, filing for Chapter 7 bankruptcy may be a wise financial decision. As with so many financial matters, timing is everything when it comes to bankruptcy and estate planning.

Deciding between debt settlement and Chapter 7 bankruptcy

When searching for debt relief options, many Washington residents consider debt settlement. The process of debt settlement involves negotiating directly with creditors to reduce the total amount of an outstanding debt. While debt settlement can result in the forgiveness of a large portion of consumer debt, there are many cases where Chapter 7 bankruptcy offers a better path out of financial turmoil.

How Chapter 7 bankruptcy will impact a 401(k) account

Reaching the decision to seek bankruptcy protection is never a simple or easy matter. For many in Washington, there are a number of considerations that come into play, including how a Chapter 7 bankruptcy will impact their retirement savings. The following information is offered in the hopes of clarifying how these retirement savings vehicles will be affected by the decision to seek debt relief through bankruptcy.

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.